How to use an outgoing wire transfer or draft to pay a vendor or other service provider.
Using a wire transfer vs. draft
When to use an outgoing wire transfer
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
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1. Complete the Appropriate 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.
