The most popular and less risky way to transfer money not only to CIS countries is payment systems. There are four main ones in Russia today. KWIKPAY Public Relations Director economist Kirill Yakovlev told socialbites.ca how to make a transfer and not lose money.
“The main reasons why a translation might get lost are: an error in the recipient’s information or name; intervention of financial control services – this often happens when you transfer a very large amount of money; “Internal limitations of payment systems for technical reasons – this does not depend on the user, and in this case it is better to immediately contact technical support,” he explained.
According to him, it is important to understand that although there are many stages in cross-border transfers, money cannot simply disappear in the banking sector. If the payment system support service cannot resolve the issue, contact the bank or payment system you sent the money to, or the bank that issued the card you transferred to.
“The time it takes to transfer money to the recipient’s card depends on the bank that issued this card. Standard recording time is from 10 minutes to 3 days. Generally, cash withdrawals can be received within 10 minutes after the transfer is sent. If the transfer is not received after three days, it is better not to wait and contact the payment system support service,” added Yakovlev.
If you want to cancel a transfer, to cancel you need to go to the “Transfer History” section of your payment system, select the desired transfer and click “Revert”: after that you will receive an SMS with a special code. cancel. The money reaches the card within 5 business days from the date of cancellation of the transfer, but the specific period depends on the card-issuing bank from which the transfer was made.
“If you made a mistake when specifying the recipient’s information, you can always make changes until the transfer is paid to the recipient. To do this, you also need to go to the “Translation History” section, select the desired translation and click “Edit”. Usually after these steps the sender receives an SMS on the phone stating that the transaction has been confirmed. However, I recommend that you always check the accuracy of the recipient’s specified name and account (details) before sending a transfer,” added the expert.
Yakovlev noted that in case of cancellation of the transfer, the money cannot be returned only if the transfer is paid to the recipient. In other cases, the transfer is refunded according to the sender’s application.
“If a money order was sent, but the delivery points in the recipient’s country are closed and he does not have time to receive the money, the sender needs to contact the support service of the payment system to which the money was transferred. The expert stated that the entire amount, including the commission paid, will be refunded to the sender.
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