When vendors or other payees request payment via electronic 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 Form at least one business day (24 hours) 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.
For wire transfers the following information should be included in the request for wire transfer:
For international wire transfers, the requester should provide the same information as above with the following exceptions. The requester should designate the foreign currency and whether the amount to send should be based on the foreign currency or US dollars. Rather than including a bank routing/transit number, the requester should provide the foreign bank address and Swift or BIC code.