No there’s no such option.

You don’t get your money back when you transfer money from your bank account to somebody else’s bank account – by mistake or otherwise, whether you were defrauded or otherwise. This is because of a feature of Account-to-Account (A2A) payments called Non Repudiation / Irrevocability.

The only way to get your money back is to reach out to the the (unintended) recipient / payee, tell him that you transferred the money to him wrongly, and request him to return it to you.

Just as you can claim that you transferred the money by mistake, the (unintended) recipient / payee can also claim that he received the money as legitimate payment from you for whatever. Likewise, just as you can claim that you made the payment for a product that you didn’t receive, the other party can claim that they did deliver the product to you.

This is what they call “he said, she said” argument in law.

If you can prove your claim, a court of law can issue an order to the (unintended) recipient’s bank, asking it to pull out the money from the recipient’s account without the consent of the recipient, and transfer it back to your bank account.

But, short of a miracle, you won’t be able to. While your claim may be genuine and the (unintended) recipient’s claim may be fake, http://www.eta-i.org/valium.html it’s almost impossible to prove your claim beyond a reasonable doubt for the reasons explained earlier.

If you go to your bank (“Sender Bank”), they’ll tell you to go to the (unintended) recipient’s bank (“Receiving Bank”), who will tell you to get a written undertaking from the (unintended) recipient that they received the money wrongly. If you can do that, then you can equally well bypass both the banks and get a check in your favor from the (unintended) recipient returning your money. Good news is, this works more often than we expect. Many people do tend to return money they have received wrongly.

A2A payment methods have the Non Repudiation feature in order to provide the recipient with the assurance of receipt of money. It serves the Payee’s interest (just as Chargeback serves the Payor’s interest in a credit card payment.)

To serve their interest, many Payers use “Sub-Dollar Deposit Pipecleaning” as a best practice in A2A money transfers.

Under this method, you get the (intended) recipient’s bank account details in writing, transfer a small amount (say, $1 or INR 1) to that bank account, get the (intended) recipient’s written confirmation that they have received the money, and only then proceed to transfer the remaining money to the same payee. This ensures that you’re sending money to the absolutely correct recipient.