Foreign Wire Payments

Information

Payments made by Foreign wire are handled by the Accounting office. This guide will cover the process for the department related to foreign wire payments.

Please allow enough time payment processing as it can take 1 to 2 weeks. Accounting will send a letter to the bank requesting the payment be made and there is a confirmation process with the bank before the wire funds are sent. After the bank sends the funds, Accounting will let you know the day it happened and the US dollar amount sent plus the amount of any wire fees. Some foreign companies have an intermediary bank in the US. We do send the wires to these domestic banks. The process is the same as noted below.

 

Process for the Department

Step 1

Purchase Order

If the purchase is on a Purchase Order (PO), the Department needs to go through the normal PO processes and send the invoice and wire transfer request to Accounting.  Do not send the PO invoice to accounts-payable.

 

Non-PO Invoice

If completing a Non-PO Invoice, departments should confirm that the supplier is set up and confirm that the default payment method is wire utilizing the Procurement module of the WyoCloud system. Instructions for looking up current suppliers or setting up new suppliers are located here.

After finding the supplier record, click on the Payments tab shown below. Confirm that the supplier has a green check mark next to Wire. If a supplier has no green check mark at all, the default is Check. If the supplier default needs to be changed, please email accounts-payable@uwyo.edu.

Once the default is confirmed Wire, create and submit a Non-PO invoice in WyoCloud.  At the same time, send the wire transfer request to Accounting.

 

Step 2

Purchase Order or Non-PO

Wire requests for Purchase Orders and Non-PO Invoices are sent to Accounting (cid@uwyo.edu). Please include the following information:

  • A copy of the invoice
  • Bank Name
  • Bank Physical Address
    • This address cannot be a PO Box
  • BIC or SWIFT Code
  • IBAN Number (if available)
  • Account Name
  • Physical Address associated with account name
    • This address cannot be a PO Box
  • Account Number
  • Transit number (if it is for Canada)
  • Phone Number
    • Wires to some countries require a phone number for the contact, including this to start will save time.
  • Accounting String
    • Used for any wire fees.  This can not be on a grant, unless an exception has been granted by the Office of Sponsored Programs.
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Details

Article ID: 146317
Created
Tue 6/27/23 1:12 PM
Modified
Wed 3/6/24 11:04 AM