Wire Transfers


A wire transfer delivers money electronically through the banking system.  Wire transfers can be designated in US dollars or foreign currency.

Wire transfers are restricted due to the complexity of the required information, documentation, risks and associated costs.  Since wire transfers present greater risk and cost, they can only be utilized when no other payment method is accepted.

Treasury Services verifies the wire transfer payment instructions before the wire transfer is initiated at the bank.  Please allow ten (10) business days or longer for the verification process to be completed.  Supporting documentation to verify the payment instructions such as the company representative's contact information, a bank letter or voided check will help expedite the verification process.  If we are unable to verify the wire transfer payment instructions, the wire transfer will be denied.

Wire transfers cannot be cancelled or modified once the transfer is initiated with the bank.


Domestic Wires

Domestic wire transfers are only allowed when required by contract. 


International Wires

International wires are allowed for payments to vendors holding foreign bank accounts when no other payment method is accepted.  On the wire form, indicate the type of payment required (US Dollars or Foreign Currency).  

Note: The University may not accept or send electronic funds or transact business with certain countries without the prior approval of the Office of Foreign Assets Control (OFAC) under the U.S. Department Treasury. OFAC publishes a list of foreign countries, government entities, companies, and individuals that are prohibited from doing business with the U.S. View the list.


Processing a Wire Payment

Department completes a PO or Direct Pay / Encumbrance form. (Indicate need for a Wire Payment in the description field on line one.) Department completes the wire form (see attached) and forwards to Accounts Payable along with the invoice and any other required documentation.

Accounts Payable will review and forward all documents to Disbursement Operations for validation of payment instructions and completion of wire transfers.  

Disbursement Operations will use the wire advice number from the bank to key into Banner as the control number for the payment.