Did you accidentally send your hard-earned money to the wrong account in PhonePe? If you sent a large amount of money, you are likely to panic. Fortunately, there is no reason to panic as you are not the first person to make that mistake. It is possible to recover your money.
When trying to recover your money sent to the wrong account, you need to know that PhonePe is under no legal obligation to help you get it back. Since the money was sent after your authorization, no fraud was committed. Your bank is also not obliged by the law to help you get your money back.
This, however, does not mean that you cannot get your money back. It only means that you need to keep an open mind.
Ask for Help from PhonePe or Your Bank
Once you realize that you have transferred funds to the wrong account, you should contact your bank or PhonePe for help. You should seek help from PhonePe first. Go to the 'contact' option and you will be connected to the beneficiary. They may be willing to help you get your money back.
When speaking to your beneficiary, you should speak as politely as you can. Try to explain your situation and the circumstances that led to it.
If you transferred the money through UPI or regular bank transfer, (where you entered the wrong account number and IFS code) you should contact your branch for help. Explain to your manager that you sent money to the wrong account and that you would appreciate their help. If you have a good relationship with your bank manager, they are likely to help you.
Note that the bank manager is under no obligation to help you. Even though it is not possible to freeze that money in your beneficiary's account, the bank manager may convince them to settle things with you.
If your attempts to settle things with the beneficiary diplomatically fail, you can always go to court. This should, however, be your last resort. If you choose to go to court, make sure that you have all the relevant documents with you. The beneficiary will be required to prove to the court that they are the intended recipient of the money. Since that may be impossible, it is very likely that you will get your money back.
Human errors are the most common reasons for wrong transactions. Like most PhonePe users, you are very likely to get your money back. Most cases do not proceed to court. If you speak to your beneficiary politely, they are unlikely to deny you help. People understand that accidents happen so most of them are willing to help.
If your PhonePe transaction is showing 'processing' while you have already debited money to the wrong account, it is not possible to cancel the transaction or refund the money back to your account. Any transaction that has been initiated by the account owner is impossible to cancel. The transaction will always be successful or fail. If it fails, you will still have the money in your account. If the transaction is successful, the beneficiary will receive it. You should get confirmation of the status three or less days after the date of the transaction.
If you do not know what choice is best for you, you should contact the PhonePe customer care team. You may reach them on phone or email. The representatives will give you advice on the right steps to take depending on your situation. There are plenty of ways to contact the support team so you will always find a representative to help.