I transferred money to a UK bank from outside of the UK, but I specified the IBAN number for an individual by mistake. The bank transferred the money to the individual instead of the bank, even though I mentioned the company name in the same paragraph of my SWIFT.
They refuse to cooperate in correcting the error and won't send the money to the company account. How can I push the bank to cooperate?
If you have quoted an incorrect number, and the transfer has happened, it cannot be reversed. The funds are already with the individual and bank cannot debit the individual without his authorization.
The best course for you is to try get the details of the individual and see if the funds can be moved to the correct account.
Ask your bank to recall the transfer (as if went to wrong account and you have inform the bank about it).
Secondly get a police report in the country where you sent the money from and where it was sent to, and state the person's name and account details.
Ethically this person should return the funding, but if he or she wants to play gangsters paradise, then you want to take police action and push your bank to take the funds back by RECALLING THE FUNDS UNDER INDEMNITY.
Ask your bank to give you a copy of the message they have sent to the beneficiary's bank. Use this wording and you will have success. Contact the beneficiary bank also and give them details.
If iban and name don't match. This shud have been refunded. Logic says so. Otherwise they just ask for iban without other details if they won't be considered
