Transferwise UK bank account receiving payments with wrong name ?

[Soulguy]

Hello, has anyone tried to accept payment to TW uk account (Account number and sort code) with wrong recipients name ? How does TW react to that ?

Thanks

 

[neweraoffshore]

It's highly likely that you will be able to accept payment with wrong names to IBAN accounts.
However TW may ask why, so better be prepared for a good explenation. If this happens once you can say it was a mistake and show them an invoice. However don't count on it that it will work multiple times.

 

[MrYellow]

For IBAN systems it will be working without any issue. US dollar is other topic. Still if you overdue it it may raise some concerns: so prepare a good story to talk your way out. Also you receive wrong payments form only one sender, or from multiple accounts. One can also be stupid made mistakes wrote wrong... if all your customers make this same mistake it will become harder to explain that. So consider the bigger Picture here to get proper answer.

 

[ikan]

Few years ago I made msitake with IBAN transfer ( NO Sepa). Transfer was with wrong reciepient name. + 20ke. None of 2 banks asked for something.

 

[Soulguy]

MrYellow said:
For IBAN systems it will be working without any issue. US dollar is other topic. Still if you overdue it it may raise some concerns: so prepare a good story to talk your way out. Also you receive wrong payments form only one sender, or from multiple accounts. One can also be stupid made mistakes wrote wrong... if all your customers make this same mistake it will become harder to explain that. So consider the bigger Picture here to get proper answer.
Click to expand...

Bigger picture would be accepting one or two 3k payments to some EMI like TW. I will take a risk i think if you say with iban it goes all well.

 

[MrYellow]

Thats nothing. 2x3k nobody will have a look at this at all. So nothing to worry about. If you do now 40x 3k in a few days from 10 different names this is the exactly opposite what would fail. But In your case all should be fine.

 

[Martin Everson]

Soulguy said:
Hello, has anyone tried to accept payment to TW uk account (Account number and sort code) with wrong recipients name ? How does TW react to that ?
Click to expand...

I thought 'Confirmation of Payee' was a legal requirement brought in within UK banks back in 2019 but it seems its delayed 🙄. The good old days of putting any name on a payment in UK are fading away.

https://www.moneysavingexpert.com/news/2019/02/delays-to-name-checks-on-online-payments/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.