![]() It allows people in distant locations around the globe to safely transfer money across geographical locations without being in physical contact with each other. Incorrect information provided could result in returned funds or a credit to the wrong account.īeneficiary bank may return funds if incomplete reference numbers are provided.A wire transfer is the electronic transfer of funds between people or entities. Risks may include but are not limited to the following: The University of Washington has no control over these fees. These fees may be deducted by the beneficiary bank from the final amount sent to the payee. Re-sending the wire will result in an additional transaction charge This fee amount is determined by the receiving bank and will vary. Wire returned for incomplete / incorrect information Rate changes may however result in a loss This is a service currently provided at no cost by our bank. Additional time is also contingent on the promptness of intermediary banks. Wires sent in foreign currency can take 2-4 business days for the foreign bank to process once they have been sent by the wire team. Accounts Payable typically uses Oanda to determine the conversion rate. As a result, the amount encumbered on the requisition will not match the exact amount paid. Invoice paid in a foreign currency is subject to the exchange rate, on the day the wire was sent. Swift code (international bank identifier) Payee account name as listed on the account ![]() Sort code or BSB (identifies the bank branch) Wire payments may be delayed if there wire information is changed.Ī wire request must include the following: Foreign Bank The requesting department must send an email to to confirm that they have verified the bank account change. To prevent wire fraud, the requesting department must verbally verify bank information with the payee if there is a bank account change or if the bank account on the invoice is different from the department provided to AP. Wire Form: use to gather necessary banking information for the wire. Refer to the International High Value(Wire) guide for required wire information. If all the correct necessary information is provided, wires will be sent by Accounts Payable 2-3 days after the invoice is reconciled in Ariba. Within the Special Instructions field, make sure to note “please wire funds” and comment on the currency to be paid (if different from US $$). For service related payments, describe the nature of the work and the location of where the work was performed. You may include an Invoice Voucher (UoW 1730), if you need to include description of the goods being invoiced for to facilitate the proper application of tax. The payee’s wire information should be included on the invoice. Process When creating a purchase order, the purchase order must be flagged ‘YES ’for wire payment At this time, wire payment is not available for eReimbursement.eTravel Reimbursement to Foreign Nationals. ![]()
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