What happens if you put the wrong beneficiary name?

What happens if you put the wrong beneficiary name?

The name of the recipient is merely for reference. Therefore, the amount will be transferred to the account number you mentioned and not by the name. This is why it is often said that you need to check the account number and IFSC code twice to avoid sending to the wrong recipient.

Does beneficiary name matter in wire transfer?

Name mismatch doesn’t matter at all. The Beneficiary Name is just for your Reference so that one can easily select the desired person/entity amongst the added/linked beneficiaries for transferring amounts in the future.

Is beneficiary name same as account holder name?

The person to whom the payment is to be made needs to be added as a ‘beneficiary’ and his bank account details provided in order to transfer the funds. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the beneficiary bank branch.

Does the account holder name matter?

In the case of account holder, account number and his name are more important. In order to cross check the account number the name is inevitable. In the case of branch, when you are willing to remit funds through online like RTGS or NEFT, you require IFSC code number for the receiving branch.

Does account name matter bank transfer?

The account name is not used to transfer the payment. It is important to check (and double check) the account number when entering it in your internet banking system for the first time. If you are making a big payment, we recommend you transfer a small amount first and check that the payment has been received.

What happens if account number is correct but IFSC code is wrong?

“If the incorrect IFSC code refers to a wrong branch of the same bank, then the fund transfer could still be possible. Remember, all banks may not match the beneficiary name before making the fund transfer, so if the account number matches, the transaction will go through.

What happens if we put wrong IFSC code?

Entering wrong IFSC Codes may lead to problems in getting the bank transfer completed. In most cases, the money reverts back to the sender’s account. In rare cases, the wrong account gets credited. Though there are ways to recover the misplaced funds in such cases, the process is quite lengthy.

Why do banks match beneficiary’s name to account number?

Some banks match the beneficiary’s name as a precautionary measure to ensure fund transfer happens to the correct account, but it’s not mandatory for banks to do so, according to Reserve Bank of India (RBI)’s regulations. Here is what happens if you enter wrong IFSC code. What is IFSC code?

Can money be remitted but show wrong beneficiary name in statement?

However if the account number is correct and IFSC code too then money will be remitted but will show a wrong beneficiaries name in your account statement.

Can I transfer funds from one Axis bank account to another?

In this case, whether or not the fund transfer happens will depend on whether Axis Bank has an account with a matching account number. The chances of two banks having the same account number are rare but not impossible.

Is the bank responsible for the IFSC Code of a beneficiary?

Banks will not be held responsible. Also, the bank account number is what matters and other details such as beneficiary’s name and the bank’s IFSC code is just additional information. Verification of these two details should be done by the bank but it is not a rule.