Getting money back from a bank transfer is very difficult once completed, as they are generally considered final, akin to sending cash. Recovery is possible, but not guaranteed, if you act immediately to report fraud or a mistaken payment to your bank. Success depends heavily on speed, with higher chances if funds are still in the recipient's account.
If you've sent money to the wrong person you should be able to get it back, provided they don't dispute it. You'll need to contact your bank as soon as you realise a mistake has been made, and should get a refund within 20 working days.
In most cases, a bank transfer can't be stopped or reversed once it's been processed.
Bank transfers offer less protection
If someone is asking you to pay by bank transfer, it could be a sign that it's a scam. It's a lot safer to use a payment method with built-in protection, such as credit cards.
You'll likely to get your money back if it is still in the recipient's account and if you report it to your bank: within 10 business days. after 10 business days — but it will take longer to get your money back. after seven months — if the recipient agrees to the refund.
If you've made a transfer to the wrong BSB or account number, it may have gone to an invalid or incorrect account. If it went to an invalid account, it may take 2 to 3 days to return to your account. If funds have gone to an incorrect account or you are unsure, please contact us to raise a dispute.
Payment reversals can cost more than the original transaction amount when you factor in fees, lost products, and administrative costs. Different payment methods have vastly different reversal risks – credit cards and PayPal are high-risk while wire transfers and Zelle are nearly irreversible.
To request a refund of an unauthorised transaction:
Tell them that there is an unauthorised transaction on your account. Put a 'stop' on your account (for example, cancelling the card or disabling internet banking or online money transfers) to prevent more loss.
Here are some of the most secure payment methods available online:
Did a scammer make an unauthorized transfer from your bank account? Contact your bank and tell them it was an unauthorized debit or withdrawal. Ask them to reverse the transaction and give you your money back.
By any chance, if you have wrongly transferred the payment to the beneficiary whom you don't know, immediately request your bank to look into the matter for transaction reversal. While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank.
Reversals are not guaranteed and are attempted on a best effort basis. Authority must be obtained from the recipient before a reversal can be attempted. A Reversal attempt is charged per transaction and is non-refundable. Reversals can only be attempted within 30 calendar days from the date that the payment was made.
Banks often allow cancellation as long as the funds have not yet left the sender's account. However, once the transfer is processed, cancellation becomes nearly impossible without the recipient's consent.
Yes, banks can refund scammed money, but it depends heavily on the payment method, how quickly you report it, and if the transaction was truly "unauthorized" (someone stole your login) versus you being tricked into sending it (authorized push payment). You're more likely to get a refund for unauthorized card charges or bank transfers if reported fast, but it's harder for Zelle, wire transfers, or gift cards, though filing a formal dispute or complaint with agencies like the Consumer Financial Protection Bureau (CFPB) can help.
FAQ: About bank refunds and scams
Banks may refund you if the transaction is deemed unauthorized, such as when your account is hacked or your card is used without permission. However, refunds are less likely if you voluntarily send money to a scammer, especially via payment apps like Zelle or Cash App.
Recovering money from cyber scams - Do this first!
Ways scammers reach you
For top-tier fraud protection, Chase stands out with its Zero Liability, 24/7 monitoring, virtual card numbers, quick cash reimbursements, and robust digital tools, while Bank of America (BofA) is recognized for its advanced security with IBM's Trusteer Rapport and leading cyber trust scores. Many major banks, including Wells Fargo, offer strong baseline protection like Zero Liability and card locking, but Chase and BofA often lead in advanced features and customer-centric responses to fraud.
Contact your bank or payment provider straight away. Let them know what happened and ask if you can get a refund.
They typically involve credit cards, debit cards, payment apps such as Venmo or PayPal, or gift cards. If you report the fraud quickly to your card issuer or bank—ideally within 72 hours—they will likely refund the charge after a brief investigation.
If your agreement was made verbally, don't lose hope. A written confirmation, such as a text message or an email simply expressing gratitude for the loan, can serve as powerful evidence. These communications are key, capturing the intent behind the transaction and proving that it was indeed a loan, and not a gift.
If there's no dispute, the money should be returned to you within 20 working days. If there is a dispute, you'll be notified of the outcome of your bank's investigation within 20 working days.
Debit and credit cards
Not only are they quick and easy to use, but they offer a relatively high level of security and protection of your private data. If you're using a credit card, you don't actually pay for the goods or services until your credit card bill is due.
Did a scammer make an unauthorized transfer from your bank account? Contact your bank and tell them it was an unauthorized debit or withdrawal. Ask them to reverse the transaction and give you your money back.