Wire Transfers

Policy

When vendors or other payees request payment via wire transfer, the request for transfer must be made by an individual who is authorized on the account to be charged. The request is to be submitted to Accounts Payable using the wire transfer payment request form in Workday at least five business days prior to the transmission date and should include all necessary wire transfer information and supporting documentation. The bank fees associated with the wire transfer will be charged to the same account as the wire transfer.

The wire transfer will be entered after authorization on the account has been verified. The wire will then be approved and released by the Financial Reporting Officer or his designee. The journal entry to record the transaction and resulting bank fee will be made by the Accounts Payable Specialist.

Procedures

Determine if this is the proper method of payment. A wire transfer offers little recourse if an issue arises. University-issued credit cards are the preferred method of payment, followed by EFT/ACH payment, which gives us greater recourse in the event of an issue. Please check with accounts payable if you have a question.

The request needs to be submitted to Accounts Payable at least five business days prior to the transmission date and should include all necessary wire transfer information and supporting documentation. Failure to send complete or correct transfer information may result in a delay of payment. Wire transfers will not be sent on the last day of the month. If this is the case the payment will be sent sometime during the first week of the following month.

In Workday enter Create Request in the search bar at the top of the screen. Select the create request task and then in the request type box choose – Wire Transfer Payment Request and then select ok. From here follow the instructions on the form.

Step 1

Initiator needs to fill out the Wire Transfer Payment Request form in Workday and then submit it to Accounts Payable for review.

Note: Initiator should obtain the necessary bank information directly from the payee or payee’s financial institution. Supporting documentation is also required.

See the information at the bottom of this section for help while filling out the wire transfer form.

Step 2

Accounts Payable will review the information for accuracy. The request will be sent back to the initiator if changes need to be made. Once all the information is complete Accounts Payable will send the request in Workday to the cost center manager for approval.

Step 3

The cost center manager will then review and approve the request. If the cost center manager does not want to approve the wire transfer, they will need to contact the initiator and Accounts Payable (496-1994 or 496-1995) so the request can be changed or cancelled in Workday.

Step 4

Once the cost center manager has approved the request, Accounts Payable can then process the wire transfer payment.

Additional Information

The information below will provide the initiator with additional instructions when filling out the wire transfer request in Workday.

What is the reason for the wire payment? (Required)

Describe what is being paid for (e.g. Goods, Services, Travel, etc.).

Wire transfers are higher risk with little recourse if something goes wrong with the payment. University credit cards are the preferred method for expenditures within approved spending limits. ACH/EFT payments are the preferred method of payment when University-issued credit cards cannot be used. ACH/EFT payments are typically received the following business day and there is greater recourse if payments are sent to the wrong account.

Note: Please read and follow the instructions listed on the wire transfer request form. Failure to do so may result in a delay of payment.

Will the wire payment be sent to a beneficiary/recipient outside the USA? (Required)

It helps determine if the wire will be international or domestic. For international, list the currency used to send the wire.

Amount to send (Domestic – sent in USD, International – sent in currency you previously listed) (Required)

Amount to send. This should correlate with the invoice.

Cost Center to charge for payment and fee (format CCXXXXXX) (Required)

List multiple and breakdown if being split.

Spend Auth#, Project# (Tour), PO#, Contract #, or Supplier Invoice # (if applicable)

What is the name of the bank where the wire will be sent? i/e. Beneficiary Bank (Required)

The beneficiary should provide this information and it should be included in the attached supporting documentation.

What is the Beneficiary Bank’s ID (Domestic Wire – routing number, International Wire – SWIFT code, etc. depending on the country requirement)? (Required)

The beneficiary should provide this information and it should be included in the attached supporting documentation.

What is the country where Beneficiary Bank is located (Required)

Name of Beneficiary/Recipient as listed on the bank account – If sending payment to a business, the name of the company. Note: This needs to be exactly what is on file with their bank. (Required)

The beneficiary should provide this information and it should be included in the attached supporting documentation. FUNDS MAY BE RETURNED IF NAME DOES NOT MATCH EXACTLY WITH WHAT THEY HAVE ON THEIR BANK ACCOUNT (i.e. Brigham Young University-Idaho, not BYUI)

What is the Beneficiary/Recipient’s Account Number (if international account – IBAN/CLABE/etc.) (Required)

The beneficiary should provide this information and it should be included in the attached supporting documentation.

What is the Beneficiary/Recipients address? (Required)

Originator to Beneficiary/Recipient Info (OBI) to include with wire transfer – i.e. invoice #, reference #, reservation #, etc. to help recipient recognize what the payment is for. (Required)

There are a limited number of characters available, but this will help the beneficiary recognize the payment when it deposits into their bank account.

Email(s) if you or the beneficiary/recipient would like to receive a wire confirmation.

Please attach all supporting documentation for this payment (invoice, contract, etc.). (Required)

This information will be kept in Workday to substantiate the payment.

Does the Beneficiary Bank receiving the funds require the funds to be sent through an Intermediary Bank? (Typically, only for international wire transfers. Please have the beneficiary/recipient confirm with their bank) (Required)

The recipient’s bank should know if funds coming from the USA need to be routed through a bank before payment can ultimately be received in their home country.

What is the Intermediary Bank's ID (SWIFT code)?

Country where Intermediary Bank is located (typically will be USA)