Wire Transfer | Accounting Services | SIU

The University may make Wire Transfers when a University check will not be accepted. In most, but not all cases, the Wire Transfer will be going to a foreign country. The procedures below should be followed when requesting a Wire Transfer on behalf of the University: PLEASE NOTE: WIRE TRANSFERS SHOULD ONLY BE USED IF A UNIVERSITY CHECK WILL NOT BE ACCEPTABLE TO THE VENDOR.

Choosing the Correct Form 

• Departments requesting payment by Wire Transfer must complete on-line version of the AIS Invoice Distribution Form. If the payment is to a Foreign Vendor, a Non-Resident, or on the behalf of a Non-Resident, a Contractual Service Voucher must be completed in place of the Invoice Distribution Form.

Completing the Form

• The Invoice Distribution Form or Contractual Service Voucher should be made payable to the beneficiary of the Wire Transfer. Departments should note in large or highlighted print “WIRE TRANSFER” on the voucher.
• The voucher should also include the appropriate receiving bank information as outlined below:
• Wire Transfers to Foreign Countries (if going to a country in the European Union see further direction below):
  • Bank Name
  • SWIFT Code / BIC Code
  • Account Number
  • Account Beneficiary

• Wire Transfers within the United States 
  • Bank Name
  • ABA/Routing Number
  • Account Number
  • Account Beneficiary

• If payment is going to a country in the European Union or a country within the European Economic Area (see right column), ALL of the following receiving bank information MUST be provided:Bank Name

  • Bank Name
  • SWIFT Code / BIC Code
  • IBAN
  • Account (Optional)
  • Account Beneficiary 

• As with any other payment, the appropriate “back up” information, such as an invoice, must be submitted with the voucher.

Fees 

• Any wire transfer, to be made in Euros or British Pounds, for less than 150 Euros or British Pounds may be assessed a fee that is a pass through from the receiving bank and other payment networks involved in the transfer. The fee to send a wire transfer for less than this amount is not known until after the wire transfer has been sent, but is estimated to be at least $25 - $30. Any fees assessed will be charged to the department requesting the wire transfer.

The Process

• Once the appropriate paper work is submitted to Accounts Payable, the President’s Office is faxed copies and the Wire Transfer is requested from the bank.

  • PLEASE NOTE: WIRE TRANSFERS MUST BE REQUESTED AT THE BANK BEFORE 11:00 A.M. FOR THE WIRE TO BE COMPLETED ON THE SAME DAY.

• After Accounts Payable receives confirmation that the Wire Transfer has been completed, the transaction is entered into AIS and the appropriate University account is charged.