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When sending and receiving money internationally, you might wonder where your payments are and when they will arrive. You might also feel the need to track your money transfer in real-time due to delays in receiving funds.
Apart from this, there are many reasons for real-time money transfer tracking, such as ensuring your funds have been transferred successfully, verifying there are no discrepancies in fees, and, most importantly, detecting any potential issues or fraudulent activities.
In this blog, we will learn more about the money transfer tracking process, tracking wire transfers, and bank-to-bank transfers.
What is Money Transfer Tracking?
Money transfer tracking is the process of using a unique reference number or tracking number to check the status of a money transfer. This number is provided to the bank or service provider that initiated the transfer, allowing them to locate the transaction and provide detailed updates on its progress.
What Do You Need to Track International Money Transfers?
To track an international payment, you typically need:
Sender's name
Recipient's name
Transaction Reference or Confirmation Number
Date of the payment and the amount transferred
The sender's and recipient's bank details
How to Track International Money Transfers with Vance?
You can easily track your international money transfer with Vance. You can check the status of your money transfer on the Vance app itself. We will show you a real-time update on your money transfer.
Once your money is transferred and it reaches your desired recipient, we will inform you of the same. If you have any questions while this is on-going, you can contact the Vance support team via the in-app chat support.
How to Track Bank-to-Bank International Money Transfers?
Tracking bank-to-bank international money transfers is easy:
Gather Necessary Information:Transaction Reference Number, FED or MTCN numbers (Western Union), sender’s and receiver’s information and transfer details.
Contact the Sending Bank: Provide the transaction reference number or other details to your bank; they have customer service lines for tracking.
Track Using the Bank’s Website: Enter the reference number in the tracking section of the website.
Utilise email alert service: Sign up for notifications, opt-in for text or email alerts from your bank
How to Track a Wire Transfer?
When you initiate a wire transfer, you receive a Federal Reference Number (Fed Number) that confirms the transaction.
After completing the transaction, ensure you have the Fed number provided by your bank or other transfer service provider.
Provide your bank with the Fed number to track your international wire transfer. The number is used to track transfers and determine their status.
How to Speed Up a Money Transfer Process?
To speed up a money transfer tracking process:
Ensure all details are correct to avoid delays.
Attach relevant documents to help pass compliance checks.
Opt for wire transfers or online payment platforms for faster transactions.
Use express transfer options if time is critical.
Initiate transfers before the cut-off time for same-day processing.
Use real-time payment systems or digital wallets.
Ask for expedited processing, if necessary, from your bank.
Consider the time zones and holidays in both countries.
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In Conclusion
Money transfer tracking in real-time is essential to ensure your funds reach their destination securely and without any issues.
To make this process smooth, online platforms, mobile apps and customer service support from major banks and money transfer services play an essential role, making it easy for you to monitor the status of your transaction.
FAQs
Q1. Which money transfer services offer real-time tracking?
Money transfer services like Vance and Western Union offer real-time tracking for money transfers. These platforms provide updates at each stage of the transfer process.
Q2. What information do I need to track my money transfer?
You will need the transaction reference number (like an MTCN), the sender's and recipient's names, and transfer details, including the amount sent and the transaction date, to track your bank-to-bank international money transfer.
Q3. Can I track my money transfer through a mobile app?
Yes, many money transfer services like Vance, Western Union, and Wise offer mobile apps that allow you to track your transfers in real-time.
Q4. How accurately do money transfer services provide real-time tracking information?
Real-time tracking information is generally accurate, providing up-to-date status at each transfer stage. However, occasional delays or discrepancies may occur due to processing times or technical issues.
Q5. What should I do if my money transfer tracking information is not updating?
If your tracking information is not updating, contact the customer service of your money transfer service provider for help and to ensure no issues with your transaction.
Aayush is a strategic growth marketer with over 6 years of experience working in the US and European markets for various financial services companies. He has a proven track record of success in helping businesses grow, increase revenue, and improve marketing strategies.
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