In this article, we cover a bit about how to stop and recall SWIFT Transfer. In most cases, our domestic transactions are settled almost instantly. The money is deducted from the sender’s account and credited to the receiver’s account. And, once the receiver’s account is credited there is no way to reverse the transaction. If there is some issue with the payment, then we can’t get our money back by debiting the receiver’s account through the same channel or payment method.
If there is some issue with our payment then we need to contact our bank for necessary action. And, the procedure they provide would be handled on a case-to-case basis.
But, the same can’t be said, when it comes to International Wire Transfer or cross-border payments that happens through a SWIFT Network.
Stop and Recall SWIFT Transfer
The Wire Transfers through SWIFT Network take 1 to 5 Business days to settle. And, before our transaction is settled, if we notice some issue then we have the option to place a Stop and Recall with our bank.
But, if the receiver’s account gets credited then, nothing can be done. Stop and Recall would only work when the transaction is still in pending status and not yet settled.
There could be numerous reasons why you may choose to stop and recall the transaction. Reasons: You noticed suspicious activity, posted an incorrect account number, etc.
If that is so, then contact your Bank to Stop and Recall the SWIFT transfer an in-flight transaction. Your bank would contact the intermediary bank that is currently handling your transaction. They may or may not charge a fee. It would be different for every bank. In some cases, they may not charge you at all.
It would take a few business days to get the amount back. It entirely depends on how many stages our SWIFT transfer has crossed.
In conclusion, if the receiver’s account isn’t yet credited then that means the transaction isn’t yet complete and we can initiate a Stop and Recall request with the bank for a SWIFT transfer.
