The Wire Transfer Recall Process
Needless to say, not everyone who had fallen victim of any crypto scam pays with cryptocurrency. Some consumers actually don’t have them. Or if they do have them their limit has been reached. Or even if it hasn’t been reached, the amount they have to pay will exceed it.
In such cases, payment can be made through a bank wire transfer, which routes the money directly from your bank account into the merchant’s.
There is another reason for wire transfers that is not dependent on your payment needs, however. The merchant might require it. And one of the most common reasons a merchant may refuse to accept cards is if he has no intention of allowing you to ever get your money back, regardless of whether he provides you with the goods or services you contracted. This is because far fewer consumer protections exist for bank wire payments as compared with cards or debit cards.
The one major drawback for the consumer who chooses a bank wire over a card to affect payment is that there is no possibility of a chargeback. Therefore, even if you do have a card, you can apply its chargeback rights to any other form of payment.
So in the case of bank wires, an entirely different procedure is required in order to recover your funds. There is no question that it is more complex and time consuming than a chargeback, to the extent that there is a commonly held mistaken belief that wire transfers can never be reversed.