Seeing the “Transfer successful “notification pop up on your phone screen (for wire transfer) is not enough assurance that our money is on the way to the designated recipient. We often want more proof. Aside from telling (approximately) when the transferred money will be received at the other end, we would also love to track the money’s movement. How do you track a wire transfer or any transfer in general?
To track a wire transfer, you’ll have to visit or call your bank. Ensure you go along with your Federal Reference Number (a number gotten as confirmation of your transaction).
Of course, everyone loves the idea of being able to track a transfer. It helps quiet our nerves and gives us an insight into our money trip. By tracking a transfer, we can determine if it’s still on course or is stuck somewhere along the line. While tracking a transfer is quite possible, many of us lack insight into the process. If you want to know how to check wire transfer status this article is for you.
How Much Money Can You Keep at Home Legally?
How to Track a Bank Transfer?
Thanks to the introduction of banks coupled with technological advancement, we can send money from anywhere worldwide. Be it from the comfort of your home, on the street, wherever you are, provided you have the means, transferring money to another party is often a piece of cake. However, sometimes, when transferring money to another individual, you may experience some issues that may warrant you to want to check the status of the money sent.
In such a situation, you will be eager to know how to track the Transfer to ensure that it’s still on the right course or determine if it has gotten to its ultimate destination. Below, I explained how to track wire transfers, including a bank transfer, in a few simple steps.
However, before we visit that, let’s consider what a wire transfer is and how it works so that you have good insights into how to track it.
What Is a Wire Transfer?
A wire transfer is simply an electronic transfer from one financial intuition to another. This type of Transfer, which is often fast, can be used to send money to family or employees to pay for goods or services. There are two main types of wire transfers: domestic transfers (within the exact location) and international transfers (sent overseas).
Before using a wire transfer to send funds to an individual, you may want to inquire about its safety. Wire transfers are one of the safest ways to transfer money, provided you know the recipient. If you are using a legit wire transfer service, each party involved in a wire transfer transaction should be required to verify their identity so that anonymous transfers are out of the question.
What Do You Need to Initiate a Wire Transfer?
To make a wire transfer, you’ll need some information about the recipient.
While these details vary per bank, the most common are:
- The recipient’s bank name and address
- The recipient’s name, address including bank account type
- The recipient’s bank account number or IBAN
- The recipient’s bank’s SWIFT/ BIC code
Can You Track a Wire Transfer?
Being able to monitor your bank wire transfer can quell your anxiety, knowing fully well that the recipient has received the funds. For bank-to-bank transfers, you will need to register for online banking to monitor the progress of your transaction. The recipient will be alerted when the funds are ready, so they will need to check their account repeatedly.
In-store wire transfer services will present a tracking number, which the sender will offer to the recipient. The sender can also use this number to track the transfer progress if they have created an online account. The service will alert the recipient when incoming wire funds are available and both parties when the Transfer is complete. The sender and recipient can also log into their accounts for information regarding the Transfer.
How to Track a Bank Transfer?
After sending money to a party, be it a friend, business associate, etc., tracking the Transfer to ensure that it is safely delivered is essential.
Many financial institutions boast of online tools on their website designed to help you monitor money transfers. Suppose you transferred money to another party via a bank. In that case, you could monitor your transaction by inputting information such as the tracking number, including the beneficiary’s account number, on the bank’s website.
Below Is a Step-to-Step Guide on How to Track a Money Transfer:
Step 1: Complete your Transfer. After sending a transfer, you can begin tracking it
Step 2: Check your receipt: Search for a reference, conformation, order, transaction, or a similarly named number.
Step 3: Contact the sending company Call, visit the bank’s website or a branch of the bank you sent your Transfer through and provide your tracking number.
Step 4: Register for notifications. One of the best ways to monitor your Transfer easily is by signing up for notification. After signing up, you should receive alerts on each phase of your Transfer.
Having understood how to track bank transfers, let’s proceed to the next, which is tracing a wire transfer.
How to Track a Wire Transfer?
Did you recently make a wire transfer? And you are probably asking yourself, “How do I track a wire transfer with reference number? If you are, read further.
Tracking a wire transfer with a reference number is easy. All you have to do is call or visit your bank, and with the number, your Transfer will be tracked. Of course, it is that easy.
How Does a Creditor Find Your Bank Account?
How Long Does a Bank Transfer Take?
It is one thing to transfer money to a recipient’s account, and it is another thing to know when the money will hit the account. Knowing the timeline for a typical transfer can give you peace of mind, knowing fully well that at a particular time, the money will be deposited in the recipient’s account. However, predicting the timeline for a transfer is only possible if you know how long such transfer take.
The timeline for a bank transfer varies per bank, and it depends on a few factors. However, a typical bank transfer can take from a day to five days to clear and be deposited in the recipient’s account.
If a transfer is yet to clear after several days and bank tracking isn’t working, don’t hesitate to contact your bank.
