When you send money from one bank account to another with a wire transfer, it must pass through the Federal Reserve Bank. This type of money transfer is secure because the sender and beneficiary must show the banks proof of their identities. The money is usually available for the beneficiary within minutes, so this method is also one of the fastest. However, problems can occur during the transfer process that delay the delivery. When this happens, the sender and beneficiary can track the wire to locate the money.
Track a Wire as a Sender
Call or visit your bank to check on the wire transfer if the recipient has not received it by the expected date. Speak to a representative responsible for wire transfers. Ask the representative to place a tracer on the wire. The tracer shows the processing path the transfer has taken with corresponding banks, as well as the current location. Give the representative the Federal Reference Number you received for the transaction.
Wait for the tracking results. When the money has not arrived at its destination, it’s usually because there is some delay at a corresponding bank. However, it is possible for the money to end up in the wrong account or get lost during the transfer. If this is the case, your bank might be able to stop payment or recall the wire.
Gather Sender Information
Get as much information as possible about the wire from the sender. For example, your bank can make more accurate inquiries with the sender’s confirmation number for the transaction and the sending bank’s SWIFT number. The SWIFT number is a business identifying code that financial institutions use when transferring money.
Contact your bank and tell a representative that you are expecting a wire. Give the representative the information you have for the wire transfer, including the expected arrival date and the value of the transfer. The representative can check the system to see if a deposit to your account is pending.
Prepare to wait a few more days if the representative cannot find any more information about the wire. The staff member might suggest a date for you to follow up if the deposit does not arrive. If sufficient time goes by and you still haven't received the money, you can ask your bank to trace the wire transfer. The bank might charge a fee of $15 or more for the investigation.