What to Do If an International Wire Transfer Doesn’t Arrive? What Are the Causes?

International wire transfers are an important tool for global fund transfers, frequently used by individuals and businesses for cross-border payments. However, due to the involvement of multiple banks and complex cross-border processes, it is not uncommon for international wire transfers to fail to arrive. Understanding the reasons behind this and adopting effective solutions is crucial.

Common Causes and Corresponding Solutions

Bank Processing Delays

Cause: Processing international wire transfers takes time, especially when multiple intermediary banks are involved. Holidays, bank system upgrades, or network issues can also cause delays.

Solution: First, verify the remittance information to ensure all provided details are accurate. Then, contact the remitting bank to inquire about the processing progress and use the tracking tools provided by the bank. If the bank confirms that the transfer has been sent, you can ask the recipient bank to assist in tracking the status of the funds.

Intermediary Bank Issues

Cause: International wire transfers often require the involvement of one or more intermediary banks, especially when there is no direct relationship between the two banks. Delays or errors in handling by the intermediary banks can result in the transfer not arriving.

Solution: Understand the role of intermediary banks in the wire transfer process and contact the remitting bank to obtain information about the intermediary banks. You can directly contact the intermediary bank to check the status of the funds and identify the problem.

Incorrect Account Information

Cause: Incorrect account information (such as account number, SWIFT code, recipient name, etc.) can lead to transfer failures or delays. The bank may return the funds or request correction of the information.

Solution: Check and correct the account information to ensure all details are accurate. Contact the remitting bank to correct the errors and resubmit the remittance instruction. If the funds have been returned, follow the bank’s instructions to reinitiate the wire transfer.

Anti-Money Laundering Review

Cause: To prevent money laundering and terrorist financing, banks review large or suspicious international wire transfers. This review can result in delays or freezing of the transfer.

Solution: Respond promptly to the bank’s inquiries and provide the necessary additional information or documents, such as explanations of the transfer purpose, contracts, or invoices, to expedite the review process.

Preventive Measures

To avoid the hassle of not receiving international wire transfers, you can take the following preventive measures:

• Ensure Accurate Account Information

Before submitting the wire transfer instruction, carefully verify the recipient’s account information, including account number, SWIFT code, and recipient’s name. Ensuring the accuracy of this information can reduce the risk of transfer failure or delay.

• Understand Policies and Prepare Documents in Advance

Familiarize yourself with and comply with anti-money laundering policies. For large transfers or frequent cross-border transactions, prepare relevant supporting documents such as contracts, invoices, or explanations of the transfer purpose in advance, so you can provide them to the bank promptly when needed.

• Choose Reliable Banks

Select reputable banks and intermediary banks, ensuring they have efficient processing systems and strict security measures. Understand the situation of intermediary banks and choose those that have a good cooperative relationship with the recipient bank to improve the success rate of the wire transfer.

• Use Professional International Remittance Platforms

Alternatively, you can choose to use professional international remittance platforms for international transfers, such as BiyaPay. BiyaPay has obtained financial licenses in countries such as the United States, Canada, and New Zealand, ensuring the safety of your funds. The platform will select the optimal remittance channels, quickly performing local transfers in most countries or regions worldwide, with fast arrival speeds, low fees, and no limit on the amount. By adopting these measures, you can reduce the risk of not receiving international wire transfers and ensure the safe arrival of funds.

Conclusion

In the complex process of international wire transfers, not receiving funds can be troublesome. However, by understanding the causes, mastering the solutions, and actively taking preventive measures, you can minimize the risks. A little more attention and preparation can avoid unnecessary troubles, ensuring that funds arrive safely and on time.