Iban - possible error

L

lillykay

Guest
i was having money transferred from abroad, and now fear it may have been put into the wrong account.
is this possible, if someone gets a digit in the iban wrong, or must it always match with the name? i woud really appreciate any help on this subject!!!
 
I would have thought the simple answer was to ring your bank or the provider you used.
 
I have had international transfers go astray - they usually end up in a suspense account in the receiving bank if there are errors with documentation. The sending bank should be able to give you details (a copy) of exactly what was sent, and proof that it was sent ( time stamped) so if there's no problem at their end you can take it up with the receiving bank. I've always got it sorted out in a few days.
 
You need to get the clear details from the sending bank and work forward from there. So, as above, get proof from the sending bank that the money was sent (typically a line from a transaction report) and check all the details. It doesn't matter what details you gave them, all that counts is what was entered for the transaction on their end.

You should also ask them to check to see if the money bounced back to them and ended up in a suspense account.

Then start with the receiving bank. If you can't be sure that the sending bank got to a certain point, then you can waste a lot of time with the receiving bank on a transaction that might never have got as far as them.

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Ring your bank and ask them to put a trace on the payment, also request a debit advice to see exactly what details where sent to the bene bank.
 
Just on the IBAN itself being wrong that's unlikely, if it was it would have been rejected when presented to the bank. A single wrong digit will definitely not result in money ending up in the wrong account.

The IBAN number includes two check digits, these digits are created by doing some form of calculation of the rest of the digits in the IBAN number.

What these check digits do is validate the rest of the IBAN number.
So if you make a typo anywhere within the IBAN the IBAN will come up, when typed in to a computer, as being an error because the 2 check digits will be different from the value calculated from the rest of the digits.

It's not completely foolproof as if you type in more than one error there'd be a very small possibility of you recorrecting the check code.

These check digits used in most long typo prone identifier numbers, credit card numbers, ISBN numbers, etc..
 
In Ireland we check IBAN's before letting a transfer go through. Not sure if they do in other countries.
Check with your bank. They should be able to put a trace on it for you.
 
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