Wire Transfers & Foreign Drafts

A  Wire Transfer delivers money electronically through the banking system. Wire transfers can be designated in US dollars or foreign currency. A Foreign Draft is a check issued in a foreign currency.

In general, the university does not pay domestic vendors via wire transfer. In rare instances, exception approval may be granted by the Accounts Payable Manager.

When sending a US dollar check is not an option, wire transfers are an effective way to pay foreign vendors. On rare occasions when payee bank information is not available, a foreign draft may be issued.

Processing fees for wire transfers and foreign drafts range from $5 – $30 and are charged to the originating department (SCOB 35-24, Bank Fees).

To pay a vendor via wire transfer or foreign draft, complete the Wire Transfer & Foreign Draft Request form.  You are required to provide the vendor banking instructions. It is highly recommended that these instructions be supported in writing from the vendor. Please refer to the Quick Reference Guide for general information. Departments are responsible for all fees associated with supplying incorrect banking instructions.   

Supporting documentation is always required for wire transfers and foreign drafts.  Supporting documentation is defined as an original document from the vendor that contains the price.  If acceptable supporting documentation is not available, exception approval is needed.

The processing time of wire transfers and foreign drafts averages four to six business days. Some payments may require supplemental IRS forms. In those cases the IRS requires a 10 day holding period. The Tax Department will contact the requesting department if additional information or forms are needed.

In emergency situations only, the form and supporting documentation can be faxed to (314) 935-7070; however, exception approval is required.

After the wire has been processed, Accounting will complete a journal for the amount of the wire and any associated fees.

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