The liability of the payment service provider is limited to the correct execution of the payment transaction in accordance with your payment order. If you provide an incorrect International Bank Account Number (IBAN) and the funds reach the wrong recipient, the payment service providers of the payer and the payee should not be liable but should cooperate in making reasonable efforts to recover the funds, including by communicating relevant information.

Therefore, the payment service provider will not verify if the beneficiary is genuine and once the transfer is processed, your bank will not be able to amend your instructions or cancel/reverse the transfer.

What if…

…your payment took very long?

Your bank is required to effect the transfer within an agreed time limit. If this is not complied with, or if a time limit was not agreed to, and if, at the end of the fifth bank business day following the date of acceptance of the transfer order, the funds have not been credited to the beneficiary’s bank account, the Bank is required to  pay you interest on the amount of the delayed transfer. For details on time frames regarding Euro or EEA transfer see our section on SEPA payments.

…you know that the transfer has been made but you did not receive it yet? 

If you are expecting funds to be paid to you by bank transfer (you are therefore the beneficiary), your bank should be in a position to make such funds available to you within an agreed time limit. If funds have not been made available to you, you may be entitled to compensation when:

(a) the agreed time limit is not complied with, or

(b) the bank delayed in crediting your account within one banking business day following receipt of funds in its account.

…you were double-charged for the transfer? 

Normally, charges are shared between the sender and the recipient of the funds. If you request charges to be allocated on an OUR basis, the beneficiary should not be charged any fees by his bank and should be refunded if s/he is charged any fees.

The European Union makes provision for legislation which affords you, as the consumer, with protection when you send and receive money to/from any EU Member State. EU law might not be applicable to payments in currencies or countries outside the European Union. For further information please refer to the section on SEPA payments.