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Does the account name matter when transferring money?

Does the account name matter when transferring money?

30 Sep 2022

Making international money transfers can be hectic for most expatriates for several reasons, one of which is providing the required information to the bank or remittance service. Most people prefer online banking nowadays, making sending money abroad easier. A user can create money transactions online by using internet banking. It’s gaining popularity over conventional methods given its enhanced service features, such as the speed and tracking status facility.

There are various types of information that financial companies need for a complete and safer transaction. Much of this information may seem like an investigation, but it is for the customer’s safety and a secure transfer. But what information does the customer need to provide to their service provider? If you are curious about the details required for a complete and safer transaction, this blog post is just for you!

But What is Internet Banking?

Internet banking gives customers access to practically every function previously available only at a local branch, such as deposits, transfers, and online bill payments. Nearly every financial institution provides some form of online banking, both on the desktop and through mobile apps. Most fundamental banking operations may now be completed online, eliminating the need for customers to visit a bank location. They may accomplish all of this whenever and wherever convenient for them at home, at work, or on the move.

Provision of correct information about your and the beneficiary’s account is critical. You can probably face erroneous transactions if you don’t check whether the details are accurate.

What exactly is an erroneous online payment?

If you provide the incorrect account or BSB number, the payment will be issued to the wrong account or unintended recipient. This is referred to as an internet payment error. The ePayments Code establishes a procedure to assist consumers in obtaining their money back if it has been sent to the incorrect account.

Internet banking is a simple way to move money from one account to another. Entering the correct BSB and account number is critical since banking systems only utilise the account number when processing payments.

Do You Need Account Name When Sending Money Online?

It’s one of the most confusing questions for several customers about whether providing account names is essential or doesn’t matter. A short yet accurate answer to this question should be YES! You primarily need the recipient's account name or account title, whether you send money online using a mobile app or website or you use conventional methods.

Here’s why account names are required in transferring money.

When you send money from one account to another, you’ll be required to provide the recipient’s account number, title or name, and routing number. No bank will process your transaction without these details since they verify the recipient’s account through the information you provide. If there’s any error in the given data, the beneficiary’s account will not be verified, and the payment will not be processed.

The user gets notified when a wrong account name is entered. It automatically displays the correct account name associated with the entered account number to let the sender check and verify their beneficiary’s information. No transaction will be created if the intended recipient’s account details aren’t verified.

Using a Mobile App when Sending Money Abroad

Mobile applications allow the sender to save the recipient’s details for the first time to avoid entering data every time to send money. This way, when you make an online money transfer to your beneficiary again, you just need to select the recipient from the saved records instead of entering complete information repeatedly. However, checking the details carefully before processing payments is always recommended so you or your beneficiary may not lose money.

What if the Transfer is Made to A Wrong Account?

If you make an incorrect internet payment, you must immediately call your bank or credit union. Your bank or credit union will next contact the unintended recipient's bank in an attempt to recover the funds. Suppose somehow the money is still in the other recipient's bank account and it was a legitimate error due to the account name and number not matching. In that case, retrieving the money depends on how promptly you notified of the mistake to your bank. If you report the error:

  • The money will be reimbursed to you within ten business days.
  • The recipient's bank will freeze the cash for ten business days to 7 months. 
  • The grantee will then have ten business days to demonstrate their eligibility for the funding. 
  • If they do not, your money will be refunded to you. After seven months, the funds will be refunded only if the other party agrees.

Isn’t There a Better Option?

Yes! Several remittance companies offer convenient, secure, and smooth online solutions. ACE Money Transfer is one of the most excellent companies with extensive customer trust. 

ACE Money Transfer is a reliable remittance transfer firm. They will ensure that the transaction is safely executed. Customers can track the transaction's progress using their mobile app or website portal. Millions of global diasporas use its services to send money home given they get the best exchange rates, the lowest transfer fees, and the most secure and swift transfers with ACE.

ACE Takes Safety and Security Seriously!

ACE Money Transfer offers remittance services from 28 sending countries to over 100 receiving countries worldwide. It has a phenomenal customer base that spans over two decades of professional excellence with a robust footprint in the market. It’s one of the largest Authorised Payment Institutions (API) regulated by the Financial Conduct Authority (FCA). Its widespread network has more than 375,000 payout partner locations worldwide. 

ACE takes pride in providing the best services for its customers. Using its mobile application or website, you can add or omit the recipient’s name from the transaction process with ACE's priority information. Further, the entire process of creating instant online transactions is pretty smooth and convenient for every common user.

Fast Services to Complete Instant Online Money Transfer

Most transactions are completed swiftly when you use a Debit Card or a Credit Card to send money abroad. Transferring money via online banking using ACE’s services won’t take longer since your beneficiaries will receive funds within 1-2 business days. 

But Why ACE?

ACE Money Transfer offers financial services that are swift, secure, and highly trustworthy, allowing you to complete transactions in just a few steps. You may avoid time-consuming and inconvenient procedures and unnecessary legalities when you use ACE Money Transfer. Compared to other companies, ACE charges its customers the lowest transfer fee while providing the best exchange rates in the market. Customers may receive the most bang for their buck and have peace of mind when transferring money to their loved ones from abroad. What more could you possibly want from a remittance service provider? Make a global money transfer 24x7, on bank holidays, and whenever your family needs financial help.


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