SWIFT Payment Tracking: A Comprehensive Guide

Tracking SWIFT payments can be a challenge — but it doesn't have to be.

If you’re unsure if there is a way to track SWIFT transfers, the answer is yes! Several online tools for tracking SWIFT international payments are available, each offering different features and levels of reliability. Here are some of the better options:

How do I Track an International Money Transfer Online?

1. Deutsche Bank's International Payments TrackerEach SWIFT payment has a unique end-to-end code, also known as the Unique End-to-End Transaction Reference (UETR). If you have the code, you can track the cross-border transfer via this tool.

2. TrackMySwiftIndependent tracking service TrackMySwift provides basic tracking of SWIFT payments. Users can enter their Unique End-to-End Transaction Reference (UETR) or sender's reference number to check the status of their payments. This service aggregates data from major correspondent banks and offers insights into how to track SWIFT transfer status, including whether it is in process or rejected. It's extra helpful for users whose banks may not be part of the GPI network.

Keep on reading to learn about how wire transfers to different countries work, how to make sure funds arrive where and when they should and how to troubleshoot a SWIFT transfer.

Is TrackMySWIFT legit?
- Can a SWIFT Code be Traced?
- What is SWIFT Basic Tracker?
What are SWIFT Payments?
- Can I Track a SWIFT Transfer?
Steps to Tracking SWIFT Payments
- Can I Track an International Transfer?
- SWIFT GPI: Upgrading International Payments
- How Long Does it Take for a SWIFT Transfer to Go Through?
Can you Trace an International Wire Transfer?
- Understanding the SWIFT Payment Process
- How Long Does It Take to Receive a SWIFT Message?
Tips for Smooth SWIFT Payments
SEPA Simplified: Upgrading Euro Zone Payments
Regulations for Payment Services
What You Can Expect to Pay for SWIFT Transfers
- Minimizing SWIFT Transfer Fees
- Understanding Currency Exchange in International Payments
Troubleshooting Guide
Choose Narvi for International Payments

Is TrackMySWIFT legit?

In short, yes. Here's why:

Independent Aggregation: TrackMySwift assembles data from major correspondent banks, providing a comprehensive view of payment status. Getting data from multiple sources within the SWIFT network gives users more reliable information.
User-Friendly Interface: Users can enter a Unique End-to-End Transaction Reference (UETR) or sender’s reference number to track payments without deep banking expertise.
Transparency of Payment Status: Users can see the current status of their payments, including whether they are in process or have been rejected, which helps in managing expectations and taking necessary actions promptly.

Can a SWIFT Code be Traced?

A UETR is a 36-character identifier included in all SWIFT payment instruction messages, formatted as XXXXXXXX-XXXX-XXXX-XXXX-XXXXXXXXXXXX. The identifier can sometimes be found in the MT103 form. The sender can request that their bank provide the UETR code for the SWIFT transfer.

What is SWIFT Basic Tracker?

SWIFT's free Basic Tracker lets users follow payments in real time from start to finish. Only financial institutions connected to SWIFT can access this tool after logging into their personalized MySWIFT profile online.

What are SWIFT Payments?

Just as passports allow cross-border travel for people, SWIFT payments serve as transit documents to facilitate the international movement of funds. Money travels through SWIFT networks globally, similar to how passports permit border crossings worldwide.

Can I Track a SWIFT Transfer?

Sending money via SWIFT is like putting funds on an overseas flight. But instead of a physical aircraft, your money transfers through an intricate web of interconnected banks and financial organizations globally. That's where SWIFT comes in—it's like a GPS for international money and wire transfers. Helping your money find its way to its final destination.The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network connects over 11,000 banks and financial institutions across different countries. When you send a SWIFT payment or an international wire transfer, your bank links up with the recipient's bank; then they move the money into their account.So, whether you're sending money to a friend overseas or making a business outward remittance for goods and services from another country, SWIFT payments are a secure and easy way to transfer funds worldwide. Even though SWIFT sends messages quickly, it can take a few business days for the money to move. This happens because of different time zones, processing times, and other banks involved in the transaction.

Steps to Tracking SWIFT Payments

Tracking a SWIFT transfer resembles tracing a parcel from supply to demand. You can trace a SWIFT payment's path from the sender through the recipient's financial institution right until it reaches the recipient's account in a seamless journey.When you're waiting for a payment to arrive or want to keep tabs on its progress, tracking it can help. Here are the steps to tracking a SWIFT payment:

Find the SWIFT Payment Reference Number: This number, which is also called the unique end-to-end transaction reference, is a key identifier given to every SWIFT payment. It shows payment location and destination. Ask the sender for the number or check the statements to find it.
Understand the SWIFT Network: SWIFT payments travel through a network of banks and financial institutions. Understanding this will help you get an idea of how long should a SWIFT transfer take to arrive. The payment may need to pass through multiple correspondent banks or intermediary banks before it reaches the beneficiary bank, and each bank may have its own processing times.
Use SWIFT's Tracking Tool: SWIFT GPI tracks your payment in realtime. You just enter the SWIFT Payment Reference Number into the tracker to see where the payment is.
Contact Your Bank: Your bank can provide updates on the payment's progress. You might need to provide your bank identifier code (BIC) or SWIFT code when inquiring about international transfers.
Provide Accurate Information: Make sure to provide the right details for the person receiving the money, like their bank account, recipient's country and SWIFT number. The wrong recipient information can lead to delays or even failed transfers in cross-border payments.
Wait Patiently: SWIFT payments and international wire transfers can take a few business days to arrive, depending on the type of payment and the countries involved. Although it might be tempting to keep checking for payment updates, be patient and let the process unfold. Sometimes, reaching out to the bank can move things along, but it can be a waiting game.
Look Out for Extra Charges: Remember that there might be some additional fees from banks that act as middlemen, partner banks, or the recipient's bank. These extra costs can sometimes change the total amount.

If you follow these steps, you'll be able to keep an eye on your SWIFT payment and know exactly where your money is in the payment journey. Keep in mind that even though SWIFT is trying to improve real-time tracking with things like SWIFT GPI, not every bank has completely set up these features for all kinds of international payments just yet.

Can I Track an International Transfer?

Tracking a SWIFT payment is like being a detective. Each part of the payment journey leaves behind a digital marker. If you follow these markers, you can find out where the payment is. It’s like piecing together a puzzle, but you’re using digital information instead of puzzle pieces.

SWIFT GPI: Upgrading International Payments

The payment system SWIFT GPI is setting a new standard for moving money globally. Cross-border transfers used to drag on for days with little visibility. But now, thanks to SWIFT's Global Payments Innovation, things are moving at light speed.With GPI, most payments can be completed in just one day. That's huge for businesses shipping cash overseas daily. Even better, both sides get full transparency into the payment's progress through banking networks. SWIFT takes tracking to another level by assigning each transaction a unique ID. Now, folks can pinpoint their payment in real-time as it bounces between banks. This is helpful in Europe, where money changes hands multiple times en route.No more stressing over delayed or lost funds, with GPI leading the way. Between rapid processing, 24/7 tracking, and total visibility, SWIFT has upgraded how we move money globally. International transfers have never been simpler, faster, or more secure.

How Long Does it Take for a SWIFT Transfer to Go Through?

If you're wondering, how long does an international transfer take to arrive? Or how long does it take a SWIFT transfer to reflect? It depends. Although SWIFT sends messages quickly, it can take a few business days for the money to be transferred. This is because of different time zones, processing times, and other banks.

Can you Trace an International Wire Transfer?

Tracking a payment is more than just following its journey. If the payment doesn't arrive, a deeper trace is needed. Working with your bank can pinpoint the money's exact location and status within the SWIFT system.

Understanding the SWIFT Payment Process

To keep an eye on your SWIFT payments and international wire transfers, it's helpful to know how these cross-border transactions work:

Initiation: The person sending the money starts the process at their bank by giving the details of the person receiving the money and the instructions for the transfer.
Sending Bank Processing: The bank that is sending the money takes care of the payment and then sends a message to the bank that will receive the money using the SWIFT network.
Intermediary Banks: If the sending and receiving banks don't have a direct relationship, the payment may pass through one or more intermediary banks or correspondent banks.
Receiving Bank Processing: When the payment arrives at the recipient's bank, the amount gets added to their account.
Completion: The money has been deposited into the recipient's account, and the transfer is finished.

How Long Does It Take to Receive a SWIFT Message?

All the steps mentioned above can take a while, which is why SWIFT payments and international wire transfers usually take a few business days to finish. However, with the introduction of SWIFT GPI, many banks can now offer faster processing times and better tracking capabilities for cross-border payments and GPI payments.

Tips for Smooth SWIFT Payments

Provide Complete Recipient Details: To send money, get the name, account number, SWIFT code, and country of the person receiving the funds.
Consider Time Zones: Keep in mind that banks in overseas countries work in different time zones. This can change the time it takes for international transactions to go through.
Be Aware of Cut-off Times: Banks can have deadlines for when they process international money transfers and outgoing business payments. Making a transfer before a deadline can prevent hold-ups.
Check for Regulations: International money transfers in some countries have rules. Be aware of any restrictions or additional requirements that may affect your cross-border payments.
Use SWIFT GPI When Possible: If your bank offers SWIFT GPi, use it for better tracking and potentially faster transfer times for your international wire transfers and cross-border payments.
Communicate with the Recipient: Make sure to let the recipient know all the details about the transfer, like the transaction reference number. This way, they can keep an eye on the payment and tell their bank if there's any issue. Currency exchange rates vary, impacting the final amount received after conversion between currencies.
Consider Currency Conversion: Keep Records: For future reference, hold on to your transfer instructions, the SWIFT Payment Reference Number, and any communication from your bank's customer service.

SEPA Simplified: Upgrading Euro Zone Payments

SEPA, the Single Euro Payments Area, streamlines bank transfers within Europe through standardized euro payments across 36 nations, making international transactions as simple as domestic ones.SWIFT transfers usually take more time because the money stops at many banks along the way. The fees aren't always clear either. But SWIFT is important when sending payments between countries, especially outside Europe, or when switching between non-euro money types.A company in Europe that buys from Asia would likely use SWIFT for overseas and currency issues. At the same time, a German business pays bills for its Spanish branch easily and cheaply within Europe using SEPA.It's important to know what each payment is for and when it's needed. That way, you can pick SWIFT or SEPA, depending on what works best. Both help companies pay costs, even when dealing with places overseas.

Regulations for Payment Services

The European Union has laws to regulate how money moves around. One important rule is the Payment Services Directive, also called PSD2. PSD2 aims to improve security, help small groups compete, and let payments evolve. For example, it requires banks to use strong authentication when people pay. This confirms who you are to prevent fraud. PSD2 allows new players to assist with payments and account management. With permission, they can initiate transactions or access data for customers. This gives consumers increased choice in sending, receiving, and monitoring their funds globally in a secure manner under the new regulations.PSD2 allows tracking services to better follow wires across borders. They can update you accurately on where your money is going. Banks must obey PSD2's rules when sending payments worldwide, too.Knowing these EU laws is important for businesses and individuals when it comes to dealing with international money transfers. It makes sure that everyone follows the same rules. In general, PSD2 is designed to improve security, encourage competition, and boost new ideas in payment systems.

What You Can Expect to Pay for SWIFT Transfers

SWIFT costs differ for banks and nations in Europe. The charges often include:

Sending the bank transfer fee
Receiving a bank fee for handling the transfer
Currency exchange fee, usually 3–5% of the amount
Correspondent bank fees of $15–50 or equivalent per transaction
Tracing fee if a transfer is delayed

Finding exact information online on how much these operations cost is not always possible. Here, fees for SWIFT transfers to some countries are outlined from third-party sources.

UK:

Lloyds: £9.50 for online and branch transfers. £12 receiving fee for payments sent to the USA, Canada & Europe, or £20 for anywhere else in the world.
NatWest: £15 for under £5,000, or 0.3% (max £40) £7.50 receiving fee.

Germany:

Deutsche Bank: around €40 for every international transfer.

Spain:

Santander: £25 International transfers

Please note that these fees are estimates and may vary depending on the branch, the transfer amount, and other factors such as your company's country of registration, industry, and nature of operations. It's always best to verify with the institutions directly for the most up-to-date information.

Minimizing SWIFT Transfer Fees

To cut costs, use online transfers when possible. Save money by transferring online when you can. Also, consider using specialist money transfer firms, as their exchange rates and fees tend to be lower. For bigger amounts, focus on getting the best exchange rate over fixed charges. Always ensure your bank details all applicable fees upfront. Rates change, so confirm costs with your bank.

Understanding Currency Exchange in International Payments

Changing from one currency to another is important for international payments, and what it means can be different based on whether the transactions happen inside or outside the Eurozone.

Payments in the Eurozone: In the Eurozone, no currency swap is required, as all use euros. Payments within Europe are faster as conversion is not needed.
Payments outside the Eurozone: When paying outside of Europe, you need to switch currencies. This means extra fees for exchange rates. The rates can change a lot and affect what you get. Fees are highest if changing to non-euro currencies. Processing also takes longer because currency changes add more work.

Implications for Businesses: When receiving payments from outside the Eurozone, businesses may face:

Exchange rate risks
Higher fees
Longer processing times

When companies are paying for things outside the Eurozone, they should:

Think about using hedging strategies to reduce the risk of changing exchange rates.
Keep in mind that there might be higher fees and longer processing times.

PSD2 and Currency Conversion:The PSD2 rule makes banks transparently display currency conversion costs and charges. This helps individuals and businesses pick the best options for international money transfers. Understanding currency conversion allows them to handle international payments more smoothly while finding ways to cut costs and risks.

Troubleshooting Guide

If your SWIFT payment is late or lost, follow these steps:

Check details: Make sure the recipient, code, account, and currency are right.
Contact your bank: Call them with the reference number and details. Ask about the status and any problems.
Look for rules: Make sure your payment follows regulations like PSD2 and anti-money laundering. See if extra checks caused delays.
Check other banks: If sent through another bank, talk to them or your bank's international banking team about delays.
Request a trace: Have your bank search for the payment details if they are still missing.
Go to the EPC payment scheme providers: If unresolved, they can potentially help. Give the steps you took.

Tips: Keep records of calls. Know the fees for searches. Consider tracking services for visibility.By following these steps, you can work with your bank and regulators to solve late or missing SWIFT payments in Europe. Documenting steps and escalating help get timely answers.

Published September 3, 2024. Sources checked August 14, 2024.Authors:
• Valeriya Kushchuk, now Narvi's Digital Marketing Manager, previously a business reporter and marketer in the crypto space.
• Sarah Ruthe, content editor who writes for Narvi about money and payments.Disclaimer
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.Please see Narvi's terms of use or reach out to our team.

Choose Narvi for International Payments

Jumping into global payments means a solid digital banking setup is key. Narvi provides a Nordic-designed platform that perfectly matches the needs of companies with global ops.

Here’s how Narvi Payments can streamline your transfers:

Instant SEPA payments: Our smart routing solution enables instant processing of euro transfers in the EU/EEA and switches to SWIFT for global wire transfers when required.
Global SWIFT transfers: Your dedicated IBAN is connected to the SWIFT system. Send and receive euro payments to 100+ countries. Our customer support is happy to help with tracking both SEPA and SWIFT.
Regulated in Finland (EU): Narvi is regulated in Finland as an Electronic Money Institution (EMI). We have passporting rights in 29 European countries, which enables us to do business worldwide.

Take step one to a smarter way of handling your business finances. Reach out to our team and learn how you can transform transacting globally.

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