How to Track Your International Money Transfer in Real-Time

People remit money for different reasons. Some use it to pay for goods and services, while others use it to send funds to family members back home. International money transfers are a lifeline for both personal and business transactions. That is why it is crucial to know exactly when your money will arrive in the hands of your recipient. However, it is worth remembering that, unlike domestic transfers, international payments pass through different intermediary banks and undergo compliance checks, which can take time.

Advancements in banking technology and fintech platforms now enable users to track their money transfers in real-time. Just how does this process work, and how can you track your international wire transfers in real-time? You’ll discover the answers in this article.

What is an International Wire Transfer?

International wire transfer is the fastest and most secure way to transfer funds from one country to another. This service enables you to send thousands of dollars at once and convert the money to foreign currency as needed. This service is offered by almost every bank, and with it, you can send money from your bank account to your recipient’s bank account anywhere in the world.

How Do International Transfers Work?

During an international fund transfer, the sender’s bank initiates payment by transmitting funds to an intermediary or correspondent bank in the recipient’s country. The intermediary bank will facilitate the transfer between the sender and receiver’s banks. Often, SWIFT networks —a secure messaging system used by banks worldwide —are utilized during the transfer process. Once the recipient’s bank receives the money, it will credit the amount to the recipient’s account, converting it into the local currency if necessary. During this time, the recipient can access the money sent to them.

Also Read: Best app for international Money transfer

How Long Do International Transfers Usually Take?

On average, it takes around one to five business days to complete an international wire transfer . However, numerous factors affect the speed of an international money transfer. These include the countries involved, the intermediary banks, compliance and security measures, and the remittance schedule.

What Information Do You Need to Track a Transfer?

To track an international transfer, here is the information you need:

• Sender’s name
• Sender’s bank details (name, federal reference number, and location)
• Recipient’s name
• Recipient’s bank details (name, location, and account number)
• Transaction reference or confirmation number
• Date of the transfer

• Amount transferred

Once you have this information, you can reach out to your bank’s customer service or access your online banking platform to track the status of your international wire transfer.

How to Track an International Wire Transfer

With the development of technology, tracking international wire transfers has become easier, faster, and more convenient. This provides customers with peace of mind and satisfaction with the services of their financial service provider.

Here are the general steps to track an international wire transfer in real time:

Step 1: Know the necessary information.

Get the relevant information related to your wire transfer, including the sender’s name, recipient’s name, transaction reference number, amount transferred, and date of transfer.

Step 2: Contact your bank or service provider.

Contact customer service by phone or message, or visit the nearest branch of your bank or remittance service provider. Provide them with the transaction details you have gathered and ask for assistance in tracking your wire transfer.

Step 3: Utilize online banking.

If you have online banking access, log in to your account and check the wire transfer tab. Check if tracking features are available. From there, you can get real-time updates on your international wire transfers.

Step 4: Communicate with your sender or recipient.

Let’s assume you are the recipient. To track the wire transfer, contact the sender to confirm that they have provided the correct details and initiated the transfer correctly. Ask the sender to share with you any reference numbers they received from their bank to track the transfer.

Step 5: Use SWIFT tracking.

Some banks allow their customers to track wire transfers using the Society for Worldwide Interbank Financial Telecommunication ( SWIFT ) code or reference number associated with the transaction. Ask your bank if they offer this option to track your wire transfer.

Common Reasons Transfers Get Delayed

Factors that contribute to delays in wire transfers include:

Incorrect or incomplete information

Providing accurate information about your recipient or bank details can affect the speed of a wire transfer. Double-check the information you gave before completing your transaction.

Compliance checks

Financial institutions conduct rigorous compliance and security checks to ensure the meeting of regulatory requirements and the legitimacy of the transaction. These checks may delay your transfer if additional verification or documentation is required.

Intermediary banks

The intermediary or correspondent banks may require additional processing time for sending or receiving the funds. This can result in potential delays in the transfer of your money.

Time zones and public holidays

Time zone differences and public holidays in different countries can affect the speed of your transfer. The time you process your transfer in your country may be a non-working hour or holiday in your recipient’s country.

High transaction volumes

During public holidays, peak business hours, or busy financial seasons, banks may experience high transaction volumes that can result in delays due to the increased workload.

Also Read: Common Problem with Canadian International money transfer

Currency conversion

Let’s say you are sending money from Canada to India. The CAD you sent will be converted into Indian Rupees (INR). This wire transfer, which involves currency conversion, adds an extra layer to the transfer process because banks need to ensure accurate exchange rates and comply with currency regulations. This additional procedure can cause potential delays in your transfer.

What to Do If the Transfer Hasn’t Arrived

Let’s assume that five business days have gone by and the recipient has not yet received the wired funds. In this case, stay calm; it's possible that the transfer was delayed. What would you do in this situation? Here are some tips:

Tip 1: Give it a few more days. The transfer may have been delayed by a couple of days.

Tip 2: However, after a week or so, if the money hasn’t arrived, call the sending bank, recipient bank, or both to track the transfer’s progress. Inform them about the situation so that they can investigate the transfer, verify its status, and identify reasons for the delays.

Tip 3: Check the wire transfer receipt to ensure that all details you provided are accurate. Mistakes can cause transfers to be delayed or lost. If you are the recipient, contact the sender to confirm the accuracy of the details they used in the transfer.

Can You Cancel or Recall an International Wire Transfer?

Once the wire transfer is initiated, it can be difficult to cancel. Factors such as the stage of the transfer, the policies of the banks involved, and other circumstances affect the feasibility of canceling a wire transfer.

If you wish to cancel your transfer, please get in touch with your bank immediately and provide them with the necessary information, including the transaction reference number and any other relevant details. Your bank may attempt to communicate with the intermediary bank involved in the transfer to stop or recall the funds. However, there is a chance that you won’t be able to recall an international wire transfer, mainly if the money has already been credited to the recipient’s bank account or if the transfer is in an advanced stage of processing.

When you recall an international wire transfer, you may be charged a fee. The amount can vary depending on the policies of the banks involved. It is best to ask your bank about the costs associated with recalling an international wire transfer.

Also, note that the time it takes to recall an international wire transfer can be approximately the same as the time it takes to send the money.

Fees Associated with Tracking or Cancelling Transfers

There is no fixed amount associated with tracking or canceling transfers. The amount will depend on the financial institution’s policies and the services it offers. However, most banks provide basic tracking services as part of their standard customer support. Hence, there may not always be an additional fee associated with tracking your transfer.

How to Speed Up the International Transfer Process

Here are the things you can do to speed up the processing of your international wire transfer:

Provide accurate information: Double-check all the information you provide to ensure it is complete and accurate.

Add support documentation: If you are transferring a large amount of funds, it is best to attach an invoice or agreement to demonstrate the legal basis for your large fund transfer. This can help banks understand your transfer and pass mandatory checks quickly.

Use electronic transfer methods: Electronic or digital transfers are generally faster than traditional methods, such as checks or physical cash transfers.

Avail expedited services: If your bank or financial institution offers express transfer options for an additional fee, consider using them so that the money can arrive immediately in the recipient’s account.

Be aware of cut-off times: Banks and money transfer service providers have specific cut-off times for same-day processing. Make sure to arrange your transfer before this time.

Plan for time zone differences and holidays: If you are sending money abroad during a holiday, it is best to schedule your transfer earlier. It is also best to consider the time zone difference between the sending and receiving countries to ensure that the funds arrive in the recipient's hands on time.

How to Keep Your International Transfer Safe

When you are cautious in your international money transfer transactions, you safeguard your information and your funds. Here are ways you can keep your international transfer safe:

Choose a trusted service provider: Whether it's a bank or a money transfer service provider, research their reputation, security measures, and customer reviews before sending money using their services.

Double-check recipient information: Verify the recipient’s details. Ensure that they are accurate and free from errors in your transfer form. Checking your recipient’s details is also ideal to avoid falling victim to fraud.

Use secure channels: When sending international wire transfers online, use safe and encrypted channels. It is best to use online banking platforms or reputable money transfer apps when initiating a transfer rather than using third-party sites.

Be cautious of scams: Be aware of phishing scams and fraudulent messages pretending to be from your bank. Do not click suspicious links or share sensitive information in response to unsolicited requests.

Keep transaction records: Once you have initiated a wire transfer, keep all the transaction details, including reference numbers, dates, and amounts. This can be useful as a reference if issues arise.

Monitor your accounts: Regularly review your transaction statements to identify any unauthorized or suspicious activities in your account. If there are any issues, report them to your bank as soon as possible.

Stay updated on security practices: Regularly update your devices, software, and passwords to ensure optimal security.

Alternatives to Wire Transfers

If sending money via international wire transfer is not the best option for you, here are other alternatives you can go for to send money abroad:

Option 1: Money Transfer Services

Money transfer service providers like RemitBee allow you to send money or make payments directly from your bank account into the bank of your recipient abroad. In some cases, money transfer service providers like Western Union, Remitly, and MoneyGram may charge additional or hidden fees for your transfer. Therefore, it is best to compare the costs associated with wire transfer with those of a money transfer service provider.

If you are in Canada and you want to send money abroad, RemitBee is the best option. Your transfer fee is free when you spend over 500 CAD in one transaction.

Option 2: Automated Clearing House (ACH) Transfer

The ACH is a financial network that arranges electronic fund transfers between banks, credit unions, and other financial institutions. It serves as an intermediary that enables the secure and efficient transfer of funds without the need for physical checks or wire transfers. In this type of payment, the payer instructs the bank to make a transfer, which will be processed later in a batch with other payments at a specific time. ACH transfers are inexpensive and hassle-free; however, this option is not always the fastest way to transfer funds or make payments.

Conclusion

Tracking your international money transfer in real time is no longer a complicated or uncertain process. With the help of modern fintech platforms, secure online banking, and tools like SWIFT tracking, senders and recipients can stay informed at every step. While delays can still happen due to compliance checks, holidays, or incorrect details, knowing how to track, what to watch for, and how to respond empowers you to act swiftly and confidently.

Whether you're supporting loved ones abroad or managing business payments, real-time tracking offers peace of mind and control. By selecting a reputable provider, providing accurate information, and remaining vigilant throughout the process, you can ensure that your funds arrive safely and without unnecessary delays.