If you mistakenly send money to a nonexisting Swift code, the most common scenario is that the transaction will be rejected or declined by the financial institution involved.
This is because the receiving bank or intermediary bank will not be able to locate the nonexisting SWIFT code in their system. As a result, the funds will not be transferred and will be returned to the sender.
With millions of banks worldwide, each having its own unique identification, the Swift code acts as a standardized format to ensure that the funds are routed to the correct financial institution.
The Swift code provides information about the country and location of the bank. This helps in determining the appropriate intermediary banks and routing the funds through the proper channels. It also ensures that the money reaches the intended recipient's account without any delays or errors.
The duration for an international wire to return if the Swift code was indicated incorrectly may vary based on several factors. These factors include the policies of the sender's and recipient's banks, the efficiency of the correspondent banks involved in the transfer, etc.
The sender should contact their bank as soon as they realize the mistake to initiate the process of correcting the Swift code and ensuring the return of the funds. Generally, it can take anywhere from a few days to several weeks for it to be returned. To avoid such delays and complications, it is crucial to double-check and ensure the accuracy of the Swift code before initiating an international wire transfer.
If you enter the wrong Swift code, there is a possibility that the funds may be sent to the wrong recipient or to the wrong bank altogether. Get in touch with your bank as soon as possible if you realize you sent money to the wrong SWIFT code.
