Can wire transfer (direct transfer to bank) be reversed by the sender?

Hi, I was just thinking about receiving payments from my client via direct online deposit to bank or wire transfer ( I think, both are same ). I am curious to know whether the transaction can be reversed made by the client like PayPal.

Sometimes, in PayPal transactions we get the notification that sender has instructed bank to reverse the payment, so it can happen only via PayPal or sender can reverse the transaction in case of wire transfer or direct funds transfer.

Thanks

 

Yes, your wire payment may get reversed if your client pays from hacked banked account.

 

What does that mean? Anyone can say that my account was hacked when this payment was made.

 

Hi,

Which country are you from? In my country, if a money has made it's way to my Bank Account, then there is no power in the world which can snatch it from me, except the mighty Government itself.

 

I am from India. The reversal can happen or not, it depends on the sender bank or receiver bank?

 

i think your bank could do this.

 

its only possible in case of funds transfer

 

Yes, there is a risk. If its a big amount, you can ask him to send money using western union.

 

Great - Even I was talking about India.

Despite numerous bad things about the banks in India, one thing which is great that they behave very securely - sometimes over secure. They won't open an account at the first place without completing their KYC norms. And if they have opened it, they won't close it or let anyone take money from it. It's not like paypal where opening an account and then later limiting/banning/reversing money is a child's game.

So yes, the sender's bank can't simply reverse the transaction, neither can the receiver's bank - unless it's a big amount (Above 10 K $) and that too can be done only by reporting it to government/criminal department and only they can investigate then reverse it.

Ever wondered when it's implemented internationally then why can't Paypal or anyone else can debit directly from our bank account unlike US or other countries? That's just because of the over protecting behavior of Indian banks. Actually, it's one of the very few benefits of living in India.

Hope it helps.