Wrong swift code added for payment

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Last week I updated my payment settings for an international payment.
I added my new bank account number, but did not adjust the swift code and bank name, so they were both incorrect.

Last monday I've received a notification that my payment was processed, but I have yet to receive it.

Before I contact the company (they are asleep at the moment), does anybody know if this can cause a big issue? (I assume the payment will be bounced in this case?)

Thanks!
 

Vodaa Citaa

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As long as someone doesn't hold an account with those details, you should be fine it should bounce. But it will take some time for all of this to process
 

HoNeYBiRD

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If it's an existing SWIFT code, in that case the beneficiary bank (according to the SWIFT code and not the account number) receives the payment message, they realize that the account number doesn't belong to them, they reply to the sender bank that they can't process the payment and the transfer gets reversed. If there's an intermediary bank, that complicates the process a bit, but the money won't be lost. Contact the sender company and see if they know anything yet. You need to contact the company anyway, because even if they receive the reversal, they won't re-issue the payment automatically. There might be a fee for the reversal though.
 

Blackhat Lifter

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If it's an existing SWIFT code, in that case the beneficiary bank (according to the SWIFT code and not the account number) receives the payment message, they realize that the account number doesn't belong to them, they reply to the sender bank that they can't process the payment and the transfer gets reversed. If there's an intermediary bank, that complicates the process a bit, but the money won't be lost. Contact the sender company and see if they know anything yet. You need to contact the company anyway, because even if they receive the reversal, they won't re-issue the payment automatically. There might be a fee for the reversal though.
That makes it very clear, thanks alot!
 

vcc

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no worry it will be back but may takes upto 15 days
 

bdman

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