How to cancel Bizum and get your money back if you made a mistake

Online payments and instant transfers are proliferating, with more and more users of all ages and conditions using these systems and, in particular, apps like Bizum, the big star of platforms for this type of service.

This successful system of free and commission-free payments and transfers was created less than 8 years ago by an association of 34 Spanish financial institutions. now exceeds 25.6 million users And 2.5 billion transactions since launch in 2016.. This is a fast and convenient system that allows you to make instant electronic transfers in more than 58,000 online businesses.

Among the latest developments is a new tool that will allow you to identify yourself in stores and avoid the need for traditional registration by adding all kinds of information and without having to create a new account. You can use Bizum at some banks to identify yourself and you will only need to add your name and delivery address by going to the Bizum section in your banking app and activating “Payment in Bizum commerce.”

But one of the drawbacks that users highlight is when the person sending Bizum gets confused and sends it to the wrong person. Many people search in the application for options on how to cancel the shipment and return the money, but cannot find this option.

And that’s what Cancellation of Bizum through the application is not possible. and you will not be able to return money sent by mistake through the platform.

the only way To get your money back, it must be returned by the person who received it, so you will need to contact them and agree on how to do this. If the recipient has Bizum, they only need to access their movements and select an option. “Come back”.

If the recipient does not have Bizum, they will receive an invitation via SMS and all they have to do is not accept it and Bizum will be canceled after two days. In case the person who received it does not intend to return the Bizum, you will have to Contact your bank and follow their instructions.

Some organizations allow you to cancel bank transactions, so they have a cancellation option. “Cancel operation” or “Cancel payment”. Sometimes they ask you for an explanation, but if you follow their instructions, you can get your money back. That is, Bizum does not allow you to return the money, but it is quite possible that your bank offers you such an opportunity.

It is important to carry out procedures quickly because once the financial institution has approved the payment, it will no longer be able to reverse the transfer.

In this case you can go to Trial, long and expensive, since it may be a crime of misappropriation. That is why it is advisable to exhaust the negotiation path and follow the advice of your bank.

In other cases, your bank may initiate the normal process cancellation of transfer, but treatments may charge between 20 and 30 euros.

In case of payment for a purchase you have up to 7 days accept or reject a request, so they are easier to cancel in case of an error, but transfers are instantaneous and, as we already said, this is more difficult.

Naturally, it is desirable that when performing these transactions check all data that you entered on the verification screen are correct and you will avoid any unpleasant surprises.

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