Requesting a Wire Transfer Payment

A wire transfer is an electronic payment made to a vendor from UCSF’s bank account directly to the vendor’s bank account. Generally, wire transfers are accepted world-wide, though wire transfers cannot be processed to a sanctioned country. Before requesting a domestic wire payment, you should consider sending the payment via ACH. ACH is the preferred method which is faster and less costly than payment by wire.

A foreign wire transfer may be the best payment method when:

  • The vendor will have difficulty cashing a check drawn on a U.S. bank account or issued in U.S. dollars
  • The time to mail a check overseas, and the risk that the check may be lost in the mail, are not acceptable.

Wire payments are generally made for large amounts and have little recourse once the instructions are given to our bank. Therefore, it is critical that Accounts Payable is given accurate information and sufficient lead time to make the payment timely.

Supplier Setup

Check to see if the supplier is already set up in BearBuy. If the supplier is new, then provide the supplier the Supplier Substitute W9 & Supplier Information Form for them to complete. We will need this information in order to pay the supplier.

Domestic Wire Payment Process

The following information should be included on the BearBuy Payment Request Form, Invoice, Travel Expense Voucher, Advance Request, or other payment request document prior to submitting to Accounts Payable:

  1. Beneficiary name (payee)
  2. Beneficiary bank account number
  3. Bank name and ABA routing number
  4. Dollar amount of the wire

ABA Routing Number (generally the first nine numbers displayed on the bottom left of the check or deposit slip)

The payment request document with wire instruction information (above) should be sent to Accounts Payable Documents Submission or attached to the BearBuy Payment Request Form. If the request is complete and contains the appropriate approval, the Accounts Payable staff will enter the payment request into PeopleSoft and then will send the wire instructions to the bank. The wire transfer payment will generally credit the vendor’s bank within 24 to 48 hours after the instructions are sent to our bank.

Foreign Wire Payment Process

The following information should be included on the BearBuy Payment Request Form, Invoice, Travel Expense Voucher, Advance Request, or other payment request document prior to submitting to Accounts Payable.

Departments should not convert the payment amount from one currency to another. Exchange rates change frequently. Simply include the amount of the invoice and currency type on the payment request document (either US Dollars or foreign currency as it is stated on the invoice).

The payment request document with foreign wire or draft instruction information (above) should be emailed to Accounts Payable Documents Submission. If the request is complete and contains the appropriate approval, the Accounts Payable staff will enter the payment request into PeopleSoft and then will send the foreign wire or draft instructions to the bank.

Another foreign payment option is a Foreign Draft - a paper check payment created by our Bank and made in a foreign currency. Like the Foreign Wire Transfer Payment, instructions are sent to our Bank by Accounts Payable. Once the check is printed, it is sent back to the Controller’s Office. The Controller’s Office will then mail to the vendor or back to the requesting UCSF department.

Foreign Wire

 

Require Information:
  • Beneficiary /Payee Name (Note Payee name must be identical to the Beneficiary account name)
  • Beneficiary Bank Account Number
  • Bank Name and SWIFT Code (Bank ID Number)
  • Amount of wire
  • Currency Type
  • Wires to –
    • Australia: Must include BSB code
    • Mexico: Must include CLABE number
    • Europe: Must include IBAN number
Currency Type:
  • US Dollars
  • Foreign currency

Foreign Draft

 

Require Information
  • Beneficiary Payee/Name (Payee name and beneficiary account name must be exactly the same)
  • Beneficiary's address
  • Amount of the draft
  • Currency type
Currency Type:  Foreign currency only
 

Wire Transfer Processing Time

  1. SLA – Once the complete and accurate payment form with the wire information is submitted to Accounts Payable, we will review the supporting documents and send the wire payment within 10 business days. Should we encounter any issues with this wire payment request, we will notify you as soon as possible.
  2. The University cannot guarantee nor indicate when a wire transfer will be credited to a beneficiary's bank account, as this is not under the University's control, nor is it under the control of UC’s bank. The processing time is impacted by the location of the receiving bank and correspondent relationships between the financial intermediaries through which the wires are processed.

Questions

For assistance with wire transfer payments, please contact the Controller's Office Solution Center.

Resources

References

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