If you discover that the beneficiary's name is misspelled, contact the bank immediately before assuming you can correct it yourself.
Steps
If the transfer is still in progress, the bank may be able to amend or cancel it depending on the type and stage of the transfer.
However, if it has already been processed, the bank may need to request a modification or refund from the recipient, which is not guaranteed.
Have the transaction number and the correct beneficiary's information ready, and do not initiate a new transfer until you know the status of the first one.