Foreign Payments - Bank Wire Transfer
What is a Wire Transfer?
A wire transfer is the transfer of funds from one bank to another. The Accounts Payable (AP) Department uses this method of payment to provide vendors and individuals with payment directly to their bank account.
When should I complete a Wire Transfer Request form?
- Any currency other than Canadian or US funds must be wired for payment.
- When the bank account is located outside of Canada or the US, a bank wire is required.
- A wire transfer may be requested for Canadian and US customers in Canadian or US funds but only if the payment is urgent.
- The invoice should be paid in the currency indicated on the invoice, if possible, to avoid exchange losses resulting in a partially paid invoice.
- Bank wires cannot be sent to certain countries nor are all foreign currencies eligible for payment due to banking restrictions. Please direct specific questions to Financial Services.
Who needs to complete a Wire Transfer Request form?
- The requestor of the payment must work with the vendor or individual and obtain all required information to complete the form.
- The form indicates the mandatory information needed. Certain banks will refuse the transfer if the beneficiary name does not match the name of the account holder according to the bank’s records. And, incomplete or missing information may result in bank refusal and fees deducted.
- Bank charges may reduce the amount the beneficiary receives. These fees are not taken by the University’s bank but rather by the intermediary and/or beneficiary’s bank during transmission. Financial Services has no way of knowing whether fees will be deducted, nor the amount, which in some cases can be significant.
Where should I send the Wire Transfer Request form?
- Completed forms should be attached to the invoice or miscellaneous cheque requisition (MCR) and sent to Financial Services with appropriate supporting documentation and approvals.
- Banking information in the supporting documentation will allow Financial Services to ensure the completed form matches the vendor or individual request. Financial Services will contact the requestor if any rejection from the bank occurs.
How will AP handle a Wire Transfer request without a form attached?
- The requestor will be contacted by Financial Services if any invoice that must be wired is received without the wire transfer form. They will work with the requestor to ensure that the required Wire Transfer Request form is completed and submitted for payment.
Need assistance filling out the Wire Transfer Request form?
- A description of each field on the form can be found in the completion instructions.