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Not receiving a response from the beneficiary bank is one of the issues that worries many people. So how to fix this problem?
With the development of technology and the continuous improvement of services of banks, fast money transfer service was born. It helps the recipient to receive money immediately after only 1-2 minutes, including money transfer from the bank.
However, there are still cases where customers have transferred money for 3-5 days, the money has been deducted from the account. However, the recipient has not received a notification of receipt of the money. So what is the reason for this problem? The following article will show you the cause and how to fix it.
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What is the beneficiary bank?
Beneficiary Bank translates into Vietnamese as the beneficiary bank. This is the term used to refer to the bank receiving the benefit. Specifically, in a money transfer - receipt transaction, the beneficiary bank is the receiving bank. And the beneficiary in this transaction is the account holder that you transfer the money to.
Besides the term beneficiary bank are familiar terms that are often accompanied such as:
- Payee: Beneficiary/payee/receiver in the transaction.
- Beneficiary Account: Beneficiary account number - Bank account holder.
- Beneficiary name: Beneficiary name – The name of the bank account holder.
Users should keep in mind some of these basic terms so that they can understand when the bank supports and solves problems with money transfer and receipt transactions.
Why is there no response from the beneficiary bank?
The remittance has been deducted from the sender's account, but the recipient has not received a response from the beneficiary bank. This is one of the most common trading mistakes today. The cause of this problem could be:
Beneficiary bank has a technical problem
SMS Banking is a familiar service and is used by most customers. SMS Banking will automatically notify you whenever there is a change in your account balance. The reply message from the beneficiary bank may not be delivered due to poor transmission. This cause is quite common when the transaction is successful, but due to network congestion, neither the sender nor the receiver receive feedback on the status of the transaction.
Incorrect beneficiary account information
Entering the wrong beneficiary name is also a common error. The sender will still be charged but the person who needs to be transferred will not receive the money. With this error, the sender will have to immediately check the information when the beneficiary reports that the money has not been received to find out where the problem is. Then contact your bank for support.
Beneficiary phone number has changed
Phone number is also one of the very important personal information that the account holder should not take lightly. Especially for those who use SMS Banking service. The phone number is the link between the bank and the customer. Not only does it notify balance fluctuations, but it is also a tool to keep accounts safer from theft.
When you change your phone number, if you do not update the information with the bank, you will not receive any response from the beneficiary bank. Therefore, it is always best to make sure that the SMS registration phone number is the same as the original phone number you are using.
Money transfer time outside working hours
You will not receive a response from the beneficiary bank until the money has reached the bank. If you transfer money on non-business hours of the bank will affect the time to complete the transaction. It is normal when the money in the sender's account has been deducted but the money has not been transferred to the beneficiary's account during this time.
So you don't need to worry too much. The transaction will be completed quickly when the bank is back to work.
Transfer transaction failed
The error of a failed transfer can happen without both the sender and the receiver being aware of it. Usually will have to wait for a response from the bank to know the error is encountered. In case you have to wait too long for the transaction to complete, please do the transfer again!
How to deal with the problem of not receiving a response from the beneficiary bank
To be able to overcome the above problem, both the transaction maker and the beneficiary need to have their own notes. As follows:
For the person making the transaction
When the recipient has not received the notice from the beneficiary bank, you need to:
- Double check that all recipient information in the transaction is correct. If wrong, cancel the transaction and do the transfer again.
- If the information is correct, please check again to see if there is a system transaction error.
- When the contents are not problematic, please contact the operator for assistance to check for accuracy.
For the beneficiary
When the remitter re-checks and does not detect any problems, the beneficiary should note:
- Check if the system is failing or under maintenance.
- See if the phone number registered to receive notifications matches the phone number registered with the bank.
- Contact the call center for support and find out the cause and how to handle it. Normally, customers only need to wait about 30 minutes for the beneficiary bank to complete the settlement.
Above are the reasons why the recipient did not receive a response from the beneficiary bank. If you're unlucky, you don't need to worry. Follow the solutions mentioned above, your problem will quickly be fixed.
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