Wire

Wire transfers are generally used for payments to overseas banks. Transfers to U.S. (domestic) banks must be made via direct deposit.

 

Required Information

The following information must be provided with each wire transfer request:

Payee name & address appearing on the invoice. Please do not write the bank name and address under Payee.

The valid business purpose of the expense must be clearly defined.

*If payment is to a non-US citizen, please specify the visa type and the country where the work was done, and attach a copy of Form I-94/I94W for the date of entry. If the payee no longer has a copy, please obtain a copy of the passport including the visa page and passport entry stamp page.

 

Please note: Honoraria or service fee payments to non-resident aliens for work performed in the U.S. cannot be paid through Accounts Payable. They must be processed by the payroll dept in order to withholding taxes.

 

Wires transfers are paid in the currency that is listed on the invoice, unless the payee has advised otherwise. This helps prevent against any subsequent disputes over foreign exchange differences.

Note: If a foreign amount is being wired, the department does not need to convert it into US Dollars. Write the foreign currency amount and currency type in the Amount field. Once the transaction is booked by the customhouse based on the spot rate, AP will enter the US Dollar equivalent in APCAR.

 

In the Special Instructions field enter the departments contact person’s name, email & phone number. You must include an email address. An email confirmation notification will be sent directly by the customhouse.

The Check Request Form must be manually signed (approved) by the DAF who is authorized for that FAS account and dollar amount.

 

Wire Transfer Template

The department completes the wire transfer template by providing the required banking information.

Required Information

Bank name: where the payee has his/her account

Bank address: the bank address, including branch name & no. if applicable

Swift code/BIC: this is made up of 8 or 11 digits, comprised of a combination of numbers and letters

Sort code: required for banks in the U.K. & comprised of 6 numbers

BLZ: required for banks in Germany

Account name: the beneficiary name as noted on his/her account

Beneficiary account: the beneficiary’s account number at his/her bank

IBAN (International Banking Account No.): a combination of the country code, bank code & beneficiary bank account number.

*The correspondent banking info must be provided if applicable. The correspondent bank is the intermediary bank that will send the money to the ultimate beneficiary bank. Departments should check with the payee to see if there is any correspondent bank.

 

Wire Request / Check Request Form

The department must submit an approved wire request voucher or Check Request Form to Accounts Payable for each wire transfer request. This form is available on the Accounts Payable Forms page.

A separate Check Request Form must be prepared for each separate invoice, even though one wire for the cumulative total amount will be sent. This is for the audit trail (and AP also enters each request into AP/CAR separately).