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You've transformed your cash into a transfer to a friend, a family member or a business across town or around the world. But how can you know exactly where your funds have gone once they're out of your hands?
If your money transfer hasn't made it to the receiver, this guide will go through what steps you need to take and how you can monitor the progress of your payments for peace of mind.
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For first-timers, transferring money out of the country can be intimidating. However, your money is protected even after it leaves Australian shores. Before an international transfer, the service should tell you:
You should also be provided details on:
Depending on the service you choose to transfer your money overseas — whether a bank or independent money transfer specialist — your transaction should come with a confirmation number or a record of your transaction.
Confirmation numbers come by many different names: tracking numbers, transaction IDs, payment notifications and more. In general, look for a highlighted number in your receipt that refers to your specific transaction. Or if you're on the phone or in a store, ask the representative you're speaking with how you can track your transfer once you hang up or walk out.
With most companies, you can track your transfer using the confirmation number that came with your receipt. You should be able to view the steps of your progress from beginning to end. A few transfer services also offer the option of text or email notification at each stage of your transaction.
Online, in-store or by phone, you'll typically receive a confirmation number or receipt by email immediately after your transaction is approved. Most banks and services allow you to use this information to track your transfer online or by calling a representative.
Many online money transfer providers allow you to type your confirmation number into their site for up-to-the-minute tracking, though you might be able to log in to your online account to view the progress of your funds in real time. Still others allow you to opt in to text updates that keep you in the loop of your transfer's status the whole time.
Sample tracking page for online provider.
If you didn't receive a tracking number soon after initiating your money transfer, call your provider to find out how you'll be notified if your transaction is successful.
Another option is to login to your online account to see if you have the option of reviewing your transfer's status without the need for a call. Once you're logged in, look for a 'tracking' tab or button, or visit your provider's FAQ for guidance.
Yes. If your transfer isn't delivered within the window you were promised, you can request a trace on your transaction using the bank’s SWIFT code. A SWIFT code is an ID that banks use when sending wire transfers. With this number, your bank can see whether the deposit is on hold or in progress.
How can "on hold" be an option? One drawback of SWIFT transfers is that banks can hold on to your money until they're able to get an exchange rate that better favours their bottom line. If your money needs to reach your recipient by a specific deadline, be sure to specify that exact date or time to avoid any bank delay.
Knowing your money is secure during a transfer is important. But if your transfer will be picked up at a store, it’s just as vital that you're safe when retrieving your cash.
No matter where you are in the world, exercise caution with our safety tips:
Nearly all banks and money transfer providers offer some way of cancelling your transaction after you've set it in motion — especially if your money hasn't yet been delivered. Some providers will have the option of cancelling online, but others may need you to contact them directly over phone.
Search your provider's website for information on cancelling or stopping a money transfer, specifically in the FAQ section. There may be a cancellation fee involved.
It can take from at least 72 hours to up to 5 business days for an international money transfer to clear in the recipient's bank account. Sometimes the transfer must be sent to an intermediary bank first before it can reach the recipient's bank account.
You can track the status of your international money transfer through your online banking facility.
If it’s been longer than a week, you need to send a secure message to your financial institution disputing the international money transfer. You can do this via online banking.
This will start the dispute resolution process. You may be required to pay a fee for tracking or amending an international money transfer. For example, Commonwealth Bank charges a $25 fee for each investigation or amendment.
You will also have to pay a fee if you request that your bank return an incorrect international payment. However, this depends on the receiving bank getting permission to return the funds, so there are no guarantees.
If you're able to cancel your money transfer, you should see a refund for the total you paid for it. In the rare case, a provider may deduct a cancellation fee from your refund — which might be another factor to weigh when choosing the company you ultimately go with.
If your transfer is not yet picked up or deposited into your recipient's account, you may be able to log in to your account to cancel the transfer yourself. Otherwise, call, visit or live chat with your provider to discuss its refund process and how much you can expect to get back.
Unfortunately, you'll find that changing your recipient's name or address is trickier after you've initiated a transfer. But if you haven't entered your recipient's details correctly, they may not be able to receive their funds at all.
If you've found an error with your recipient's information, call, visit or live chat with your provider immediately. Keep any confirmation number or receipt handy to help in pulling up your transfer.
Your provider should be able to correct or modify your recipient's details for you, even if it means adding a few more days to your delivery window as the system updates.
If you've discovered the error outside business hours, try logging in to your account — you may be able to make the changes yourself if your transfer isn't yet complete.
If the recipient's name has been entered incorrectly, the receiving bank may return the money to your bank account or to the international money transfer company, depending on which service you used.
If you’ve entered the wrong recipient details, such as an incorrect account number, your transfer can be delayed, and the money may be returned or lost.
You’ll need to contact your bank or the international money transfer company as soon as possible to amend the mistake. An international money transfer amendment fee may be charged and if the money has already been sent to the receiving bank, there’s a chance the funds cannot be returned to you.
An international money transfer is a safe way to get money to loved ones and businesses worldwide quickly and easily. And with most providers, you can track your cash every step of the way to its ultimate destination.
The Internet's opened up a world of options beyond your local bank or corner financial stores — options that typically come with stronger exchange rates, low or no fees and flexible tools that help you lock in deals on regular transfers.
Compare fees, rates and more to find a money transfer specialist that’s best for your needs.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
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Adrienne Fuller leads the publishing team over at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.
Sir my father send around 1 crore for my admission procedures that has to be send in dollors for NRI seat.But niw its 4 days I didn’t get the money which send from Dubai to kerala..I have to take my admission within 3 more days,but I have no idea about my money where is it now I can I enquire that or can speed up the procedure.While asking in the Kerala branch manager is telling that he don’t know where will be it now.pls advice me
Hi Arun,
Thanks for getting in touch with finder.
I know that this situation can really be a source of confusion and even frustration.
If you have the payment confirmation and tracking number of your money transfer, you need to visit a branch of your chosen international money transfer. By doing so, you can check whether your money is already there or not.
If the money isn’t there yet, check with your father and confirm whether the money was really sent or not. If it is, reach out to the customer service team of your chosen money transfer company to investigate the issue.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua