One of the best ways to transfer money or fund electronically from one bank account to another is wire transfer. This one is common and convenient. Aside from that, it is also fast and secure. Unfortunately, it can also be complicated and not easy to trace, especially if the money or funds are sent to a place outside the country. For anyone who wants to trace a wire transfer, you can use the federal tracking number as it is important to track the progress of your transfer.
Definition of a Wire Transfer
A wire transfer is defined as an electronic transfer or money from a bank account to another. This kind of transfer is fast. Not only that, it is also secure. This way to send money is usually used for large transactions or international transfers. Choosing a wire transfer means authorizing your bank to transfer funds from your account to the account of the recipient.
Definition of the Federal Tracking Number
Federal tracking numbers, which are also known as reference numbers and confirmation numbers, are unique identifiers. They are assigned by the Federal Reserve Bank to a wire transfer. These numbers are the combination of numbers and letters. They are used by the Federal Reserve Bank to track the progress of the wire transfer. Besides, they are also used to ensure that the money or funds are sent to the contact recipient.
Way to Find the Federal Tracking Number
The bank or financial institution is the one that provides the federal tracking number to the sender of the wire transfer. Usually, this number can be found in the wire transfer confirmation or receipt that is given by the sender. Actually, it is not the only way to get the federal tracking number. Another way is by contacting the bank or financial institution of the sender to request the number.
If you are the recipient of the wire transfer, you can get the federal tracking number to track the progress of the transfer from the sender. In case it is unlikely for you to ask the sender, you are suggested to contact your own bank or financial institution and ask them about the federal tracking number.
Way to Trace a Wire Transfer with the Federal Tracking Number
After getting the federal tracking number, you will be able to use it to trace the wire transfer. There are several steps to follow to trace a wire transfer with federal tracking number, as follows:
- The first thing that you have to do is to reach out to your bank or financial institution. When you are there, give them the federal tracking number that will be used by them to track the progress of the wire transfer and provide you with information of its status.
- Then, check the status of the wire transfer. You will be informed about the status of the wire transfer by your bank or financial institution and it will be based on the information they have. The status of the wire transfer can be one of the followings:
• Pending: It means the wire transfer has been initiated but it has not yet been completed.
• In progress: It means the wire transfer is in progress and processed by the Federal Reserve Bank.
• Completed: It means the wire transfer has been completed and the money or funds have been delivered to the bank account of the recipient.
• Rejected: It means the wire transfer has been rejected for some reason and the money or funds have not been delivered. - If the status of your wire transfer is completed, make sure to verify that the money or funds have been delivered to the right bank account. Just ask your bank or financial institution for the details of the recipient’s bank account. Once you have successfully obtained the details, do not forget to compare them to the information that you have for the recipient in order to ensure that the money or funds have been delivered to the right account.
- If the money or funds have been verified to be delivered to the right account, it is a must for you to reach out to the recipient in order to confirm that they indeed have received the money or funds. In case there are any issues, for example the recipient not receiving the money or funds or the money or funds are delivered to the wrong account, do not wait and make sure to contact your bank or financial institution right away to report the issue.
Bottom Line
Tracing a wire transfer with the federal tracking number is recommended as it is fast and straightforward. With the federal tracking number, you will be able to track the progress of your transfer and ensure that the recipient really receives the money or funds that you sent. For those who send money or funds with wire transfer, remember to write down the federal tracking number and to inform the recipient about this number so that the transfer will be able to be tracked by them with it. If you are the one who receives the transfer, make sure to ask the sender about the federal transfer number so that you will be able to track the progress of the transfer. If there are any issues with the transfer, you are suggested to reach out to your bank or financial institution as soon as possible to report the issue.
It is worth noting that while the federal tracking number is important and helpful to trace the progress of the wire transfer, you may not get all the information that you need from it. In this case, it will be needed for you to contact the one who sent the transfer or the receiving bank directly to be able to get the details of the transfer. Another thing to keep in mind is that using a wire transfer to outside the country can be harder compared to within the country, especially when it comes to tracing it. Plus, there may also be more steps to follow.
A bookworm and researcher especially related to law and citizenship education. I spend time every day in front of the internet and the campus library.
