How to Track Wire Transfers
The process of sending a wire transfer adds both flexibility and convenience when you need to transfer money from one account to another. The process is rather simple, however, there can sometimes be issues that arise. In this case, you'll need to be able to track where the wire transfer is.
What You'll Need:
- Receiver information
- Receiver banking details
- Confirmation number
- Routing number
- Transmit number
- Ensure that you are familiar with the receiver's banking details, receiver personal information, intermediary bank, routing and transit number, swift code, trace wire, confirmation number and the value date. You'll need to be familiar with each of these terms so when a banking representative refers to them you'll know exactly what they are talking about.
- Speak with the beneficiary. Before you begin the process of tracking a wire transfer because you believe it has not been received, speak with the beneficiary first. You'll want to ensure that they did not receive the wire transfer after the value date. The value date refers to the date the incoming wire became available to the receiver and the receiving bank.
- Speak with the receiving bank if the value date has already passed and the receiver claims to have not received the wire transfer. You can speak with a representative from the department who is responsible for handling wire transfers to find out if they have received a notification advice of your payment. If not, provide them with your confirmation number to see if they can locate the wire transfer.
- If all else fails, speak with your financial institution. Your bank should be able to initiate a trace wire. The result of the trace will provide details as to whether the wire transfer ever made it to the bank and if it was debited into the receiver's bank account. This route will also allow the bank to see if the wire transfer has been halted due to any errors or other discrepancies.