Money is sent around the world 24/7 and sometimes things go wrong. Instead of losing your patience navigating the waters of bank transfers, work with Blackstone Intelligence Group 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.
Our experience has been a track record of getting your money back. We still depend on banks to return funds, making them necessary participants whenever you send money. But, as a private enterprise, we are committed to helping you and are happy to pressure them into following up promptly. You won’t be left trying to solve a bank’s mistake and as an added bonus, we won’t charge you for the investigative work that we do.
Can an international wire transfer be returned?
If you’ve put a trace on your international wire transfer and determined there’s a problem, or if you made a mistake when you sent the wire, you can request to have it recalled. A recall will most likely only work if the funds haven’t been picked up or deposited into the recipient’s account yet. Many banks also have rules that you must request a recall within a certain amount of time from when you sent the wire. If the money has already been deposited or if it’s been too long, you may not be able to recover the funds you sent. You may also not be refunded wire fees, even if the bank is able to recall the amount of the wire. It’s also worth pointing out that recalls aren’t instant and can take quite a lot of time in some cases
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