What Happens When Wire Transfers Go Wrong?

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Money changes hands every day, and sometimes things can go wrong. Instead of losing your patience navigating the waters of bank transfers, work with your private financial partner to get your money back quickly. Understanding how to wire money and how it might go awry will help you save time and money.

What might go wrong in an international wire transfer?

Wire transfers don’t “bounce” as cheques sometimes do because banks verify the transfer funds before approving an international money transfer. While it eliminates most potential problems, a few things can still happen throughout the process:

  • Wrong or inaccurate account number
  • A money transfer was rejected
  • The payment was delayed
  • A clerk skipped a beat during manual processing

Knowing the origin of the problem will help you solve it quickly—if you work with a trusted and accountable company. Banks will solve the problem for you eventually, but we can get your money back faster. Here’s how we do it.

How bank wire transfers work

The bank puts a system tracing service on all money transfers, so they can see where it went and what happened. This goes through each bank that participates, letting them communicate with each other about the status of the payment.

While this ‘tracking’ is important, it does not result in instant information.  The investigation problem through the banking system can take several weeks to resolve, as it depends on the recipient of the inquiry to voluntarily respond with information.  

Another drawback to the investigation process is the cost.  Banks perform their due diligence in tracing funds, but this can cost additional money as they coordinate with each other to find the original sum—and these fees are collected from the sender without consult. Tracing a payment will come out of your pocket instead of theirs. The tools are in place with banks, but it comes at an extra price as well as crucial time that you just cannot spare while travelling abroad.

How can you recover from bank wires gone wrong?

You may not be able to avoid paying the bank that extra fee for tracing the electronic money transfer, since you will need its services to retrieve the original sum. But you can get it back far earlier than letting them complete the process on their own.

Wire money with a transparent company

Instead of waiting for weeks, you can partner with a company to ensure that you get your money back sooner. Much sooner.

Our experience has been a track record of getting your money back within an average of 1-4 days. We still depend on banks to return funds, making them necessary participants whenever you send money. But, as a private financial enterprise, we are committed to helping you and are happy to pressure them into following up faster on every international bank transfer promptly. You won’t be left trying to solve a bank’s mistake when you should be focusing on your business.  As an added bonus, we won’t charge you for the investigative work that we do.

Finding a company you trust to handle your wire transfers can help your feel secure sending money. We have done this for our customers with great success, and it’s just a part of bringing warmth to a cold-cash industry. Ask us about our past experiences solving wire transfer problems for our clients!

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Comments
  • Stevie

    That’s a shrewd answer to a tricky qutiseon

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