---
title: Bank rejection & refund policy
description: If the bank returns a money transfer or you decide to cancel a transaction, it can result in additional fees.
---

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# Bank rejection & refund policy

## 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.

1. 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.

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