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Why was my outbound bank transfer returned?

In case you sent a transfer and it was returned, this means that it could have been 'stopped' by an intermediary bank or rejected by the recipient’s bank after reaching their system. Some of the most common reasons are:

• You have entered the recipient’s details incorrectly;
• The beneficiary account is blocked or closed;
• The recipient’s bank cannot accept certain types of transfers;
• The transfer might not meet some requirements imposed by one of the involved banks.

Keep in mind that the returned amount may not be the same as the one you sent at first, because there might be fees applied for processing and returning the transfer to your iCard for Business account.