Bank transfer reversal

[tamago88]

Hi

Recently moved to HK and have some questions with bank transfers. In the US ACH transfers are considered not safe as transfers can be reversed. Is this the same with bank transfers in HK? Or does it behave more like a wire transfer.

Thank you,
Sean

[aw451]

Transfers can be reversed but there's a lot of paperwork

[shri]

Two FAQs on this from HKMA....

O3 What should one do when he/she has made a mis-transfer of funds to an unintended party?


If a bank customer or SVF user has made a mis-transfer of funds, he/she should seek assistance promptly from his/her bank or SVF operator.

The bank or SVF operator will request him/her to provide details about the mis-transfer to facilitate its communication with the transferee institution, which will in turn contact the transferee.

Upon receiving the report of a mis-transfer, the bank or SVF operator concerned will follow the aforementioned handling procedures, including providing a written response to the transferor, detailing the date(s) of communication between the transferee institution and the transferee, actions taken and the outcomes.

In case the transferee does not return the mis-transferred funds, the written response will be helpful to the transferor in reporting to the Police or considering taking further action as needed. Such handling procedures also require the transferee institution to remind the transferee that he/she may be held criminally liable if the mis-transferred funds are not returned.

O4 What should one do if he/she receives some funds that have been mis-transferred to his/her account?


If one receives some funds that have been mis-transferred to his/her own bank account or SVF account, he/she should report it promptly to his/her bank or SVF operator and arrange to return the funds via his/her bank or SVF operator. Otherwise, he/she may be held criminally liable.

There is a thread here somewhere from someone who claims they deposited a large sum as a payment to a wrong credit card or something like that .. Seemed like a whole lot of pain.

[freeier]

Not sure, but the OP might be talking about certain types of transfers.. Generally there are stuffs like ACH, RTGS, and now in HK FPS... I thought in hk all are just e-transfer of money.. don't think you can just try to reverse any transfer after executing them here

[TheBrit]

Transfers can be reversed but there's a lot of paperwork

And only if the recipient agrees. There is a thread on Geo from a few months ago about a guy trying to get his money back and being unsuccessful so far.

https://geoexpat.com/forum/40/thread362974.html

[chobochobo]

I had one transfer reversed. It was to Europe, and the recipient said they didn't receive it. I went to HSBC and ask them to trace/ check/whatever it, and half a year later I got the money back.

[HSY]

I had one transfer reversed. It was to Europe, and the recipient said they didn't receive it. I went to HSBC and ask them to trace/ check/whatever it, and half a year later I got the money back.

Was it bad details or the transfer went rogue/they lost it?

[chobochobo]

I don't know. I went to bank to do the transfer and assume the details were correct. They sent an enquiry to the foreign bank and I didn't hear anything until months later and a message that the transferred funds were returned.