SWIFT Transaction Tracking: How to Trace International Payments

You have completed the work or shipped the order, but the international payment still has not arrived. This waiting period creates uncertainty, especially when cash flow matters. That is where SWIFT transaction tracking becomes relevant.

Many exporters assume cross-border transfers go out of sight once they leave the sender’s bank. In reality, SWIFT payments remain traceable at every stage. Each transfer carries a unique reference that allows banks to follow its movement across intermediaries. With upgrades such as SWIFT GPI, tracking has become faster and more transparent for Indian businesses and freelancers.

Read on this guide to learn how to track payments, understand status updates, and act quickly when delays occur.

What Information Do You Need to Track a SWIFT Transaction?

Before you start tracking an international payment, you need the right identifiers. Many delays happen simply because the receiver tries to trace a transfer with incomplete details. 

In this process, the MT103 (SWIFT copy) becomes critical, as it serves as the source of truth for any SWIFT transfer. A SWIFT Code (BIC), on the other hand, only identifies a bank branch within the SWIFT system and cannot, by itself, help track a specific transaction.

What Is the UETR (Unique End-to-End Transaction Reference)?

The UETR is a 36-character unique code assigned to every SWIFT payment.

• The UETR is generated at the time the payment instruction is created.
• The same UETR travels with the transaction across all intermediary and beneficiary banks.
• Banks use the UETR to provide real-time status updates under modern tracking systems.
• The UETR is regarded as the gold standard identifier for tracing international payments.

Can I track a transaction with just a SWIFT Code?

No. A SWIFT code identifies only the bank and its branch, not the specific transfer. You can think of a SWIFT code as a postcode, while the UETR works like a courier tracking number that shows exactly where the payment is in transit.

The Role of the MT103 Document

The MT103 is the official proof of payment generated by the sending bank through SWIFT. It contains essential fields such as the sender’s reference, value date, transfer amount, and intermediary bank instructions. If funds have not been credited, you should always request a copy of the MT103 from the sender before asking your bank to initiate a trace.

How to Track SWIFT Transactions: 3 Proven Methods?

There are three reliable ways to track a SWIFT transfer, depending on whether you are the sender or the recipient, and on your bank’s capabilities. Some methods offer near real-time visibility, while others follow a slower, more traditional route. Understanding these options helps you choose the fastest and most accurate path to trace your international payment.

Method 1: Using Your Bank’s SWIFT GPI Tracker

SWIFT GPI is the modern standard for tracking international payments with end-to-end visibility. It allows you to see where a transfer is at any point in its journey, rather than waiting blindly for updates.

If you are the sender, this is usually the most straightforward option:

• Log in to your corporate or business banking portal
• Navigate to the outward remittance or payment history section
• Select the specific transaction to view its current status
• Review details such as intermediary banks involved, the amount credited, and fees deducted along the way

This method works best when both the sending and receiving banks are GPI-enabled. It gives you clear insight into the movement of funds and helps explain delays, if any, without the need for repeated follow-ups.

Method 2: Using Third-Party Online Trackers

Some public tools provide limited tracking that work using the UETR. One such example is Deutsche Bank’s public payment tracker.

You enter the UETR, and the tool queries the SWIFT network to show the latest available status. This can help confirm whether a payment is still in transit or has reached the beneficiary bank. However, the information is usually high-level and may not reflect internal processing delays.

Use public trackers with caution. Avoid sharing personal, invoice, or account details, and rely on them only for basic visibility—not as a substitute for bank confirmation.

Method 3: Requesting a Formal Trace (The Manual Way)

When digital tracking does not provide answers, a manual trace is the fallback option. This involves formal communication between banks rather than live system updates.

The process typically works as follows:

• Contact the bank that initiated the payment
• Request a SWIFT trace by sharing the transaction details
• Pay the applicable tracing charges
• Wait for confirmations from intermediary and beneficiary banks

Because this relies on back-and-forth messaging, the process can take several days or even weeks. In many cases, it is the only practical option when the UETR is not available or when one of the banks involved does not support GPI.

Comparison of SWIFT Tracking Methods

Understanding SWIFT Payment Status Codes

When you track an international transfer, you will often see SWIFT payment status codes instead of plain explanations. These codes show what is happening to your payment at each stage as it moves between banks. Once you understand them, it becomes much easier to identify whether the money is progressing normally or stuck due to a specific issue within the SWIFT system.

ACCC (Accepted) and ACSP (Accepted for Settlement)

• ACCC (Accepted) means the bank has checked the message and found it valid. The payment has been formally accepted and can move ahead.
• ACSP (Accepted for Settlement) means the payment is lined up for settlement. At this stage, banks have agreed to process it, but the actual transfer of funds has not happened yet.

Both of these are positive signs. They indicate that the transaction is moving forward and no errors have been flagged so far.

Explore Razorpay’s Global Payment Solutions

RJCT (Rejected) and RETN (Returned)

• RJCT (Rejected) means the payment could not be processed and has been stopped.
• RETN (Returned) means the funds are being sent back to the original sender.

These usually occur due to issues such as sanction screening checks, incorrect account numbers, name mismatches, or missing compliance information. When you see these statuses, the problem needs correction before the payment can be re-sent.

Why Is My SWIFT Transfer Delayed?

Even when you have all the right details and access to tracking, SWIFT transfers can still get delayed. This can be frustrating, especially when you are waiting for export proceeds, freelance payments, or client remittances. In most cases, the delay does not mean the money is lost. It simply reflects how cross-border payments move through the global banking system. A SWIFT transfer usually passes through one or more intermediary (correspondent) banks, and delays can occur at any of these points.

Intermediary Bank Processing

International payments rarely travel in a straight line from the sender’s bank to your bank. Instead, they often pass through two or three correspondent banks that maintain accounts with each other. These intermediaries help route funds across countries and currencies.

Each bank in this chain follows its own working hours, local holidays, and internal processing queues. For example, a payment moving from the US to India may pause when one of the intermediary banks is closed for a local holiday.

During this process, funds may temporarily sit in a nostro account, which is an account that one bank holds with another bank. The money waits there until balances are matched and reconciled. This pause is normal and is one of the most common reasons for short delays.

Compliance and AML Checks

Banks must follow strict regulatory rules before releasing cross-border funds. These checks protect the financial system but can slow payments when manual review is required. Common triggers include:

• Anti-Money Laundering (AML) and Know Your Customer (KYC) checks that require human verification.
• Sender or beneficiary names that resemble sanctioned or watchlisted entities.
• Large transaction values that differ from your usual payment pattern.
• Vague or missing purpose-of-payment information.

If a bank raises a Request for Information (RFI), the payment will not move forward until the required clarification or documents are provided. Delays often increase when responses are slow or incomplete.

Incorrect Beneficiary Details

Small data errors can create big delays. A minor typo in the beneficiary name, account number, or IBAN can stop Straight-Through Processing (STP), which is the automated flow banks rely on for speed.

Once STP fails, bank staff must manually review and repair the transaction. This process can add several working days, especially if multiple banks are involved. To avoid this, always double-check beneficiary details, IBANs, and SWIFT codes before sending money through the SWIFT system.

Alternatives for Better Visibility on International Payments

Traditional SWIFT tracking often works in hindsight. You usually start tracking only after a delay appears, which adds stress and follow-ups to an already time-sensitive process. For businesses that receive payments regularly from abroad, this reactive approach can slow down cash flow planning.

Newer alternatives focus on built-in visibility, not post-facto tracing. These solutions combine automated tracking, structured references, and system-led updates so you know what is happening without chasing banks. They are especially useful for exporters, SaaS firms, and agencies that handle multiple international receivables every month.

Using Fintech Platforms and Virtual Accounts

Modern fintech platforms use virtual accounts to localise international payments. Instead of routing funds through multiple correspondent banks, overseas customers pay into a local account in their own country, which then settles to you.

This setup reduces dependency on manual SWIFT tracking and offers:

• Faster settlement timelines.
• Lower intermediary and conversion fees.
• Clear in-app status updates and payment confirmations.

For businesses managing frequent cross-border payments, these tools shift visibility from reactive tracing to proactive monitoring.

Razorpay MoneySaver Export Account: Automated Tracking for Exporters

For Indian exporters who handle cross-border receivables frequently, Razorpay MoneySaver Export Account provides built-in clarity on incoming international payments without the usual guesswork of SWIFT traces.

Key features include:

• Automated FIRC Generation: Digital Foreign Inward Remittance Certificates (FIRCs) are issued automatically for every incoming payment, saving time on compliance documentation.
• Local Banking Experience: Receive international wire transfers (ACH, SWIFT, SEPA, BACS, Fedwire) into virtual bank accounts in key regions, giving your customers a familiar payment method.
• Faster Settlements: Payments often settle quicker than traditional SWIFT processes, helping improve your cash flow.
• Live Status and Reporting: Track incoming payments and savings against traditional bank channels directly on your dashboard.
• Lower Costs and Transparency – Reduce high transfer fees and hidden charges that usually come with standard cross-border transfers.

Standard SWIFT Transfers vs Modern Export Accounts

Conclusion

Tracking a SWIFT transfer becomes far simpler once you know what to look for. The UETR, supported by tools such as SWIFT GPI or your bank’s tracking portal, gives you clear visibility into where your payment stands. However, even with this visibility, some waiting is unavoidable. International payments move through multiple intermediary banks, each with its own processes, checks, and timelines. Understanding this layered structure helps set realistic expectations and reduces unnecessary follow-ups.

The most effective way to avoid delays is to get things right at the start. Accurate beneficiary details, a clear payment purpose, and access to the MT103 can save days. If faster updates and clearer visibility matter to your business, it may also be worth exploring modern cross-border payment solutions that reduce intermediaries and improve transparency within the SWIFT ecosystem.

FAQs

Q1. Can I track a transaction using only a SWIFT code?

No. A SWIFT code only tells you which bank branch is involved. It does not identify a specific payment. To track a transaction, you need the UETR, which uniquely follows the payment through the SWIFT system.

Q2. How do I track a SWIFT payment online?

Enter the UETR in your bank’s SWIFT GPI portal or a trusted public tracker. If you do not have the UETR, ask the sender for the MT103, which contains it.

Q3. What does the SWIFT status code ACSP mean?

ACSP means Accepted, Settlement in Progress. The payment is valid but waiting in a processing queue, often due to intermediary bank checks or compliance review.

Q4. Why is my SWIFT transfer delayed despite having a tracking number?

Delays commonly occur at intermediary banks because of different working hours, holidays, or compliance checks. A name match or missing detail can hold the payment until an RFI is resolved.

Q5. What is an MT103 document and why is it important?

The MT103 is the official proof of payment issued by the sending bank via SWIFT. It includes the UETR, value date, amount, and beneficiary instructions.

Q6. Does it cost money to trace a SWIFT payment?

Online tracking through a bank’s GPI portal is often free. A formal manual trace raised by bank staff usually costs extra and can take weeks.

Q7. What happens if a SWIFT payment status is RJCT?

RJCT means the payment has been rejected by one of the banks in the chain. This usually happens due to incorrect account details or compliance checks such as sanctions screening. In most cases, the funds are sent back to the original sender through the SWIFT system, which can take a few working days.