How to Track a Wire Transfer

In this day and age, the ability to wire money across the globe is a necessity. International wire transfers mostly occur through the SWIFT network. A wire transfer or a bank transfer is an electronic way to transfer funds. This usually arrives on the same day but can be sent faster for a higher price. In this article, we go over how to track a wire transfer.

How to Track a Wire Transfer
How to Track a Wire Transfer

Wire transfers can be domestic or international. International transfers are also known as remittance transfers, international wires, or international money transfers. They must be for an amount larger than 15$ when they are sent from the United States to some other country. 

How to Track an International Wire Transfer 

How to Track a Wire Transfer with a Reference number 

When an international wire transfer is sent, a Federal Reference number or fed number is generated. This number is a confirmation of the transaction. If you want to know the status of your wire transfer you can get in touch with the bank that sent the wire transfer. You can ask them to trace your wire transfer with the Federal Reference number. A large number of banks will do this for you. You may have to pay an additional fee to track your wire transfer. 

How to Track a Wire transfer As A Receiver

If you are waiting to receive a wire transfer you can ask the sender for:

  • The Federal Reference number of the transfer
  • The SWIFT number of the sender’s bank
  • The date the transfer should have reached
  • The exact transfer amount

This can be used to check if your wire transfer is on the way. The recipient bank may have received the funds but not have posted them in the recipient’s account yet.

If you find out that your wire is not being posted to the right account, you can request a recall wire. When this happens, your funds are transferred back into your account. This should be done before funds get into the wrong account, and it becomes more difficult to get them back. 

Wire Transfer Safety 

Wire transfers are a relatively safe way to transfer money. They are also a fast way of transferring money. They are secure transactions. Once they are initiated, however, they cannot be cancelled. International wire transfers can be cancelled within 30 minutes.

Wire Transfer Fees

You will generally have to pay for wire transfers. These fees associated with wire transfers change with the provider. Domestic wire transfers cost less than international transfers.  According to the Forbes Advisor’s checking account fee survey:

  • $5 was the median incoming domestic wire transfer cost in 2021
  • $25 was the median outgoing domestic transfer fee in 2021
  • $45 to $50 or higher was the outgoing international wire transfers cost

Many U.S. banks waive the fees for incoming wire and charge account holders only when they send a wire transfer. 

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What is the full form of SWIFT?

Society for Worldwide Interbank Financial Telecommunications (SWIFT)

What is a wire transfer?

A wire transfer or a bank transfer is an electronic way to transfer funds.

Can wire transfers be domestic or international?

Yes, they can be domestic or international.

What is a Federal Reference Number?

When an international wire transfer is sent, a Federal Reference number or fed number is generated. 

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