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Wire Transfers

Revised:  October 24, 2012

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 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.

Obtain an International Wire Transfer Form here.

Obtain a Domestic Wire Transfer Form Here.

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

For domestic wire transfers, the following information should be included in the request for wire transfer:

  • Amount of transfer.
  • General ledger account to charge.
  • Appropriate approval signature.
  • Beneficiary (or recipient) bank name and routing/transit number.
  • Beneficiary (or recipient) name, address, and account number.
  • Originator (or sender) name and department.
  • Up to two lines (30 characters each) of text to accompany the 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.  If an intermediary bank is needed, their information should also be provided.

  • The requester should submit the request for wire transfer and supporting documentation to Accounts Payable at least one day (24 hours) before the transmission. However, in many cases the request will be honored on the same day depending on the timing.
  • The Accounts Payable Specialist will verify the requester is authorized on the account to be charged for the wire transfer by checking the requester's name against the Authorized Signature List. The wire transfer will then be entered into the bank software for wire transfers and the Financial Reporting Officer or his designee will be notified it is ready for approval.
  • The Financial Reporting Officer or his designee will approve and release the wire for transmission.
  • The Accounts Payable Specialist will make a journal entry to record the charge to the requester's University account for the amount of the wire transfer and all related bank fees.