What to do if an international bank transfer is not received?

What to Do When an International Bank Transfer is Not Received

International bank transfers can be a convenient way to send and receive funds across borders. However, there are times when a transfer may not be received, causing concern for the sender and recipient. Here’s what you can do if an international bank transfer is not received:

1. Double-Check Transfer Details

First, double-check the transfer details to ensure there were no errors. Verify the recipient’s account number, SWIFT code, and address. If any information is incorrect, the transfer may have been delayed or rejected.

2. Contact Your Bank Immediately

If the transfer details are correct, contact your bank immediately to inquire about the status of the transfer. Provide them with the following information:

• Transfer date and amount
• Sender and recipient information
• SWIFT codes of the sending and receiving banks

3. Request a SWIFT Trace

Ask your bank to initiate a SWIFT trace. This is a request to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to track the progress of the international wire through the involved financial institutions. The trace can provide information about the status of the transfer, any delays, or rejections.

4. Monitor the Trace

Your bank will keep you updated on the progress of the SWIFT trace. It may take time to complete the trace, depending on the complexity of the transfer and the number of institutions involved.

5. Follow Up with the Receiving Bank

Once the SWIFT trace has been completed, follow up with the receiving bank to confirm receipt of the funds. If the receiving bank does not have any record of the transfer, it may be necessary to initiate a recall request through your own bank.

6. Consider Other Factors

In some cases, international bank transfers can be delayed due to factors such as:

• Holidays: Transfers may be delayed if they are sent during a holiday in either the sending or receiving country.
• Currency exchange: If the transfer involves currency exchange, additional time may be required for the conversion.
• Anti-money laundering regulations: Banks may need to perform additional checks to comply with anti-money laundering regulations, which can delay transfers.

Conclusion

If an international bank transfer is not received, it is important to act promptly. By double-checking the details, contacting your bank, and requesting a SWIFT trace, you can increase the chances of locating the transfer and resolving the issue. If the transfer remains missing, it may be necessary to initiate a recall request or explore other options with your bank. By following these steps, you can help ensure a smooth and timely transfer of funds across borders.