If the bank returns a money transfer or you decide to cancel a transaction, it can result in additional fees.
Cancellation and refund policy
Each transaction through Covercy is made up of two services: currency exchange and currency transfer. If a transfer is canceled after the exchange has taken place, during the approval process, there are two refund options.
- The funds will be re-converted to the original currency and refunded to your account, minus the currency conversion fee.
OR
2. The funds will be sent back to your account in the converted currency. Your bank may charge additional fees for this kind of refund.
Bank rejection policy
If a receiving bank rejects your money transfer for any reason, we may charge a handling fee of either 0.15% of the money transfer amount, or the fixed money transfer fee, depending on the transfer amount.