Electronic money transfer is the best and fastest means of sending money from a person to another person. However, the question is does account name matter when transferring money.
This question is very important when it comes to money transfer, be it a wire transfer or bank to bank transfer. There are major requirements involved in a money transfer and we will be looking if bank account name is among them.
I will explain this topic based on the two major means of transfer we have, and they are bank to bank transfer, and the wire transfer respectively.
Does account name matter when transferring money?
Account name doesn’t necessarily matter when transferring money except in the case of a wire transfer where the account name do matter and compulsory.
Generally, when it comes to money transfer be it wire or bank to bank transfer, what matters most is the account number and the bank name.
Account name is used to determine if the name on the account number tallies with the name stated or written on the transfer details.
To further explain does account name matter when transferring money, I will categorize it into different sections.
And they are;
1. Bank to bank transfer
In bank to bank transfer, account name doesn’t matter but rather what matters is the account number, and the bank name plus the amount to be transferred.
These are the major requirements needed for a bank to bank transfer. In most cases, immediately you entered the bank account number, selected the bank, it will display the bank account name on the screen.
By displaying the account name, you will attain if the name on the screen is same with the person’s name you’re sending the money to.
Does account name matter when transferring money for bank to bank transfer?
Account name doesn’t matter for bank to bank money transfer, what matters is only the bank account number and bank name.
2. Wire transfer
This is where the bank account name matters a lot. When transferring money through a wire transfer, you must enter the bank account name along with the account number, bank name and the swift code or routing number.
There’s no way you can transfer money through wire transfer and wouldn’t use the account name, the transfer won’t go through or be a successful one.
Definitely the transfer will fail.
For wire transfer, bank swift code or routing number matters a lot more than the bank name cause through the account number and the bank swift code or routing number, the transaction will go through.
Does account name matter when transferring money for wire transfer?
The answer is yes. Bank account name matters so much for a wire transfer, and there’s no way you can transfer money to an individual without the bank account name.
If you skip the bank account name, definitely the transaction will fail and not go through.
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Does name matter on bank transfer?
Name doesn’t necessarily matter on bank to bank transfer, except if the bank detects fraudulent activity they will look into the account name.
Just like I said earlier, what matters in bank to bank transfer is the account number, and the bank name.
In most banks especially using the bank mobile app to transfer money, immediately you entered the account number and selected the bank name, the account name will display on your screen.
Bank account name is only used to verify the account name on the account number tallied with the name the sender entered.
Does the account name need to be correct?
Definitely the account name need to be correct especially if for wire transfer or even bank to bank money transfer.
Right now banks are taking a very precautive measures in electronic transfer so as to combat fraudulent activity in electronic transfer.
For bank to bank money transfer, the name must be correct though as you entered the account number, the account name will pop up without you entering the name.
For wire transfer, the account name must be very correct if not the transfer will fail.
I’m saying this based on my experience with an international transfer, I mistakenly omiited a letter and the transaction didn’t go through. When I contacted Moneygram to inquire why the transfer failed, then I fond out the name I entered didn’t tally or match the name on the account number.
What happens if I transfer money to the wrong account name?
The transaction will go through if the bank account is correct and active, and you can only contact your bank to stop or put the transaction on hold.
In most cases if the transaction is successfully transferred to the wrong account, there’s nothing you can do other than to try contact your bank account manager and lay down your complain.
In this type of situation the bank may not necessarily offer any help to you and the only option you have is to take a legal action. This is why one needs to be extremely careful before making an electronic transfer.
When i checked what I entered, I fond out I omiited a letter from the recipient last name.
I gave this example to answer this question of does the account name need to be correct cause truly name does matter in transfer, and it must be correct for the transaction to be a successful one. This same goes with the topic of the post does account name matter when transferring money.
Can you bank transfer without name?
You can bank transfer without the account name as what matters most in bank transfer are the account number and the bank name.
However, account name is used to verify that the name entered, matched with the name on the account number. In some banks you must enter the account name along with the account number for money transfer.
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This is where I wrap it up on this post of does account name matter when transferring money does account name matter when transferring money. Remember account name do matter especially if it is a wire transfer.