Wire Transfers and Foreign Payments

How to use an outgoing wire transfer or draft to pay a vendor or other service provider.


 

WHEN TO USE AN OUTGOING WIRE TRANSER

A wire transfer is a method of Electronic Funds Transfer (EFT) that can be used to pay a person or entity locally or in a foreign country in either US Dollars or a foreign currency.

Wire transfers should primarily be used to pay an international vendor or other service provider. A wire transfer should only be used to pay a domestic (within the USA) vendor or service provider because an ACH is not timely; this should be a one-time solution.

WHEN TO USE A DRAFT

A draft is a check issued in a foreign currency that must be ordered. Once ordered, the draft can be mailed to pay a person or entity in a foreign country.

Cost

 

Type of Payment Amount of Fee
International Wire Transfer in Foreign Currency $  0.00 (No Fee)
International Wire Transfer in US Dollars $16.00
Domestic Wire Transfer in US Dollars $  2.25
Draft Order (Foreign Currency Only) $  5.00
ACH Payment (Domestic Only)* $  0.00 (No Fee)

* Search the vendor in WISER to see if the default payment method is Automated Clearing House (ACH). If this is the default payment method, the Outgoing Wire Form or Draft Order Form is not necessary. If the vendor payment method is not set to ACH, contact acctg@bussvc.wisc.edu to see if it can be setup.

How to Complete the Payment

This is an accordion element with a series of buttons that open and close related content panels.

1. Complete the Appropriate Form

Links to the forms are below. The forms along with detailed instructions can also be found here.

Outgoing Wire Form

Draft Order Form

2. Attach appropriate documentation

The completed form must be attached to the front of the appropriate Accounts Payable expense request document: Direct Payment (DP), Payment to Individual Report (PIR), Purchase Order (PO), or e-Reimbursement.

3. Obtain Dean/Division Approval

Forward the expense request with the completed form to your Dean’s Office for approval and signature. The Dean’s Office will then submit the approved documents for review and processing to Accounts Payable.

Contact

Find Accounting Services by address

Accounting Services
21 N. Park Street
Madison, WI 53715-1218

Contact Accounting Services by phone

608-262-5748