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Can I cancel a Bizum if I sent the money by mistake?

Date: June 22, 2024 Time: 15:37:48

It was in 2019 when Bizum was born and, since then, it has become an essential application in Spain for the more than 20 million people who use it. This is not surprising if you take into account that it allows you to make bank transfers of up to 500 euros in just a few seconds. Simply indicate the phone number of the person to whom you want to make the payment. But, for the operation to be a success, it is vital to do it calmly since there is a risk of making a mistake and sending money to another person. If this happens, can I cancel the Bizum?

This payment platform is implemented in 34 banking entities. It not only allows you to make payments between individuals, to settle the bills for a dinner, a purchase or a trip, but also to businesses that integrate this option. But it is worth knowing that Bizum does not allow more than 60 money transfers per month, except for companies and businesses that use this system, which have no limit.

In addition, the platform’s rules state that the maximum money that can be sent via Bizum is 1,000 euros. On the other hand, the Treasury sets the limit at 10,000 euros to have the obligation to declare the amount entered through this digital system. If the user exceeds it, he must include what he received in the Income statement.

I have sent a Bizum and it has made a mistake, can I cancel it?

Before using Bizum, it must be clear that it is an instant payment system, which means that when the personal passwords are entered to approve the payment, the money is sent to the other person automatically, as explained on the platform’s own website.

For this reason, the Bizum cannot be cancelled, since the money reaches the recipient at the moment. In other words, even if you send it by mistake, it is already the property of the person to whom it has been sent. But the truth is that, if this happens to you, there are three alternatives:

Call the person to whom the money has been sent to ask for it to be returned: the phone number can be found on the payment receipt. You can also request the money sent, which is an option offered by Bizum. In this way, you will receive a notification advising you that an amount of money is being claimed. In two cases, you depend on the good will of the other person.

How can I prevent them from stealing money through Bizum?

There are many and very diverse methods that criminals use to scam and steal money from their victims, using new technologies to do so. Hence, Bizum users have to be alert so as not to fall into their trap and they must be wary of the notifications they receive.

Thus, one of the most popular scams is the one that requests a disguised income payment so that it is accepted quickly. Sometimes, they contact the victim to ask them to return a payment for Bizum that they sent by mistake. They can even pose as friends or acquaintances. Since users have to give their consent to make the transaction, it is essential to read the notifications calmly and be sure that what they say is true.

Another tip is not to click on links that have an unknown origin. But that’s not all: you don’t have to accept transactions from people who aren’t on your contact list either: you never have to provide access data. The company points out that “no official body makes payments through Bizum, as registered by Social Security”.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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