Bank Rejection and Refund Policy

While we strive to ensure every transfer goes smoothly, sometimes circumstances require a cancellation or a receiving bank may reject a transfer. Understanding our policies helps you make informed decisions about your international payments.

Each transaction through Covercy consists of two services: currency exchange and currency transfer. If you need to cancel a transfer after the currency exchange has already taken place, you have two refund options available.

The first option is to receive your refund in the original currency you sent. In this case, a new exchange will occur at the current market rate to convert the funds back. This means the amount you receive may differ from your original amount due to rate changes.

The second option is to receive the funds in the converted currency directly to your bank account. Keep in mind that your bank may charge additional fees for receiving foreign currency, so check with them beforehand.

Regarding bank rejections: if a receiving bank rejects your money transfer for any reason—such as incorrect account details, compliance issues, or other banking restrictions—we may need to charge a handling fee. This fee is either 0.15% of the transfer amount or the standard fixed transfer fee, whichever applies based on your transfer size.

To minimize the risk of rejection, always double-check recipient details before confirming your transfer. Ensure the account name, number, and bank codes are accurate. If you're unsure about any details, contact the recipient to verify before sending.

We're committed to transparency in all our policies. If you have any questions about cancellations, refunds, or bank rejections, our support team is always ready to help at support@covercy.com.

For more information about our fees and pricing, visit our pricing page.