Domestic and International Wire Transfer Procedures

If necessary, vendor payments for goods and service can be processed via wire transfer. The vendor/payee must provide specific and complete wire transfer instructions in written form. Please read carefully and follow instructions for accurate and timely processing.

Accounts Payable will process the Disbursement Voucher accordingly and direct Cash Operations to complete the wire transfer.

Disbursement Voucher (DV)  and EFT forms

  1. Select a voucher form to initiate wire payment processing in KFS
    • Vendor Invoice Payments KFS DV Disbursement Voucher.
      Note: Indicate in description area “WIRE TRANSFER”
    • International Registration Fee Payments ONLY
      Note: Use Procard (Credit Card Payments) whenever possible. In the event a conference does not accept credit card payments, submit the prepaid registration form, attach conference supporting documents and forward to the Travel Office at U-6220.
  2. Backup and detail information to be attached to DV. Select the type of wire payment form, complete, save and attach to the DV.

 

Wire Transfer Instructions

Vendor/individual payments for goods and services can be processed as “wires”   for electronic funds payments. All request for payments via wire transfer   need to be sent to Accounts Payable following the same procedures as any other   payment request. Cash Operations is responsible for the execution of wire   transfer payments received from Accounts Payable.

  • Complete the Request for Payment via Wire Transfer.It is imperative that   all information requested be provided in order for the transaction to be   completed properly. Backup to be included with the form:
  • Invoice that is being paid
  • Banking information on wire form must match banking information on invoice.
  • Please be sure that the invoice states the payee name, payee address, and the currency to be sent.
  • Attach form and related backup to the Disbusement Voucher (DV) in KFS following the same procedures as other   payment requests.
  • Accounts Payable will forward the request to Cash Operations for execution   of the transactions.

NOTE: Request for payment via wire transfer should   only be requested when a ProCard purchase or check payment is not feasible. Use   of the ProCard often results in a more favorable exchange rate on small dollar   purchases.

Determine US Dollar Equivalent

Because foreign exchange rates fluctuate,  the US dollar equivalent for payments made in foreign currency cannot be determined until the wire transfer has been processed.  When billed in foreign currency, the charge to your account cannot be exactly determined until the day of the wire transfer.

Note: Incomplete and inaccurate  forms  will not be processed and will be  returned to the department.  It is the department’s responsibility to contact the beneficiary for all payment information.

Currency Converter

Types of Payments as Electronic Funds Transfers

DV – Disbursement Voucher

This document is utilized to initiate payment for goods or services rendered  to a vendor/individual with vendor invoice(s) or related document(s).

Departmental Requisition/Purchase Orders

Purchase Requisition is submitted to Purchasing for processing and may include banking instructions provided by the vendor.  If information is not available at the time of requisitioning Purchasing will submit the wire form along with the purchase order to the vendor for completion.  The vendor will submit the completed wire form with the invoice to Accounts Payable for payment processing.

Personal Services Agreement

When a  Personal Services Agreement (PSA) is forwarded to vendor for authorization, a copy of the wire form must accompany the document for completion.

Travel Prepaid Registration

Complete a  Prepaid Registration Fee form, attach the completed wire form and the  conference brochure pertaining to wiring instructions.  The Travel Office will request the amount of the wire and apply the charge to the appropriate KFS account.

Direct Pay via EFT

Departments must complete the EFT form and attach to the DV

Finance Division Contact

Accounts Payable – Terri Richard – 860-486-1643 – Payment Status

Cash Operations at cashoperations@uconn.edu