I attempted a SWIFT transfer from Revolut UAB to Charles Schwab (USA). It failed due to incorrect recipient information. Revolut UAB mentions it takes up to 20 working days for the Revolut UAB to be refunded. Why does it take up to 20 working days to refund an account after a failed SWIFT transfer? I'm curious to know the steps involved that explains why it takes almost a month.
https://blog.wallex.asia/swift-vs-local-transfers/ mentions:
A SWIFT wire transfer is executed by the payer’s bank debiting their account, and is routed through a series of intermediary banks in the SWIFT network and ends with the recipient’s bank crediting their account"
Therefore, it may take some time to send the money back to the originator bank, since each intermediary bank may take some amount of time. I don't know if the SWIFT network or the law specifies any maximum amount of time in their guidelines.