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How to track SWIFT transactions business international remittances

It might be easier to make international transactions rather than track one in India. Especially when it comes to business international remittances, the process can be tedious, complex, and long drawn.

In this blog post, we answer the top 5 questions on how you can track SWIFT transactions with ease for all business outward remittances from India

Let’s jump in! 

#1 Can I track my SWIFT transfer?

Yes, you can track your SWIFT transfer when sending money from India for business purposes. Here’s how:

  1. Notification from Your Bank: Your bank in India will send you a confirmation when they initiate the transfer. This message includes a SWIFT reference number (MT103), which you need to track the transfer.
  2. Tracking through Banks: SWIFT transfers go through different banks along the way. You can ask your bank which banks the money will pass through and how to track it at each stage.
  3. Recipient's Bank: Once the money reaches the recipient’s bank, they will deposit it into the intended account. You can ask the recipient to confirm when they receive the money.
  4. SWIFT GPI Service: Some banks use SWIFT GPI, which lets you track payments from start to finish. Check if your bank or the recipient’s bank offers this service.
  5. Customer Support: If you have questions or need help, contact your bank’s customer support. They can give you updates and help track your SWIFT transfer.

Ultimately, tracking a SWIFT transfer means making sure you have the right information and staying in touch with your bank and the recipient’s bank. 

#2 How do I follow up on a SWIFT transfer?

  1. Documentation: Keep your transaction documents handy, including the SWIFT reference number (MT103), transfer amount, and recipient details. These are essential for tracking and reference.
  2. Bank Communication: Contact your bank's customer service or your relationship manager directly. Provide them with the SWIFT reference number and inquire about the transfer's progress.
  3. Expected Timeline: Understand the typical timeframe for SWIFT transfers. While they can vary, knowing the usual duration helps manage expectations and identify any delays.
  4. Tracking Options: Ask your bank about available tracking options. Some banks offer online tracking tools or can provide status updates via email or phone. For example, HDFC Bank in India offers an online tracker where you can enter your transaction details to check the status.
  5. Correspondent Banks: Inquire about the intermediary banks involved in the transfer. Knowing this can help track where the funds are in the process.
  6. Recipient Confirmation: Once the funds reach the recipient's bank, ask them to confirm receipt. This ensures the money has successfully reached its destination.
  7. Escalation Procedure: Understand the escalation procedure in case of any issues or delays. Know who to contact and what information to provide for quick resolution.

#3 How do I track a payment by reference number?

  • SWIFT Tracker: SWIFT (Society for Worldwide Interbank Financial Telecommunication) offers a tracker service that allows you to monitor the status of SWIFT payments. You can access this service through the SWIFT website or through participating banks that provide SWIFT Tracker functionality.
  • Automated Notifications: Some banks and payment processors offer automated notifications for payment tracking. You can set up preferences to receive notifications via email, SMS, or through their mobile app whenever there is an update on the status of your payment.
  • Global Payment Networks: Depending on the nature of the payment (such as cross-border transactions), consider leveraging global payment networks like Visa, Mastercard, or American Express. These networks often have tools and services that enable tracking and provide updates on transactions initiated through their platforms.
  • Regulatory Compliance and Dispute Resolution: If you encounter delays or discrepancies while tracking a payment, be aware of regulatory compliance requirements and the process for initiating a dispute resolution. Your bank or payment service provider can guide you through these procedures.
  • Verification with Recipient: As a final step, confirm with the recipient or beneficiary that the payment has been received and credited to their account. This ensures that the transaction has been successfully completed from end to end.

#4 How do I find my SWIFT details?

In case your business is using a fintech platform like Karbon Forex for business outward remittance, here’s what you can do:- 

  1. Login to Platform: Access the fintech platform through which you initiated the outward remittance. Log in to your account using your credentials.
  2. Transaction History: Navigate to the transaction history or dashboard section within the fintech platform. Look for the specific transaction for which you need the SWIFT details.
  3. View Transaction Details: Once you locate the transaction, click on it to view detailed information. Fintech platforms often provide comprehensive transaction details, including the SWIFT reference number (MT103) or other relevant SWIFT details associated with the payment.
  4. Download Transaction Receipt: Some fintech platforms allow you to download transaction receipts or confirmations. These documents typically include SWIFT details along with other transaction specifics.
  5. Documentation and Record Keeping: Once you obtain the SWIFT details, it's essential to keep them for your records. These details are crucial for tracking the payment's progress and confirming its successful delivery to the recipient.

#5 Can a SWIFT transfer get lost?

SWIFT transfers themselves do not typically "get lost," but several factors can lead to delays or complications in the process:

  1. Incorrect Information: If the sender provides inaccurate recipient details such as account number, bank SWIFT/BIC code, or recipient name, the transfer may be delayed or rejected by the recipient's bank.
  2. Intermediary Banks: SWIFT transfers often pass through multiple intermediary banks (correspondent banks) before reaching the recipient's bank. Delays can occur if there are issues at any of these intermediary banks.
  3. Regulatory Compliance: Payments might be held or delayed due to regulatory requirements, particularly for large transactions or those involving countries or entities subject to sanctions.
  4. Fraud Prevention Measures: Banks may flag certain transactions for additional scrutiny to prevent fraud or money laundering. This can result in temporary delays until the bank completes its verification processes.
  5. Network and Communication Issues: While rare, there may be occasional communication failures or technical issues within the SWIFT network itself. SWIFT employs robust infrastructure to minimize such occurrences.

The views expressed in the blogs on this page are solely the opinions of the authors and do not constitute expert advice. While we strive to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. We disclaim any liability for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

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