Cancelling a payment: timing, fees and refunds explained
If your payment has been cancelled, or you have asked us to cancel one, this article explains how long it takes, whether any costs apply, and how you will get your money back.
Need to know how to request a cancellation? See our article Can I reverse or cancel a payment? for the steps to follow.
Things to know before you read on
- SendFX Limited is an independent money remitter and holds Australian Financial Services Licence No. 509635. We provide foreign exchange and remittance services only.
- This article is general information only and does not take into account your personal circumstances. Please read our Financial Services Guide (FSG) and Product Disclosure Statement (PDS) before deciding whether our services are right for you.
- Once you confirm your payment or transfer, your exchange rate is guaranteed as long as you fund the transaction in time. For more detail, see Is my exchange rate locked in?
- The terms that apply to your account, including how cancellations and any related costs are handled, are set out in our PDS and Terms and Conditions.
Before you start
- Payments cannot be cancelled directly from the Send portal. You will need to contact our support team.
- Have your payment details and reference (or transaction ID) ready when you contact us.
- The earlier you contact us, the better the chance of stopping the payment before it leaves Send.
- Send does not send an email or notification when a payment is cancelled. The change will appear in your recent transactions.
Why might a payment show as Cancelled?
A payment can be marked as Cancelled for different reasons. In some cases, we may only be able to provide limited information.
If you see a payment marked as Cancelled in your recent transactions, here are some things you can do:
- Check the recipient's account details carefully. Look at the recipient name, account number, BSB / IBAN / SWIFT, bank name and country, and make sure everything was entered correctly.
- Contact our support team if you need help understanding the next steps, or if you would like help before trying the payment again.
If you would like guidance on what to check before sending again, please contact our support team.
How long do cancelled payments take?
The time it takes depends on the stage your payment was at when it was cancelled.
If your payment had not yet been sent
- Once we cancel the payment, the status in your recent transactions will change to Cancelled.
- When the funds are returned, the status will change to Refunded.
If your payment had already been sent (recall)
- If the money has already left Send, we can ask the receiving bank to send it back. This is called a recall.
- Recall timeframes vary by receiving bank, and there is no guaranteed timeframe. It can take anywhere from a few business days to several weeks, depending on the bank and country involved.
- The outcome of a recall is not guaranteed.
Is there a cancelled payment fee?
Send does not charge a transaction fee or a flat cancellation fee. However, depending on the circumstances of your cancellation, some costs may still apply:
- Losses on cancelled foreign exchange contracts: If a foreign exchange contract is cancelled because settlement instructions were not met (for example, funds were not received in time, or an advance deposit was not paid), Send may recover losses arising from the cancellation or termination of the contract from you. The way this works is set out in our PDS and Terms and Conditions.
- Third-party fees: Banks, intermediary banks, beneficiary banks and pay-in service providers may charge their own fees, which are passed on to you. The exact amount is set by the third party and is not controlled by Send. For payments that have already been sent, third-party bank fees may affect the amount returned.
- Currency conversion (FX) impact: If your cancelled payment included a currency conversion, the exchange rate when the trade is reversed may be different to your original rate. You may receive back less in your original currency.
Our support team will explain any costs we are aware of before processing the cancellation. Some third-party fees are set outside Send's control and may only become known once the payment or recall is processed.
How will I get my cancelled payment?
- The way your funds are returned depends on the circumstances of the cancellation and the applicable process. Our support team will confirm how the funds will be returned to you when they review your cancellation request.
- Once the return has been processed, your transaction status will change to Refunded.
- If you have funds in your Send Account that have not been used for a foreign exchange contract, you can also request that those funds be refunded to the account that originally funded your Send Account, in line with our PDS and Terms and Conditions.
- If your funds are returned to your Send account, you can then hold them, send a new payment, or convert them to another currency.
[Suggested visual: add a screenshot of the recent transactions screen showing a Cancelled and a Refunded status side by side.]
What happens next
- Watch for the status change in your recent transactions. You will see Cancelled first, followed by Refunded once the return has been processed.
- You do not need to do anything while we process the cancellation, unless our support team asks you for further information.
- If your payment was already sent and we are recalling it, please allow extra time and check back over the coming weeks.
- Contact our support team if you have not seen the funds returned within a reasonable time, or if you have any questions.
Common questions
Why was my payment cancelled?
- Payments can be cancelled for different reasons, and in some cases we may only be able to provide limited information.
- Please double-check the recipient's account details (name, account number, BSB / IBAN / SWIFT, bank, country) and contact our support team if you need help understanding the next steps or want to try the payment again.
How long until my money is back?
- If the payment was cancelled before it was sent, the funds are usually returned shortly after the cancellation is processed.
- If we are recalling a payment that has already been sent, timeframes vary by receiving bank and there is no guaranteed timeframe.
Will I be charged a fee if my payment is cancelled?
- Send does not charge a flat cancellation fee. Send also does not charge transaction fees on its products. We are paid through the margin built into the exchange rates we offer.
- Depending on the circumstances, some costs may still apply, such as third-party bank or pay-in fees, or losses recovered on a foreign exchange contract that was cancelled because settlement instructions were not met.
- Our support team will explain any costs we are aware of before processing the cancellation. Some third-party fees are set outside Send's control and may only become known once the payment or recall is processed.
Why did I receive a different amount back than I sent?
- If your payment included a currency conversion (an FX trade), the exchange rate when the trade is reversed may be different to your original rate. You may receive back less in your original currency.
- If a recall was successful, third-party bank fees may have been deducted from the amount returned.
I didn't get an email when my payment was cancelled.
- Send does not send an email or notification when a payment is cancelled.
- The change will be shown in your recent transactions, where the status will update to Cancelled and then Refunded.
Can I cancel a payment myself in the portal?
- No. Payments cannot be cancelled directly from the Send portal.
- Please contact our support team to request a cancellation. See Can I reverse or cancel a payment? for the steps.
Contact us
Call Us
Phone: 1800 982 418
International: +61 7 5619 5700
Hours: 8:30am - 5:30pm AEST/AEDT, Monday - Friday