Lydia has no way to check if the bank account you sent money to is valid or not.
If you transfer money to a bank account account that is closed, Lydia cannot detect this.
What happens if you sent money to a wrong account 🤷
First, the receiving bank will notify Lydia of the rejected transfer.
This step can take several days - sometimes up to 15 days.
Getting your money back 💰
Once the receiving bank has notified Lydia that it has rejected the transfer, you'll get recredited in 3 working days. You'll be notified by email. Each rejected outgoing transfer will be charged €10 up to a maximum of €25 per user per month.
You can then perform the transfer to another bank account: make sure that the IBAN account numbers are valid by contacting the account holder first 😉