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]

Bigger picture would⁢ be accepting one or two 3k payments to some EMI like TW. I will take︀ 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]

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/