Domestic and International Wire Transfer Procedures
Request for payment via wire transfer should only be requested when a Pro-Card purchase is not feasible. Use of the Pro-Card often results in a more favorable exchange rate on small dollar purchases.
When the Pro-Card cannot be used, the preferred payment method for making foreign payments is a wire transfer. Domestic wires are an exception and will need approval from Accounts Payable and University Controller.
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.
Wire Transfer Instructions
Payments to foreign vendor/individual providing goods and/or services whether by Disbursement Voucher or PO Invoice, 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 Wire Form for payments to an international bank. It is imperative that all information requested be provided in order for the transaction to be completed properly.
- When creating your requisition from a DV form or Goods and Services form. Please remember to select the Payment Method of “WIRE”.
Backup to be included with the Wire Form:
- Invoice that is being paid
- Banking information on wire form must match banking information on invoice or backup information given
- Beneficiary name (make EFT payable to) on wire form must match supplier name on invoice and supplier name on HuskyBuy profile
- Please be sure that the invoice states the payee name, payee address, invoice currency and the currency to be sent.
- For DVs: Please attach form and related backup to the DV requisition in Husky Buy
- For PO invoices: Please include form and related backup when submitting the invoice to APInvoices@uconn.edu
- HuskyBuy will route the invoice to Cash Operations for execution of the transactions only if the Payment Method of WIRE is selected on the requisition.
Payment can be sent in foreign currency as well as USD. In most instances, it is preferable to send payment in the foreign currency as the vendor’s international bank account likely cannot accept USD. The amount sent must match the invoice. If the invoice is in foreign currency, then that amount of foreign currency should be sent. For example, if invoiced 500 Euros, then the wire form should reflect a payment of 500 Euros. If the invoice is in USD, then the USD equivalent can be sent in the vendor’s currency. For example, if the invoice is $500 USD but the vendor’s bank account only accepts Euros, then the wire form should reflect the equivalent of $500 USD sent in Euros.
Determine US Dollar Equivalent for DV/PO Invoice
If the vendor’s cost is in their home currency, it is preferred that the vendor then invoice UConn in their home currency as well and not convert into USD. The cost will be converted to USD at the time the wire is sent based on Western Union’s spot market rates. 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. You can use the below Currency Converter link to get a general estimate.
If the University is setting the cost (for example, an honorarium), then it is appropriate that the invoice be in USD and the beneficiary can still request the equivalent be sent in their home currency as explained above.
Generally speaking, the invoiced currency should match the currency of the actual expense/cost. The conversion should only occur at time of payment.
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.