A wire transfer is a way to transfer funds electronically to pay vendors. The University most frequently utilizes wire transfers for vendors outside the United States.
There are two ways to request a wire transfer. The first is to submit an invoice with a note stating the payment needs to be wired as well as wire instructions from the company on where the money will be sent. The other way to request a wire transfer is by completing the Wire Transfer Form. The required supporting documentation is an invoice that details the purchase.
Refer to the invoice section to see what is required to process an invoice since the same procedures and requirements apply to wire transfers. If the invoice is not in English, a translation is required. Once the wire transfer is received by the Controller’s Office, it takes approximately five business days for the vendor to receive the funds.
The bank charges a $35 fee for each processed wire transfer. This fee is charged to the department’s budget that requested the wire. The exchange rate used on the wire will vary and as such, it is recommended that the department review the transaction in SUDDS for the final transaction amount.