Accounts Payable

Wire Transfer and Bank Draft Payment Instructions

Occasionally, a vendor may require payment through a method other than a check. These methods include wire transfers and bank drafts. These types of payments are often used when paying foreign vendors.

  • A Wire Transfer is an electronic transfer of funds from UCD bank account to the bank account of the vendor. Funds being wired can be US Dollars or foreign currency to either a U.S. or Foreign Bank. Nothing is mailed from AP.
  • A Foreign Draft is a check drawn on a foreign bank in a foreign currency and mailed from AP.

For both Wire Transfers and Bank Drafts, the appropriate Payment Method must be selected, and the applicable section completed on the Payment Request or Disbursement Voucher document.

For a Wire Transfer, the following information is required:

  • Complete name of the bank (i.e. BANK OF AMERICA not BOFA)
  • Society for Worldwide Interbank Financial Telecommunications (SWIFT) address or American Bankers Association (ABA) Number
  • Bank State (for US Bank)
  • Bank Country
  • Bank Account Number
  • Name of Person Assigned to Bank Account

There are other fields that need to be completed for foreign bank transfers, including the type of currency if other than US Dollars.

Note: For security purposes, the Wire Transfer information entered on the Payment Request or Disbursement Voucher document will NOT be visible to other approvers or viewers of that document. The staff in AP who process the Wire Transfer of Bank Draft WILL be able to view and process the information.

For a Bank Draft, the following information is needed:

  • Currency Amount
  • Currency Type (e.g., Euros, Yen)

The above information is entered in the Foreign Draft section on the Payment Request or Disbursement Voucher document.

AP has the ability to send Foreign Drafts to all major countries and currencies, and many smaller countries as well.

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