Processing Foreign Currency/Wire Transfers

Processing a Wire Payment

Department completes an eVA 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.

The eVA Interface creates a Banner PO.

Accounts Payable will review and forward all documents to Disbursement Operations for completion of wire. (Accounts Payable must keep a copy on file until the wire is completed).

Domestic Wires

  1. A domestic transfer allows you to wire funds from one financial institution to another.
  2. Enter the ABA number and name of the bank to be credited with transfer. This is the identifying nine-digit code for the receiver financial institution. The receiver bank is the Federal Reserve member bank that will accept the transfer directly from the Federal Reserve Bank.
  3. Enter the Account Number – Beneficiary
  4. Enter Account Name and, in the fields labeled address, you must provide full street address including city, state and zip of the Beneficiary.
  5. The beneficiary is the financial institution, company or individual that will ultimately be credited with the transfer. This includes the beneficiary account type, account number, account name and three lines of address. A combination of account type and account number or account name and complete account address are required.
  6. Enter the Details of Payment: The Details of Payment will contain your payment information to help beneficiary identify transfer.

International Wires

Occasionally, vendors may request payment in foreign currency rather than US Dollars. Whenever foreign currency payments are required, follow the instructions listed below. On the wire form, indicate the type of payment required (US Dollars or Foreign Currency). This form must be completed by the Department and submitted with all appropriate paper work for processing an invoice for payment to Accounts Payable.

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.

  1. Enter the Beneficiary Financial Institution's SWIFT, CHIPS or account number in the SWIFT/CHIPS/Account # field.
  2. Enter the Beneficiary Financial Institution's name in the Bank Name field. Beneficiary Financial Institution information must be entered if an Intermediary Financial Institution is used.
  3. Enter the Beneficiary Financial Institution's full street address in the Address Lines.
  4. Enter the (IBAN) International Bank Account Number which can be up to 34 alphanumeric characters.
  5. Enter the Beneficiary Financial Institution's country using the Country Code.
  6. Select an Account Type in the Beneficiary section.
  7. Enter the beneficiary's account in the Account # field.
  8. Enter the beneficiary's name in the Account Name field.
  9. Enter the beneficiary's full street address in the Address Lines . At least two lines of address information are required if an
  10. Account Name is entered without providing an Account Number.
  11. Enter the code for the beneficiary's details of Payment. Information about the payment.

Accounts Payable will process the invoice using the EP Bank Account and notify Disbursement Operations by emailing the FARINVS report daily for out going wires.

Disbursement Operations will process the wire payment using Wachovia Bank to transfer the funds. After the wire is completed, Disbursement Operations will use the wire advice number from the bank to key into Banner as the control number for the payment. Once all wires have been completed, a new FARINVS will be run with all the advice numbers as the check number and emailed back to Accounts Payable.