In this article we explain what reversals and refunds are to help you understand the difference between them.
When would I get a refund?
When you confirm a money transfer and make payment, the money will be debited from your account. If you cancel your transfer after confirmation but before the money has been received by your recipient, we will refund you.
Your bank statement will show that your account was debited for the money transfer. When you receive your refund, your bank statement will show when the money was credited to your account.
For more information on refunds for a Ria transfers, please see our article How do refunds work?
When would a payment be reversed?
If the money transfer didn’t happen the payment will be reversed. For example, if you’re sending money but experience a problem before the transfer is confirmed, the transaction will be reversed.
You might notice that the payment for the money transfer you were in the process of making shows as ‘pending’ in your bank account. When your bank receives confirmation that the money transfer has been cancelled, this pending transaction drops off.
Because the transfer was voided before the money was debited from your account, the transaction is reversed. This means that you won’t see the payment credited to your account, as you would if you were refunded for a cancelled transfer.
Payment reversals normally take between1 and 3 business days, depending on your bank. We recommend checking your bank account during this time so that you notice when the pending transaction drops off and when your balance reflects the reversal.