When parents in India send their children to study abroad for quality education, the need to transfer money can arise at any time. Earlier, there was a time when it was accepted only in cash, but with the enhancement of technology and digitalisation, the world changed. There are various ways to transfer money for overseas education.
The safest ways to transfer money internationally from India include FCDD – Foreign Currency Demand Draft, SWIFT Transfer – TT Telegraphic Transfer, NEFT – National Electronic Funds Transfer, and RTGS – Real-Time Gross Settlement.
No doubt, International wire transfer is a preferred method and the tracking of this transfer eases the process. In this blog, we will understand the tracking of an international wire transfer.
Table of contents
Also Read: Best International Money Transfer Apps in 2023
Requirements for Tracking
Before initiating the tracking of an international wire transfer, you must have the following things handy:
- The receipt of a successful international transfer.
- Reference number mentioned on the receipt of international transfer.
- Bank account details including account number, bank name, and address.
- Recipients and transfer details.
- SWIFT or BIC of the recipient is the most crucial thing.
Ways of Tracking
There are three ways to track the International wire transfer.
- Call the customer care executive as they have a dedicated desk for the same.
- Visit the nearest branch of your bank with the relevant documents.
- Check for the Wire transfer section in Transaction history, if you are using online banking. It will show the status either as:
- ‘In Progress’ means the transfer is in progress and has not been processed yet.
- ‘Sent’ means the transaction has been processed but has not reached the receiver’s account yet.
- ‘Received’ or ‘Completed’ means the transfer is successful.
- ‘Returned’ or ‘Failed’ means the transfer can’t be processed further.
Online Tracking
The tracking status may vary depending on the bank you have chosen. You just have to be aware of the transfer tracking tool of that particular bank with the help of which you are transferring the amount. For any assistance services, you may call the customer service executive of the bank.
Also Read: 5 Things to Keep in Mind to Apply for an Education Loan
Also Read: List of Top International Student Loans
FAQs
It takes 3-5 working days to complete the transaction process.
The reference number is the most important thing for any transaction.
You can track your application with the help of SWIFT code as well. Also, you can check your transaction history and track the transaction from there.
You can find the reference number from the receipt of the transaction.
The international wire transfer service needs proper tracking as it takes time. Have patience as the process of transferring money takes 3-5 working days to be successful. It is advisable to use authorized financial institutions only. Don’t trust any third-party app easily. Always keep the reference number of the transaction handy and inform your bank in case of any unusual activity.
To know more about the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
