What does one do when International Money Transfer from India is Delayed or Rejected?
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Sending international money transfers from India is supposed to be easy, right? You register or log in and type in the details, hit send, and your funds are off to their destination. But sometimes, things go wrong. Your money gets stuck, or worse, gets rejected entirely. Not the best feeling!
So, what do you do when your international money transfer is delayed or worse, rejected? First, take a deep breath (it’s going to be okay). Second, let’s break it down into manageable steps so you can track down your funds and get things moving again.
Why does it happen? The usual suspects of delays & rejections
Before we dive into action mode, let’s take a peek at what might be causing your transfer to get delayed or rejected.
1. Wrong details
First things first, a typo. It’s so easy, right? A wrong digit in the account number, or even an accidental space in the recipient's name. It happens to the best of us. Guess what? That tiny little mistake can throw off the entire transfer. So, be the detective and double-check everything.
Check these:
● Bank account number, and SWIFT/ BIC code (you know, the important stuff)
● Recipient’s name (match it exactly to their bank account)
● Other essential details
2. Bank-specific issues
Sometimes, your money’s stuck not because you’ve done something wrong, but because banks double-check everything. On outward remittances from India, banks can put a pause on your transfer while they do a double-check in the process (like KYC checks, etc.).
3. You’ve hit the limit!
If you’ve surpassed the RBI’s Liberalised Remittance Scheme (LRS) transfer limit, your transfer might not go through. So, before you click send, make sure you’re still within the annual remittance limit for transfers.
4. Fluctuating currency rates
Currency exchange rates keep changing. It’s a rollercoaster! Sometimes, fluctuations can cause delays while the bank or remittance provider adjusts to the new rates.
5. Recipient bank issues
Not all the reasons for the delay lie on your side. Sometimes, it’s the recipient’s bank that has a longer process time or different regulations. Either way, it is dependent on your recipient’s bank.
So, what do you do now? Here’s the plan!
If your international money transfer from India isn’t going as planned, don’t panic. Instead, follow these simple steps to get things back on track!
1. Track your transfer
Take the first step and check the transfer status. You can track your money in real-time, with services like DCB Remit. No need to wonder where your money is stuck; just log into your transfer account and see where it’s stuck.
2. Check the details (Again!)
We know you double-checked the details earlier, but you can do it one more time! A small error could be a big reason for the delay. Did you get the right SWIFT/ BIC code? Did you mix up the digits on the recipient’s bank account? Little things, big impact.
3. Get in touch with support
If all your details check out and your transfer is still stuck in space, you can contact DCB Remit’s customer support (or your service provider) and ask them for an update. Keep your transaction reference number handy so they can help you faster. You’ve got this!
4. Check with the recipient’s bank
Sometimes the problem’s not on your end, but the recipient’s. It might be helpful to get in touch with them or have them check with their bank to ensure there’s no hold-up on their side.
What to do if your international money transfer is rejected?
If your international money transfer got rejected instead of delayed, it’s time to troubleshoot! Figure out why this happened and how to fix it.
1. Ask why it was rejected
Most money transfer services will give you the reason for rejection. Whether it’s due to incomplete documentation, exceeding the transfer limit, or something else, it’s important to know the why before you can fix it.
2. Submit additional documentation
If your transfer was rejected because the bank needs more paperwork (like valid KYC info, proof of the transfer’s purpose, or proof of funds), don’t delay in providing that info. Get your documents ready and resubmit when you can.
3. Resubmit your transfer
Once you’ve got everything in order, go ahead and resubmit your transfer. Update any details that might have caused the rejection (like the recipient’s bank account or your remittance purpose) and try again.
4. Switch to alternate service providers if necessary
If the issue continues, consider trying a different provider for your outward remittances from India. DCB Remit services can offer assistance for such transaction during your transfers and guide you through them.
How to prevent it in the future?
1. Double-check before you click send
Before sending your money, take that extra minute to double-check every single detail. It’s worth it to avoid the hassle later on.
2. Choose a reliable provider
When it comes to international money transfers, picking the right service matters. When you’re using services like DCB Remit, you can rest assured that your money is in good hands. Their simple and transparent process, clear exchange rates, and real-time tracking make things so much easier.
3. Know the limits and guidelines
Before sending that big sum, make sure you know the rules and limits for outward remittances from India under the RBI’s LRS guidelines. Keeping within those limits can save you from future rejections.
Conclusion: Your money will get there – you’ve got this!
We get it. Hoping for an international money transfer to go smoothly feels like a big relief. But hey, as long as you stay calm, know the steps, and keep a good provider like DCB Remit on your side, your transfer will get to where it’s supposed to be.
Now, if you’re ready to send money internationally from India, remember these tips for a smooth process.
Ready to send your money? Check out DCB Remit for fast, easy, and secure transfers.
Disclaimer
Information on the website is for informational purposes only and does not constitute financial advice. Readers are advised to consult financial professionals for personalized advice before making decisions. The information on this blog is subject to change without notice and may become obsolete. DCB Bank reserves the right to modify, update, or remove content at any time. Savings Account and Fixed Deposit Interest rates are subject to change without prior notice. DCB Bank shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decision based on the contents and information mentioned in this blog. By accessing and using this blog, users agree to adhere to these terms and conditions. To read the complete disclaimer of DCB Bank, please click here
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