What "Completed" means?
When an order shows Completed, the payment was successfully executed and released to your beneficiary’s bank through our payout partner.
"Completed" means the payment left our network — not that the beneficiary bank accepted and credited it. These are two separate events and can be days apart. Once funds reach the receiving side, that bank or an intermediary bank can still return them, which is why our status shows a successful send.
How to request a refund?
For both situations described below, refund requests must be submitted through the VelaFi support ticket portal. The ticket is the official record we work from and is what allows us to trace the payment with our partner.
🔗 https://help.velafi.com/hc/en-001/requests/new
You’re welcome to notify your account manager as well, and they can help you follow up — but please open the ticket first, as we cannot begin the process without it.
Tip: Include your Order ID and the reason for the request in the ticket.
Situation 1: You want a refund on a payment that went through
Your payment completed without issue and you’ve since decided you need the funds back.
Submit a refund request through the support ticket portal with your Order ID and the reason.
Our team reviews the request and confirms whether recovery is possible for that payment.
Where a refund is possible, we issue a refund order for the original payment amount, less any fees, charges, or third-party deductions applicable to that transaction.
You confirm the refund order.
Funds are credited to the merchant balance that funded the payment, in the original payment currency.
Once a payment is credited to your beneficiary, VelaFi cannot unilaterally pull the funds back. Whether a refund is possible depends on the payment rail, the destination country, and often the beneficiary’s cooperation. We’ll confirm what’s possible for your corridor before issuing anything.
Note on fees: Where a payment was successfully sent out and is subsequently recalled at your request, a recall fee may apply. The applicable fee schedule will be published in due course, and your account manager will confirm any charges with you before the recall proceeds.
Situation 2: The bank returned or rejected your payment
Your order shows Completed, but the receiving bank returned the funds or a bank along the route rejected the transaction.
Common reasons
Beneficiary name doesn’t match the account holder name
Closed, dormant, or restricted account
Incorrect account number, IBAN, routing code, or SWIFT/BIC
Missing information the receiving bank requires (purpose code, tax ID, address)
Compliance or internal policy decisions by the receiving or intermediary bank
These decisions are made by the receiving side and aren’t visible to us in advance.
Where your money goes?
Returned funds travel back along the same chain:
Beneficiary bank → Intermediary bank(s) → Our payout partner → VelaFi → Your merchant balance
Once they settle back with us, we issue a refund order for you to confirm, and the funds are credited to the merchant balance that funded the payment. The refundable amount is what is actually recovered and settled back to VelaFi, less any applicable fees or deductions — intermediary banks sometimes charge on returns, so the recovered amount can be slightly lower than the amount sent.
How long it takes?
There are two separate stages, and only the second one is within our control.
Stage 1 — the bank return. Return timelines are set by the banks involved, not by VelaFi. Funds typically reach us within 5 business days from the date the return is initiated, though this varies considerably depending on the destination country and how many banks are in the chain.
Stage 2 — the refund order. Once the returned funds have settled with us from our downstream partner, we will issue your refund order within 1 business day.
Please note that this second clock starts on the day the funds settle with us — not on the day you submit your ticket. You’re welcome to open a ticket as soon as you learn of the return, but we cannot begin the refund until the funds are back with us.
What helps us resolve it faster?
The return notice from your beneficiary’s bank (e.g. a pacs.004 message) — it usually states the reason
The Order ID, so we can trace the payment with our partner
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Confirmed beneficiary details, so the same return doesn’t happen on the retry
❓ Frequently asked questions.
Q: Why does VelaFi show a successful payment if the bank sent it back? A: Both are true. We executed and released the payment; the receiving bank later returned it. The status reflects our execution, not the receiving bank’s final decision.
Q: Will I get the exact amount back? A: The refund is the amount recovered, less any applicable fees, charges, or third-party deductions. Where an intermediary bank charged on the return, the recovered amount may be lower than the amount sent. We’ll confirm the exact figure on the refund order before you approve it.
Q: In what currency, and at what exchange rate? A: In the original currency of your payment, credited to the merchant balance that funded it. Where an FX conversion applied to the original order, the same rate used on that order is applied to the refund — so you are not exposed to any exchange-rate movement between the payment date and the refund date.
Q: Can you send it to a different account instead? A: No. Returned funds go back to your VelaFi merchant balance. From there you can initiate a new payment to any beneficiary.
Q: Do I need to do anything? A: Yes — open a support ticket, and confirm the refund order once we issue it. Funds are credited only after your confirmation.
Q: Can this be prevented? A: Not entirely, since the decision sits with the receiving bank. But most returns come from avoidable detail errors — checking the beneficiary name against the account and confirming country-specific fields before sending prevents the majority.
Need help? Submit a ticket at help.velafi.com, or contact your VelaFi account manager.