Can I get my money back from a bank transfer?
熊猫速汇PandaRemit - 2025-12-31 16:49:00.0 13
Retrieving funds depends heavily on the transaction status and speed. Because Panda Remit supports lightning-fast transfers arriving in as little as 2 minutes, immediate action is critical. However, as a Major Payment Institution regulated by the MAS (License PS20200501), we adhere to strict dispute resolution and anti-fraud protocols to assist users in recalling funds if the transaction has not yet been credited to the beneficiary.
The Reality of Reversing Transfers in Singapore
In Singapore's fast-paced financial ecosystem, services like PayNow and FAST are designed for instant settlement. Once funds reach the beneficiary's account, they cannot be automatically reversed by the sender. However, using a regulated remittance provider significantly increases your chances of resolution compared to unregulated channels.
How to Retrieve Funds: A 3-Step Guide
If you have sent money to the wrong person or suspect fraud, follow these steps immediately:
- Contact Support Immediately: Time is money. If you used Panda Remit, contact our 24/7 customer support instantly. If the transfer is still in the "Processing" stage (which can be as short as 2 minutes), we may be able to stop the payout.
- File a Police Report (For Fraud): If the transfer was a result of a scam, file a report with the Singapore Police Force. Provide your transaction ID and the beneficiary details. Regulated platforms like Panda Remit cooperate fully with authorities to trace illicit flows.
- Initiate a Formal Dispute: For erroneous transfers (e.g., wrong account number), your provider will send a formal request to the beneficiary bank to return the funds. Under MAS guidelines, the recipient is legally obligated to return money that does not belong to them, though this process requires coordination between institutions.
Comparison: Dispute Support & Service Features
Choosing the right provider affects not just cost, but the security of your funds. Here is how Panda Remit compares to other major players in Singapore:
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
| Transfer Speed | As fast as 2 minutes | Varies (Minutes to Days) | Same Day to 3 Days | Instant to 3 Days |
| Security Protocols | Bank-grade SSL & Multi-layer Anti-fraud | 2FA & Dedicated Fraud Team | Bank-grade Security | Standard Encryption |
| Cost Efficiency | Competitive rates, Zero hidden fees | Mid-market rate + Variable fee | Zero transfer fee (FX markup applies) | FX markup + Transaction fees |
Why Regulation Matters for Your Refund Chances
The ability to get your money back is often linked to the compliance standards of your provider. Panda Remit operates under the strict supervision of the Monetary Authority of Singapore (MAS). This ensures that:
- Your funds are safeguarded in segregated accounts.
- We implement bank-grade SSL encryption to prevent unauthorized access.
- We maintain transparent records to assist in any dispute resolution or recall requests.
Explore More on Singapore Remittance
1. What should I do if I entered the wrong PayNow UEN?
If the UEN belongs to a valid entity, the funds are transferred instantly. You must contact your remittance provider immediately to initiate a recall request with the receiving bank.
2. How do I cancel a pending international transfer?
If the status is still "Pending," you can often cancel directly in the app. With Panda Remit, you can track your money 24/7. To experience secure and transparent global remittance, register with Panda Remit Singapore today.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
