A transfer being reverted indicates that although it was initially sent successfully, it was either halted by an intermediary bank or ultimately rejected by the beneficiary's bank. This can occur for several reasons:
Incorrect Details: If the recipient's account details were mismatched, the beneficiary bank might have rejected the transfer.
Closed Account: The transfer might be to an account that has been closed by the beneficiary bank.
Wrong Currency: The recipient's account may only accept transfers in a specific currency.
Incompatible Transfer Type: The selected account may not be set up to accept certain types of transfers, such as SWIFT or SEPA.
Compliance Issues: The transfer may have failed to meet compliance standards required by one of the banks involved.
After a transfer is returned, it could take between 15 to 20 business days for the funds to be credited back to your account.