Contact the recipient's bank: If a considerable amount of time has passed and the funds have not been received, you may need to contact the recipient's bank directly. Provide them with the necessary details and inquire about the status of the wire transfer.
Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours.
The receiving bank is still processing the money
But some banks are slower than others — they might take up to 1 working day for them to release the money. So your money's safely on its way, but the recipient bank is still processing it. Your recipient can ask their bank to speed this up.
If money is transferred but not received, the sender should contact the bank or service used to initiate the transfer to track the transaction. They can also contact the recipient's bank to inquire if the funds have been received.
Sometimes, wire transfers can take longer. This can be down to human error (for example, a mistake when filling in the form), public holidays or location. However, when you consider large checks or deposits can take as long as 10 days, it's clear why domestic wire transfers are so widely used.
Wire transfers are generally safe. But if your wire transfer seems lost, follow these steps: Double-check the transfer details: Review all the information you provided for the transfer. Even a small error in the account number, routing number, or recipient name can delay your transfer.
When you send a wire transfer, you'll receive a Federal Reference number, or fed number, that confirms the transaction¹. If you're worried about your payment, you can contact the sending bank and request a trace on the wire transfer using the reference number¹.
The sender can initiate a wire transfer quickly and the recipient can access the funds immediately as there are usually no bank holds on the money. Wire transfers also allow people in different locations to safely transfer money to locales and financial institutions around the globe.
Occasionally, your deposit may not show up as planned because of a mix-up with the bank. You can look out for this by monitoring your account daily. When you deposit into your account, it should show up in your account history, even if the funds are not immediately available to you.
Why is my bank transfer taking so long? Delays in bank transfers can be caused by factors such as the amount being transferred, bank security checks, or the bank's operational hours when transferring money internationally or during weekends and public holidays.
Even though wire transfers are generally reliable, things can occasionally go wrong. This can lead to delays or, in some cases, the bank rejecting the wire transfer altogether — regardless of where it's coming from.
If money has debited from your account but the merchant says they didn't receive the credit or refund, contact your bank to file a chargeback. You can file a chargeback on the bank's official website or by visiting the physical bank branch.
If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.
Domestic transfers can take less than 24 hours, but international transfers can take up to 5 days, depending on things like weekends, bank holidays, cut-off times, and the method you use.
If the payment or transfer you have made left your account immediately you will see the transaction in your list of most recent transactions. If you have scheduled a payment or transfer for a date in the future you will be able to check online that it has been created successfully.
While most banks will process funds within 24 hours, it could be a day or two before they arrive in the recipient's account. Most banks will advise 24 to 72 hours before funds land and are available.
What happens if you wire transfer more than $10,000? If you send an international wire transfer over $10,000¹, your bank or financial institution is required by law to report it directly to the IRS. Your bank may also ask for additional information, including the following¹: Evidence for the source of the funds.
How long it takes for an EFT payment to clear heavily depends on what type of transaction is being performed. Debit card and ATM transactions often clear instantly. ACH transactions typically clear the next day. International transactions might take longer — often two business days.
Contact your bank or payment service provider: Reach out to your bank's customer service or visit the nearest branch (if they have any). Provide them with the transaction details and ask for assistance in tracking the wire transfer. They will have access to the necessary systems and information to help you.
In this case, the amount may get reversed to your payouts account within 24hrs from the transfer status has changed to successful, if the customer's account details are incorrect or if the beneficiary bank has any technical issues.
And that's why, in part, once you send an international wire transfer, it can take up to 5 business days, or in some cases even longer, for the funds to be available in the recipient's account. Once an international wire transfer is initiated, funds are deducted from the sender's account.