Find out what you need to do if you international money transfer hasn’t been received.
Whether you’re using an international money transfer company, or you’re sending money using a bank-to-bank transfer, if your money transfer hasn’t made it to the receiver you need to contact customer service to investigate why the money hasn’t been received.
However, it can take up to five business days for some international payments to clear, and longer still depending on the country. Be sure you’ve waited at least three business days before you investigate your overseas payment.
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Common reasons why international money transfers are not received
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 can not be returned to you.
Steps to take if the money hasn’t been delivered
Using an international money transfer company
If you have the payment confirmation and the money hasn’t been received, you’ll need to reach out to the international money transfer customer service team to investigate the issue. Once the funds have been sent to the receiving bank, it can difficult to get the money back.
TransferWise states on its website: “TransferWise does not have the ability to be involved in disputes between senders and recipients, so we strongly recommend that you know and trust the person or business that you are sending to before setting up a payment order or sending any money.”
Using a bank-to-bank international money transfer
It can take from at least 72 hours to up to five 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 a pay a fee for tracking or amending an international money transfer. For example, Commonwealth Bank charge 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.