Money transfers - Wrong amount transferred

• If you realise that you’ve made a mistake and transferred an incorrect amount, you should contact the transfer company to see if they have yet to process the transaction. If the money hasn’t been sent, you may be in luck! Ask to cancel the transfer immediately. 
• If, however, the money has been sent, it may be difficult to rectify the situation. The transfer company can’t be held responsible for distinguishing between your intentions and any mistakes you’ve made, so they’re not obliged to reverse the transaction.
• If you’ve sent an incorrect amount to someone you know (or a company you frequently deal with), you should contact them directly to explain the situation! They may be able to return your funds.
• If the wrong amount has been transferred as a result of a processing error on the part of the company, they are obliged to rectify it. You should use Resolver to make them aware of the issue – processing mistakes can most often be resolved through a company’s customer service team. This may, however, take a couple of weeks. 
• If you’re still unhappy with the way you’ve been treated, you can escalate your complaint to the Financial Ombudsman.

How long should I wait for a response?

Under the FCA's rules, you should expect a money transfer organisation to give you a prompt response to acknowledge your complaint. This should not take longer than a couple of days.

The money transfer organisation should then aim to give you a final response within eight weeks.

How can I take things further?

Complaints about money transfers can be escalated to the Financial Ombudsman.

All money transfer firms are regulated by the Financial Conduct Authority (FCA).

Always be wary of firms and individuals asking for payment via money transfer – many frauds and scams run using money transfers.

The Consumer Rights Act

The Consumer Rights Act 2015 sets out your shopping rights. It replaces the Sale of Goods Act, the Unfair Terms in Consumer Contracts Regulations, and the Supply of Goods and Services Act, giving you clear, simple rights when things go wrong.

The Consumer Rights Act tackles things like faulty goods, products and services that aren’t as described, supply of services, and unfair terms and conditions.

The Financial Ombudsman (FOS) 

The Financial Ombudsman (FOS)  is the UK’s official expert body for sorting out problems with financial services. If you can’t resolve a matter with a business, FOS can give you an unbiased decision and has the legal powers to set things right. Generally speaking, you’ve got six months from the time that a business gives you a final response to escalate a complaint to the Financial Ombudsman.

The Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA) is the UK’s regulator for financial services. The FCA makes sure that consumers enjoy good protection from unfair business practices and fraud.

If you encounter an unauthorised money transfer service, you can report it to the FCA!

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