Are you worried about how to transfer money to a loved one with a closed bank account? The conventional method of sending and receiving the money to and from bank accounts has its own flaws and repercussions. Bank holidays and distinctive policies can often complexify the transactional process.
Don’t worry! Here, you will find easy and workable solutions to your international money transfer concerns.
What to do after transferring money to a closed bank account?
One of the most frequent problems in sending remittances is the accidental transfer to a closed bank account. It can happen unknowingly when the recipient’s bank has closed their account without the notification of closure. It is common to panic in such a situation, especially if the transferred amount is hefty. You can cancel the transaction on your end as soon as you realise that the recipient’s account is closed.
There is no need to worry even if that doesn’t work because a closed account of any bank would not accept international or national money transfers. If the recipient’s account is not receiving the transfer, the automatic response is the bounce-back of the funds to the sender’s account. However, this process can take up to 6 to 7 business days. You might have to wait a few days to get your money back because bank timings and bank holidays vary in different parts of the world.
In any case, the sent amount would stay safe and secured. It is recommended to contact the bank directly and check for transfer records if the amount is not returned to you in time.
Hassle-free online money transfer to India or any other country
Using online money transfer remains the most advisable and recommended solution for swift international transactions. ACE Money Transfer is one of the leading online remittance companies worldwide and a preferable service with years of experience in the industry having millions of users.
It provides an easy and smooth flow of remittances with added security and feasibility for the users. The good thing for new users is that the sign up is easy and simple with only a few steps. Anybody can easily use this service to send money to India or other countries where their friends and family reside.
How to withdraw funds from a closed bank account?
A bank would usually close a dormant bank account for two to three years. They give prior notice of closure to account owners. The account owner should withdraw their funds as soon as possible. If a transaction has been made to a closed bank account, the sender should contact the bank and discuss the issue. The bank would usually return the transferred amount without any problem.
Stop worrying and opt for online money transfer services without the involvement of bank accounts to send money back home. Online remittance services provide you with the most effective solutions when you need to transfer funds cross-borders. Sending money online also gives you the edge of having interactive features to keep track of and get notified about each transaction you make to send or receive money.
ACE Money Transfer is one of the leading online remittance service providers with the best exchange rates and the swiftest, secure, and reliable money transfers features. Through ACE, you can send your desired amount to your loved ones living abroad quite easily and quickly using either the company’s website or mobile app, whichever suits you best.