Have you ever been in a situation where the recipient of your transaction claims they have not received the money you transferred to them? 

Or have you had a failed transfer where your money wasn’t reversed?  Perhaps you sent emergency money to family and friends or you had to defend your transfer at the cashier stand after paying for your goods by waiting endlessly?

If there is a problem with your transfer and you are a bit unsettled, here are some things you should know that can help resolve these issues.

First, these are the  two common transfer issues you might experience:

1. Outward transfer successful, but beneficiary not credited:

In simple terms, this means you made a transfer on your personal banking or business banking app and its status was “successful” but the recipient does not get the transfer you made.

2: Failed outward transfers, not reversed.

This means that you initiated a transfer, and the recipient did not get it because its status was “failed”, but alas, the money sent wasn’t reversed to you.

Depending on the situation, it can be embarrassing, confusing or unsettling. And we get it! 

What are the possible causes of these issues and what can you do to resolve them?

Let’s first look at the reasons why you might experience these cases.

1. The recipient bank is experiencing a downtime when you make the transfer.

2. Sometimes, third-party providers make the error of sending a successful response to us, for an unsuccessful transfer transaction. This case rarely occurs and is usually 1 in a million cases.

If so, what do you do? Keep reading, you’ll know what to do by the end of this blog post.

What should I do when my transfer is successful but the beneficiary is not credited?

Don’t worry when you have been debited but the recipient is yet to receive the money – most of the time, the recipient’s bank could be experiencing a downtime resulting in a delay. 

The only solution is to wait.  But for how long? You might ask? We recommend 24 hours for the recipient to get the money.

In special circumstances where the recipient bank’s network is experiencing terrible downtime, it might take longer, like a few days.

If the recipient does not get the money after 24 hours or days as the case may be, the recipient’s bank will reverse the money back. Once we get confirmation of this, your money will be sent to you immediately, or within a few hours, at the most. 

In the case of the transfer error being a result of third parties, it is possible that the third-party providers made the error of sending a successful response to us for an unsuccessful transaction. Although this rarely occurs, it is usually rectified within 24 hours with an automatic reversal. 

Regardless of the situation, there is no cause for alarm, your funds are safe and secure. You should wait 24 hours before reporting to customer support as the issue would be resolved within this timeframe.

Meanwhile, to avoid situations like this, we often communicate downtime from the beneficiary banks to you while also turning them off temporarily. 

We also have a feature on your Moniepoint personal banking and business banking app that allows you to access the network stability of a beneficiary’s bank. Please check before making any transfer. 

To access the feature:

Step one: Open your Moniepoint app (Personal or Business)

Step two: Click the network icon on the top right corner of your screen 

Step three: Click on bank transfer 

Step four: Search for the beneficiary bank to see the network stability percentage 

What should I do when my transfer fails but my money has not been reversed?

Reversals for failed transfers are instant. However, should you experience a delay, it is most likely because of the volume of backlogs our internal service is dealing with. 

Rest assured that any failed transaction you are debited for will be reversed. 

At Moniepoint, these kinds of transaction issues always take priority. You should wait for 24 hours before reporting to customer support, as we work to reverse these transactions within the same day. 

Conclusion

When you have transfer issues, be calm. Although the circumstances can be frustrating and unsettling, they are often temporary and will be resolved – no cause for alarm.

Now that you understand the causes of these problems, we believe you will be able to determine your next line of action when faced with issues like these.