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    Home»Banking and Finance»How you can reverse UPI Transaction done on Wrong UPI ID or Number.
    Banking and Finance

    How you can reverse UPI Transaction done on Wrong UPI ID or Number.

    TechminBy TechminDecember 14, 2022Updated:December 14, 2022No Comments3 Mins Read
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    Hello friends….

    In this article I will write about What you can do if you transferred money to a Wrong UPI ID or Bank account.

    There is a legal way to recover or reverse your Transferred amount to a Wrong UPI or Phonpe, Gpay, Paytm etc

    The same steps also apply to if you Transfer amount to wrong bank account number via IMPS , NEFT etc

    So let’s start to know what’s the process to recover your money back to your account when you have sent it to wrong Bank Account or person.

    First step :

    If you transferred from any UPI App or 3rd party app Raise a Dispute there. Then call the Bank customer care and Inform them about the Wrong Bank account transfer and ask them to file a Dispute.

    Also visit your Branch of your bank and inform the Bank manager if he told to fill any form do that.

    Now you need to wait for there resolution.

    Some time you get your money soon, sometime it can take longer. And also sometime you will not receive your money back.

    How this works ?

    When you raise dispute to your bank. Your bank inform the other bank in which you have transferred money mistakenly. If both are the same bank or same branch then you are lucky. This process will work soon.

    If both are different bank then your bank inform the other bank then The other bank inform the account holder’s Branch manager. Then the branch manager decide what to do.

    The other bank’s Branch manager will ask the Account holder first. If the account holder want’s to return the money then The Branch manager will reverse the transaction. And your money will return back to your account. And your wrong account transfer will be reversed successfully.

    But if the Account holder on which account you have transferred the money mistakenly don’t want to return the money and he/she told that that is his/her money and provide the bank a fake reason that you have transferred the money to him, not mistakenly. Then your reversal will not be done via bank.

    So is there any other way to get my Transferred Amount Back?

    Yes, there is.

    The 2nd one is Legal step. You have to file a complaint to Police station about this. And then it will be a Court matter but there is a good chance to get your money back.

    So, be careful when you are transferring money via any method. Always verify twice before Transfer Money. Check Receiver name on UPI app if you are transferring via UPI. But if you transfer money via Net Banking or Bank’s Mobile App with IMPS/NEFT then there is no way to verify beneficiary’s name. But there is a system named DMT or Domestic Money Transfer which can be done from a Cyber cafe or Online Shop but that is chargeable approx Rs.10 per thousands rupees but the interesting thing with this method The Shop owner can verify the beneficiary name.

    If you are a Cyber Cafe or Online Shop owner you can take DMT service from this Company – payrik.com

    Money Transfer reversal UPI Transaction reversal Wrong account transfer Wrong bank account transfer
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