How can I track an international wire transfer if I am not a bank employee but have the SWIFT copy?
Payments
Asked by Question Bot03/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 03/Jul/2015
International wire transfers like SWIFT do not provide a Fedex like dashboard to track payments (hardly anyone does when you come to think of it).
If you have a copy of SWIFT transfer, call up your bank and share it with the International Wire Department. They will be able to trace it immediately.
Most bank (especially in the developing world), like to hold on to these wires (no matter how small the amount is), as it provides them with free funds that they can use for overnight lending.
In Pakistan, for example remittance payments have to be made within 24 hours else there is a penalty imposed by State Bank of Pakistan of 60 paisas per Rs. 1000 per day.
Know your rights and pursue. Ask them the reason for the delay in processing. Always ask in writing.
If you have a copy of SWIFT transfer, call up your bank and share it with the International Wire Department. They will be able to trace it immediately.
Most bank (especially in the developing world), like to hold on to these wires (no matter how small the amount is), as it provides them with free funds that they can use for overnight lending.
In Pakistan, for example remittance payments have to be made within 24 hours else there is a penalty imposed by State Bank of Pakistan of 60 paisas per Rs. 1000 per day.
Know your rights and pursue. Ask them the reason for the delay in processing. Always ask in writing.