How to track SWIFT payments?
Are you tired of wondering where your international payments are and when they will arrive? Tracking SWIFT payments can be a challenging task, but it doesn't have to be. In this article, we’ll explore everything you need to know to effectively track your SWIFT payments.
From understanding the SWIFT network to using tracking tools, we'll provide you with a step-by-step guide to ensure your payments are always on track. Say goodbye to the frustration of waiting for payments to arrive and hello to the confidence of knowing exactly where your money is in the payment process. Let's get started!
What Are SWIFT Payments?
SWIFT payments are like passports for money. Just as a passport allows you to travel around the world, a SWIFT payment allows money to travel internationally.
When you send money through SWIFT, it's like you're putting your money on a plane and sending it to another country. But instead of a physical plane, your money travels through a complex network of banks and financial institutions.
Think of it like this - your money is like a global adventurer seeking out new destinations and experiences. And just like any traveler, it needs a way to navigate the international landscape. That's where SWIFT comes in - it's like the GPS system for international money transfers, helping your money find its way to its final destination.
So, whether you're sending money to a friend overseas or paying for goods and services from another country, SWIFT payments provide a secure and efficient way to transfer funds globally.
Steps to Tracking SWIFT Payments
Tracking SWIFT payments is much like tracking a package during shipment. Just like how you can track your package's journey from its origin to its destination, you can also track your SWIFT payment's journey from the sender to the recipient.
To track a SWIFT payment, you can think of it like following a trail of breadcrumbs. Each step of the payment process leaves a digital breadcrumb, and by following these breadcrumbs, you can trace the payment's progress. It's kind of like solving a mystery, but instead of clues, you're following digital data.
In cases where you’re waiting for a payment to arrive or just want to keep tabs on its progress, tracking SWIFT payments can be a useful process.
Here are the general steps to tracking a SWIFT payment:
Obtain the SWIFT Payment Reference Number: The SWIFT Payment Reference Number is a unique identifier assigned to each SWIFT payment. This number is important because it allows you to track the payment's progress and ensure that it's on its way to its intended recipient. You can ask the sender for this number, or you may be able to find it in your bank statement. Make sure to keep this number handy, as you'll need it to track the payment.
Understand the SWIFT Network: SWIFT payments travel through a complex network of banks and financial institutions. Understanding this network will help you get a sense of how long the payment may take to arrive. The payment may need to pass through multiple banks before it reaches its final destination, and each bank may have its own processing times.
Use SWIFT's Tracking Tool: SWIFT offers a tracking tool that allows you to track the progress of your payment. You can enter the SWIFT Payment Reference Number into the tracker to see where the payment is in the process. This tool provides real-time updates on the payment's progress, so you can get a sense of when it will arrive. If you prefer, you can ask your bank for updates on the payment's progress.
Contact Your Bank: If you choose to contact your bank, they can provide you with updates on the payment's progress and any potential issues that may arise. Banks often have access to additional information that can provide a clearer picture of the payment's progress.
Wait Patiently: SWIFT payments can take a few days to arrive, depending on the complexity of the payment and the countries involved. While it can be tempting to constantly check on its progress, you’ll want to be patient and let the payment process unfold. In some cases, contacting the bank or the recipient may speed up the process, but in many cases, it's simply a matter of waiting for the payment to clear.
By following these steps, you can effectively track your SWIFT payment and have a better understanding of where your money is in the payment process.
Choose Narvi for International Payments
Narvi is better banking for borderless businesses. Our fast digital onboarding process allows you to get up and running in just under 10 minutes and take advantage of our tailor-made banking experience.
With your dedicated business account (IBAN) and our seasoned professionals to help you every step of the way, you can start working seamlessly with local and international customers. Here’s what else we have to offer:
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 wire transfers: Your IBAN is connected to the SWIFT system. Send and receive euro payments to 100+ countries across the globe.
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.
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