8.8.2 Request Payment by Wire Transfer

Policy Statement

Wire transfer or electronic funds transfer (EFT) are options for payments where there are legal/contractual requirements or international payments. International electronic transfers (foreign wires) are more secure than foreign checks (drafts). The following should also be noted:

• It is very important that the information to make an electronic funds transfer is accurate. All banking instructions provided by the beneficiary should be included when submitting a wire transfer request. Misdirected funds might never be recovered.
• Wire requests should rarely be used to expedite payment, or for payments under $200 due to potential wire fees. In most cases, a vendor can be paid more quickly by PCard, check, or ACH.
• Domestic wire transfers will not be approved unless a valid business reason for the wire is documented.
• If paying an individual, confirm the recipient is a U.S. citizen, permanent resident, or resident alien. If they are not, consult Payments to Foreign Nationals for instructions on requesting payment.

Reason for the Policy

To establish when wire transfers or electronic funds transfer (EFT) should be considered as a payment option and the process to request a payment by wire transfer.

Applicability of the Policy

All payments where there are legal/contractual requirements or international payments and wire transfer or electronic fund transfer (EFT) should be considered.

Procedure

To request payment by wire transfer:

1. Complete an Electronic Funds Transfer (EFT) form. The information on the form helps the Cash Management office determine the appropriate electronic transaction type for timely delivery and lowest cost. If unsure how to complete the form or the transaction is complex, consult Instructions on how to properly complete an Electronic Fund Transfer Form or contact Cash Management at cashmgmt@uillinois.edu.
2. Complete the appropriate standard document for payment:
   • For encumbered payment requests, use the Request a General Encumbrance/Wire Transfer Payment form
     or
   • For purchase order payment requests, use the iBuy Purchase Order Special Payment Request Form (SPR) posted in the University Forms section of the iBuy home page
     or
   • For non-encumbered, non-PO payment requests, Create an Invoice Report in Emburse Enterprise
3. Obtain signatures as directed on the forms. Retain all original forms in the unit's financial records.
4. Attach all supporting documents to substantiate the validity of the transaction. Supporting documentation includes, but is not limited to, a receipt, vendor invoice, contract, etc. Banking instructions provided by the beneficiary should always be included as support.
5. Submit the appropriate documents for review and processing:
   • For encumbered payment requests, email forms (EFT and Request a General Encumbrance form) and supporting documents to obfspayments@uillinois.edu. Please make the Electronic Funds Transfer (EFT) form the first document so University Payables (UPAY) can recognize the transaction as a wire transfer.
   • For purchase order payment requests, submit the EFT form and supporting documents with the iBuy SPR form.
   • For non-encumbered, non-PO payment requests, create an Emburse Invoice report, and attach the EFT form and supporting documents in US currency. The amount will be updated to reflect the conversion amount at the time of transfer.
6. UPAY and Cash Management process electronic funds transfers when received or on the requested transfer date, subject to the availability of funds and/or financial institution wire transfer deadlines.