Definition
Payment by wire transfer is negotiated at the time the order is placed by the Purchasing Department. Requests from the vendor for payment by wire transfer are not honored unless prior arrangements were made at the time the contract or order was placed.
Wire transfer is not available for domestic suppliers.
When to use
- Payment to Foreign Suppliers
- Payments to Foreign Nationals
- Other payment alternatives are the ProCard or the Corporate Travel Card (for travel related expenses only) for both domestic and foreign payment
- eTravel Reimbursement to Foreign Nationals
- At this time, wire payment is not available for eReimbursement
Process
When creating a purchase order, the purchase order must be flagged ‘YES ’for wire payment
The payee’s wire information should be included on the invoice. You may include an Invoice Voucher (UoW 1730), if you need to include description of the goods being invoiced for to facilitate the proper application of tax. For service related payments, describe the nature of the work and the location of where the work was performed. Within the Special Instructions field, make sure to note “please wire funds” and comment on the currency to be paid (if different from US $$).
If all the correct necessary information is provided, wires will be sent by Accounts Payable 2-3 days after the invoice is reconciled in Ariba.
Necessary Wire Information
Refer to the International High Value(Wire) guide for required wire information.
Wire Form: use to gather necessary banking information for the wire.
To prevent wire fraud, the requesting department must verbally verify bank information with the payee if there is a bank account change or if the bank account on the invoice is different from the department provided to AP. The requesting department must send an email to apwires@uw.edu to confirm that they have verified the bank account change. Wire payments may be delayed if there wire information is changed.
A wire request must include the following:
Foreign Bank |
|---|
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Bank name, address, and country |
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International bank account number (IBAN) |
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Sort code or BSB (identifies the bank branch) |
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Payee account name as listed on the account |
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Payee permanent address |
| Swift code (international bank identifier) |
| Reference Information (i.e. PO number, Invoice number, etc.) |
Wiring Foreign Currency
Invoice paid in a foreign currency is subject to the exchange rate, on the day the wire was sent. As a result, the amount encumbered on the requisition will not match the exact amount paid. Accounts Payable typically uses Oanda to determine the conversion rate. Wires sent in foreign currency can take 2-4 business days for the foreign bank to process once they have been sent by the wire team. Additional time is also contingent on the promptness of intermediary banks.
Fees
Type of Fee |
Cost and Additional Information |
|---|---|
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International wires |
$15.00 per wire |
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Currency conversion fees |
This is a service currently provided at no cost by our bank. |
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Wire returned for incomplete / incorrect information |
This fee amount is determined by the receiving bank and will vary. |
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Additional Fees |
These fees may be deducted by the beneficiary bank from the final amount sent to the payee. |
Risks
Risks may include but are not limited to the following:
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Incorrect information provided could result in returned funds or a credit to the wrong account.
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Beneficiary bank may return funds if incomplete reference numbers are provided.
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Returned funds will be less due to bank fees