Category | Travel Tips
| Updated: 20/02/2024
What to Do if You Think Your International Money Transfer Wasn't Received
If you have reason to suspect any of your international payments didn't make it to their final destination, here's what to do.
You've sent an international money transfer, but now you're wondering why the recipient reports it hasn't been received yet. What should you do?
First, don't panic. There are any number of reasons why your payment may not have been recorded as received yet.
1. How Long Has it Been?
Keep in mind that although performed electronically on your end, international payments aren't instantaneous. They need to jump through several hoops and hurdles before your recipient on the other end has access to the cash.
The first thing to do is determine exactly how many days it's been since you ordered your transfer. Your international money transfer company most likely offers a standard service as well as an express option for sending the payments.
Express payments are usually done anywhere from zero to two days. Why the range? Because several financial institutions will be involved, as well as governmental regulatory offices. Therefore, it's not entirely up to your international money transfer company as to how long the actual transfer will take.
You see, each country has its own set of rules and regulations concerning international payments. Some have at least a one-day delay built into the processing systems, so a same-day transfer will never be possible in those countries.
Standard payments usually take anywhere from three to five days. Again, the reason for the range is the country of destination, or the receiving end's financial institution.
Payments can be slowed down by not only the governmental agencies that regulate international payments, but also the banks involved in the transfers, as well as the final bank where your recipient will access his or her money.
So, count back the days - business days! - and find out if your payment is truly late or not.
Check the Details
If you've waited beyond the number of business days within which your payment should have arrived, then start checking for reasons it may not have arrived.
The first place to start is with the details of the payment you made. Look at your receipt, or if you need more info than what's on the receipt call your international money transfer company and ask them for a copy.
Wrong name spelling is a chief reason that payments get delayed. What happens then? The receiving bank may return the payment to the company you used to make the transfer. In that case, they should contact you - but it can take days for that transfer to get bounced back so make the call and contact your international transfer company to get the ball rolling on finding out whether your payment got bounced.
Other details to check, besides name spelling:
- account number
- telephone number
How Your International Money Transfer Company Can Help
The minute you suspect something might have been entered in error on your transfer form paperwork, contact the company with whom you made the transfer. They should start an investigation with the foreign bank(s) to see what the problem might be.
This is a good time to point out that customer service is key when it comes to international money transfer companies. Trust, authority, and expertise are also good qualities you'll want to see in the company you choose to make your transfer for you.
If you used a bank to make the transfer, it's likely that you will have to pay a fee to track or change your original money transfer. Since banks use an intermediary bank when making international transfer, you'll want to wait about a week before you start a dispute. They may also charge you a fee for returning a payment at your request.
How ACE-FX Can Help
With an international money transfer company like ACE-FX, the last thing you need to worry about is whether your payment went through. We're a trusted partner of MoneyCorp exchange experts, and we're backed by their solid history of expertise and authority in the areas of international payments and currency exchange.
When you make international money transfers through ACE-FX, your first step is calling us. Our dedicated team can handle sending money abroad for any reason: large payments, small payments, regular payments, personal or business payments, and automatically scheduled payments.
You'll register your new account with an account manager who will see you through any questions, issues, or concerns that may arise during the process. Ready to begin now? Get in touch on our Freephone at: 0808 163 7010. From abroad, dial +44 203 468 2186