What is the difference between recall & return and what are the charges involved?

Recalls can be initiated you or beneficiary party. If you make a payout and it was not meant to be sent to that beneficiary you can raise a recall request with our support team by sending an email to support@finmo.net and we do charge a recall fee in this case.

Recalls are on best endeavour basis meaning the beneficiary needs to provide consent to their bank to debit the funds and return them. 

Returns are mostly associated with a recall initiated due to a dispute raised by a sender. We usually receive this request from the sender's bank who raises the dispute with us to provide sufficient information on the transaction. If the merchant agrees to return the funds we can return on your behalf or you can do a refund. Since this is a manual effort, there is a fee associated with it.

There is another type of return which is associated with a payout that was sent to a beneficiary and their bank returned the funds - possibly multiple reasons (account closed, not active, wrong account, risk appetite etc). Here the funds are returned to us and if there is any agent fee (for cross border) it will be deducted and sent to us. Finmo does not charge a return fee in this case.