How To Track An International Wire Transfer

Updated on September 28, 2022 11:20 am

International wire transfers take time to complete due to various reasons. The normal transfer time is between 1 to 5 business days. If your transfer isn’t delivered within the time frame you were given, you can request a trace on your transaction using a reference number or tracking number, or SWIFT codes.

End-to-end tracking is a service that banks and many money transfer businesses provide to keep you informed about the progress of your payments. And the method used by each provider to track transfers varies. This article discusses how to track an international wire transfer while using banks or various money transfer companies. And learn which one is much easier to use.

International Wire Transfers

International wire transfers are the electronic transfer of funds from one bank account in one country to a bank account in another country. They are mostly done via the SWIFT network.

SWIFT stands for Society of Worldwide Interbank Financial Telecommunication- an international messaging network banks and other financial institutions use to send and receive information securely, such as instructions for money transfers. The network itself doesn’t carry out transfers. It merely passes along transfer instructions between banks.

The network has over 11,000 numbers in more than 200+ countries and territories.

Typically, a SWIFT transfer involves your bank (the sender's bank) processing the money transfer request before sending it to one to three intermediary banks that participate in the transaction before the funds are finally deposited at your recipient's bank.

The number of intermediate banks that a transfer must go through is not governed by any hard and fast standards. With each transfer to a different location, it could change.

The disadvantage is that each intermediary bank may impose fees that are subtracted from the transfer amount and lead to a smaller amount being delivered to the recipient than initially sent.

Online ACH money transfers are an inexpensive substitute for international wire payments.

Even though the Automated Clearing House (ACH) network is used for bank-to-bank ACH transfers in the U.S., international ACH transfers are increasingly taking place.

Only select banks in the U.S. provide ACH transfers. However, certain independent money transfers allow you to use ACH bank debit as one of the payment methods to fund your international money transfer online.

Learn more with this ultimate guide to ACH transfers.

How To Track International Money Transfer or Bank Wire Transfer?

A tracking number won't normally be generated when sending money overseas through a bank.

A SWIFT code or SWIFT number is typically used to trace your transfer. Your recipient can also use the SWIFT number to track the status of the transaction.

You can contact your bank and ask for a wire trace once you have the SWIFT number. The bank will use it to determine whether the money has been transferred or is still waiting.

What Is A SWIFT Code?

A SWIFT code, or a SWIFT number or a Business Identification Code (BIC), is a string of 8 or 11 characters assigned to banks by SWIFT. It is needed for international wires.

Banks, their branches, and locations must be identified using the SWIFT code to enable accurate fund transfers. It serves as a type of global bank identification. To find your bank's SWIFT code, call them, go to their website, or do a Google search.

For example, the SWIFT code of Bank of America is BOFAUS3N for incoming transfers in US dollars.

The bank's name is represented by the first four letters; the following two letters represent the country in which the bank is located, and the location code, or city, is given by the following two characters (numbers and letters). If the bank has more than one branch in the neighborhood, the optional final three characters (numbers and letters)—represent the bank's branch.

You may occasionally need to know your bank's IBAN or International Bank Account Number to trace international wire transfers.

IBAN is not the same as a SWIFT code, but they serve a similar purpose—identifying your bank account, your bank, and the location of the bank. In the eurozone or SEPA (Single Euro Payments Area), IBAN is primarily used. American banks use SWIFT codes.

Therefore, be prepared to use it while moving funds to and from the SEPA or European Union.

Do You Need A SWIFT MT103 Document?

You will need to request an MT103 document to track your international wire transfer if your payment is made using the SWIFT network.

Any bank or other financial institution that sends money through the SWIFT network can provide an MT103-a standardized proof of payment document. All necessary details, including the transfer date, amount, sender, and recipient information, are included in the MT103 document.

You may need an MT103 document as evidence of payment if there is a disagreement regarding the transfer you made or if the transaction has any issues.

The MT103 paperwork is typically not automatically made available to you by banks. However, if you ask for it, the sending bank is required to give it to you.

It is best to request this document as soon as possible because it can take your bank a few days to provide it. Keep in mind that the document will cost money to obtain.

How To Confirm If The Money Has Reached Your Recipient?

You can either call your recipient and ask them directly or ask your bank to obtain a trace of the transfer. If the funds have been put into the recipient's account, your bank will be able to let you know.

You might need to put in a little more effort to confirm whether an international wire transfer has been completed because there is typically no system in place to automatically notify the sender when this happens.

Some independent online money transfer companies send an email or SMS to the sender informing them of the transfer's status (discussed later). If you've downloaded the provider's money transfer apps, you can easily monitor the status of the transfer on your mobile devices.

Learn about the best money transfer apps for sending money internationally.

Are There Fees for Wire Tracing at Banks?

For tracing a wire transfer, many banks could charge a fee. Therefore, it makes sense to ask for a trace or recall only if you are certain that the recipient did not get the money after the expected timing of the delivery of funds.

You should contact your bank for the most exact information about how to trace your transfer and how much it will cost. Processes and fees can differ based on your bank and the type of account you have.

Can An International Wire Transfer Be Cancelled?

A recall could still happen if the money hasn't yet been sent to the recipient's account. You can request a recall if you discover after sending the money that you made a mistake while tracking your international wire transfer. For instance, you mistyped the recipient's information.

Many banks also have policies stating that you must request a recall within a specified time after sending the wire. You might not be able to get your money back if it has already been sent or delayed for too long.

You could still be charged with the wire costs even if the bank does recall the transfer amount. Do bear in mind that recall can take several days. On average, they can take about the same length of time as sending the money.

How Much Is The Fee For Recalling An International Wire?

You'll probably have to pay a fee if you want to cancel a wire, and the amount will likely depend on your bank.

You can inquire with your bank, and they will be able to provide you with the exact fee. You can expect to pay anything from $15 and $50 or more.

Some banks may just return the transfer amount and not the fees you paid to transmit it, while other banks may refund the entire transfer amount as well as any fees you paid.

Before demanding a refund, determine your bank's policies, as they vary per bank and are subject to change.

How To Track A Wire Transfer As A Recipient?

There are a few things you may do if your wire is taking longer than intended. You must first get in touch with your sender and obtain the following details:

The SWIFT code for the bank or its SWIFT number
The amount transferred
the transfer's start date
Information on the due date for the payment

This information can be provided to your bank so they can advise you on when to ask the sender to start a wire tracing. Alternatively, if your bank is unable to trace the wire, you might ask the sender to double-check their transaction.

How To Track International Wire Transfer With Money Transfer Specialist

For each wire transfer request, you should be provided with a receipt. You should save a copy of this as evidence that you paid the payment in case something goes wrong.

In general, the following steps are needed to track a money transfer:

You can begin tracking a transfer once it has been sent.
Look through your receipt. Look for a confirmation, tracking, or reference number.
Use the tracking number to track online.
Sign up for notifications or alerts to be informed about the progress of your transfer.

You can enter the reference or tracking number on the money transfer company's website, where you can trace the transfer status or offer it to a customer service agent over the phone, or submit it in person at an agent location.

For instance, if you send your money via their service, you will receive an MTCN, which is Western Union's tracking number. Money Transfer Control Number, or MTCN, is a distinct reference number for your particular transfer. If you selected cash pickup, Western Union wouldn't release your funds to your recipient until they provide the MTCN.

There are alternatives if you don't know the MTCN. You will need to know:

Sender’s phone number
Sender’s name
Recipient’s name
Recipient’s country
Transfer amount
Date of the transfer

Similarly, you will get an RTRN if you send money to India with Remit2India. RTRN stands for Remittance Transaction Reference Number- a unique reference number to track Remit2India transactions

How To Track International Wire With Wise

Some money transfer services are entirely online, allowing you to follow your transaction using your order history rather than a reference or tracking number.

Instead of tracking with your traditional bank, you will be able to do international money transfer tracking in real-time online. That also with no extra charge.

Money transfer specialists like Wise enable you to trace your payment online or always use their online money transfer app to know where your money is.

It is typical for such specialized services to send you an email or push notification on your phone after the payment has been accepted. You can rest easy knowing that your money was ultimately directed in the right direction.

In a manner akin to how you can trace an online purchase you made from Amazon, your can track your money till it is sent to the right place with just a few clicks.

Steps to Track a Wire Transfer Online with Wise:

Log in to your Wise account
Go to Home to see your history or activity list
Select the transfer you want to track
Check the details of your transfer

Wise updates you on the status of your transfer. You will receive an email when they have received your payment and when they are ready to send the funds to your recipient. And will keep you updated on any delays and provide you with a fresh arrival time.

Here are Various Reasons for Delays on Some Occasions:

Depending on how much you send and the currency you send it to, further verification processes can be required. If Wise needs any information from you, you will receive an email. So, whenever you set up a transfer, keep a watch on your emails.
Sometimes Wise has already sent the money, but it hasn't yet reached the recipient's bank. t can imply that the recipient's bank is still processing the transfer and would need a few working days to deliver it to their account.
If the recipient's information is entered incorrectly, the transfer may be delayed. The banks need more time to process and match the transfer to the appropriate account. Or else, they might return the funds to you, in which case you would have to resend them with the correct information.
The time it takes for your money to be processed can be impacted by local bank holidays in both your home country and the recipient's country. When requesting a transfer, be mindful of any holidays.
Your transfer time may vary depending on the time and date of your transfer request. Transfer requests that arrive before the cut-off hours at the majority of banks will be processed right away. If you submit it after the cutoff time, it might be handled the following day.

How To Speed Up The Money Transfer Process

Wise's website states that you can speed up the transfer process by providing a transfer receipt to the recipient's bank if the money has already been delivered but hasn't yet arrived in their account.

To view your activity list, go to Home.
Click View Transfer Details on the relevant transfer.
Click Get PDF receipt.
Send the PDF to your recipient bank.

Conclusion

It is important to keep in mind that international money transfers are not instant. They can take up to 5 or more business days. Try to hold off on your request to track international money transfers or report a payment as missing for at least 3-5 business days after the transfer date.

It's crucial to take the appropriate safety measures when sending money overseas because there are risks involved. Use only authorized money transfer services to send money. Verify all of your information, and only send transactions to people you can trust.

To keep track of the progress of your transfer, keep your transfer reference number close to hand. Any unusual activity should be reported right away to your bank or service provider.

Use real-time comparison tools like CompareRemit to compare top money transfer providers to send money online abroad safely and efficiently.

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Money Transfer FAQ's

Best Way For An NRI to Repatriate Money From India to UK

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Everything You Need to Know About Paycard

How do you pay your employees? As an employer, paying your employees is an important part of your business. Direct deposit to your employee's bank account or issuing paper checks are two of the most common ways of compensating them. Gone are the days when employees used to get paid in cash.But what happens when some employees have no bank accounts? This is where paycards come in. Paycards for employees are an alternative option when the employees do not own a bank account, and the employers do not want to pay in hard cash.It is estimated that about 5.4% of U.S. households (approximately 7.1 million) were "unbanked" in 2019, according to the U.S. Federal Deposit Insurance Corporation (FDCI). An unbanked household means no one in the household had a checking or savings account at a bank or a credit union.For small businesses with employees with no bank accounts, paycards can be a convenient option as a payment option.Direct deposit and paycards both offer the benefit of a paperless payroll distribution process and allow the employer to electronically transfer funds conveniently. While direct deposit is the norm for many businesses, paycards are gaining popularity each year.There are pros and cons of using paycards, and in this blog, we will discuss if paycards are right for your business and employees.What is a Paycard?Paycard is a lot like a prepaid debit card as it is made of plastic and can be pre-loaded. In the case of a paycard, the money loaded comes from the employer in the form of an employee's pay. 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There may be fees for card replacements, balance inquiries, inactivity fees, or other reasons. The Consumer Financial Protection Bureau issued a rule in April 2019 that paycard issuers must disclose all the fees to cardholders.Employees must be informed of the potential fees. The paycard issuer is required to give you disclosures on such fees before you sign up for a paycard or a payroll card.Also, paycards are regulated by state laws, so you might have to check for additional details depending on your state. Some states are making efforts to reduce fees that affect employees.As you can see, paycards fees mostly affect employees. In the case of direct deposits, employers are the ones who have to pay fees for setting up the payroll distribution system and a transaction fee for each time they transfer wages into an employee's account. The payroll software may also charge a fee for their service.Can Employers Save Money When Using Paycards?Since paycards are reloadable cards, employers can have the banks reload the paycards with their employees' wages for the pay period, avoiding the costs and hassle of issuing paper checks, mailing them, or re-issuing lost checks. The savings may not be a substantial amount but they can add up gradually.Can Employers Choose between Direct Deposit and Paycards?While there is no mandate that employers can only offer either direct deposit or paycards to their employees for their wages, it is safe to check with your state's law on payroll distribution.One-third of states allow employers to require employees to have bank accounts for direct deposit. In such a case, paycards may not be needed. 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You may have to pay a fee for the replacement card.Pros and Cons of PaycardsProsA win-win situation for unbanked employees and their employers.Green alternative to paper checks.Immediate payment to employees.No hassle of cashing a paycheck.No monthly or maintenance fees.Added security when assessing their funds (paycards require a PIN).Employees can report to the issuer if funds are used unauthorized.Paycards can be reloaded during each payday, saving money on issuing paper checks.Added efficiency for the employer as the employer would not have to physically present or mail paychecks to unbanked employees.ConsEmployees may incur fees for several reasons. Be aware of such potential fees.Employers have certain responsibilities to educate employees about the usage of paycards.Limited range of services and flexibility in managing your funds compared to bank accounts and other prepaid cards.The best paycards programs are easy to set up, have lower fees, quick access to funds, and provide a range of benefits such as cashback and discounts. We have made a list of popular paycards providers for businesses:Wisely Paycard by ADPOnline portal and mobile appCompatible with Apple Pay, Samsung Pay, and Google PayZero cost sign upNo hidden feesNo credit checkNo overdraft feeZero cost direct deposit of pay and other sources of income (including government benefits)Accepted wherever Visa is acceptedKeep track of spending and account balances 24/7 on the appGet cash back at major retailersSurcharge-free ATM withdrawalsFDIC insuredSecurity features include instant card lock, purchase protection, and travel alert notificationsRapid PaycardDirect Deposit onto rapid paycardLoad funds from approved checks with Ingo Money mobile appsNo fee for cashing paycheck24/7 account access with rapid! Access mobile appNo credit checkCan be used at ATMs, merchants worldwide, wherever Debit Mastercard or Visa debit cards are acceptedPay bills and make purchasesBook airline and hotel reservations onlineEarn interest on savings accountGet cash back rewardsFDIC insuredMoney protected with Zero Fraud LiabilityKittrell PaycardNo fees to use (there are fees for certain situations)Fee-free ATM network with MoneyPassWebsite and Kittreall AppGet real-time alerts and push notificationsCash back at point-of-sale terminals2-way texting to manage your card and accountCompatible with Apple Wallet, Google Pay, Samsung PayEasy portability (Get direct deposit of stimulus checks, tax refund, benefits)Freeze or unfreeze card on-demandSkylight PaycardZero sign up feeNo credit checkNo minimum balance Personalized your card with a family photo or unique imageManage money anywhere on Mobile AppDirect deposit your government benefits, tax refundsUse anywhere where Visa Debit & Debit Mastercard are acceptedFDIC insuredZero liability protectionPay bills onlineEarn interest on savings accountEarn cash back with Payback RewardsSend money to or receive money from friends and family with Netspend cardsSet text alerts about transactionsRefer a friend and boost your card balanceSkylight overdraft limit is $100 & 3 times/ monthConclusionOverall, paycards can be convenient and cost-effective for employees and employees when compared to paychecks or for those employees with no bank account. And the paycard fees are becoming more transparent and competitive.While paycards can be challenging at times, especially when you are employed in multiple jobs and have a separate paycard with each employer, your funds are scattered in multiple cards so it becomes difficult to manage your finances. Some may prefer to put all their money in one place, like a checking account.However, if you can't open a bank account, a paycard is a great option to get paid. Read the fine prints before signing up for a paycard and know the potential fees that come with it.

How To Track An International Wire Transfer

International Wire Transfers

Conclusion

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