Wire Transfers
Included on this page:- Wire Payment Conditions
- Approving a Wire
- Necessary Wire Information
- Wiring Foreign Currency
- Fees
- Risks
- Benefits
Wire Payment Conditions
Payments to vendors by electronic funds transfers (wire transfers) are made at the discretion of the department. Fund transfers by vendor request are not honored unless a vendor has the permission of the department before invoicing the University. The department must communicate approval of a wire transfer to Accounts Payable in order for a wire to be sent. This indicates that the department accepts all fees and risks associated with the payment.
Approving a Wire
The department must note "Please wire funds" in the comments section of the PAS purchase requisition.
If the pay document is accompanied by an Invoice Voucher/Receiving Report, wire information must be included in the Detail Description field of the invoice voucher. Also note "Please wire funds" in the Special Instructions field.
If the vendor sends an invoice directly to Accounts Payable without an Invoice Voucher/Receiving Report, the vendor must include full wire information on the first page of the invoice in a prominent location. The department's approval of this request will be confirmed by checking the PAS purchase requisition. If the request to wire funds is not noted on the requisition, a check will be sent instead.
For payments that are not processed through the a PAS purchase requisition (i.e. field advances, real estate, etc.), wires can be arranged by special request. Please contact Accounts Payable.
Necessary Wire Information
A wire request must include the following:
- Bank name and address
- Account number (must be clearly defined as such)
- Name of Payee stated exactly as it appears on the account
- Address of vendor
- Reference information such as invoice number or requisition number
Available bank codes are strongly recommended (i.e. ABA, Swift, CAB, ABI, Sort codes, etc.).
Wiring Foreign Currency
Invoice paid in a foreign currency is subject to a change of rates, causing the U.S. dollar value to fluctuate. Therefore, the amount encumbered on the requisition will not match the exact amount that is paid.
Fees
- International wires (per wire) - $25.00
- Domestic wires (per wire) - $10.00
- Currency conversion fees - This is a service currently provided at no cost by our bank. Rate changes may however result in a loss.
- Wire returned for incomplete/incorrect information - this fee amount is determined by the receiving bank and will vary. Re-sending the wire will result in an additional transaction charge.
Risks
Risks my include but are not limited to the following:- Incorrect information provided could result in returned funds or a credit to the wrong account.
- Recipient may return funds if incomplete reference numbers are provided.
- The receiving bank may remove substantial fees from the wire (especially if they must do a currency conversion).
Benefits
Money that is sent by wire is far less likely to be lost than a check sent by standard airmail. Wire fees are comparable and often cheaper than courier fees for international payments. A wire can be credited to the beneficiary's account within five to ten days (international) or one to five days (domestic).
A Department of Financial Management
Modified: May 6, 2007