Wire Transfers

 

What is a wire?   

Wire transfers are a form of payment whereby funds are sent through the Federal Reserve Wire Network from one financial institution to another.

When should wires be submitted?

Wire transfers should only be requested when payments cannot be made with the Purchasing Card or any other standard University form of payment.

What is the cost?

Outgoing wire transfers are the University's most expensive payment option and are therefore processed only upon request. The internal costs associated with wire transfers are absorbed entirely by the University and are not passed on to the requesting department.

What if my wire is returned?

Wires are normally returned due to incomplete or incorrect banking instructions.  All fees associated with returned wires will be charged back to the requesting department.  This fee amount is determined by the receiving bank and may vary.  The chargeback cost is usually $25 - $35 per transaction.  All returned wires will need to be resubmitted through the normal wire request process with correct banking instructions.

What is the deadline for a wire transfer to be processed?

Wire transfers are processed daily by 10 a.m. upon approval by Accounts Payable, provided the date of the wire transfer request is NOT a federal or University holiday.  

Wires submitted after 10 a.m. will be released the following business day.  If there is a need for same day payment after the deadline the requester must contact Treasury.

How do I submit a wire request?

Wire requests should be submitted using the University’s Wire Transfer Request online form link below.

https://www.procurement.virginia.edu/netbadge/pagewiretransferform

 

What information is need to request a wire? 

Wire Infromation

 

International Bank Account Number (IBAN) Information (20-27 digits starting with 2 letters, i.e. AD12 0001 2030 2003 5910 0100)

(Required for some foreign transactions): The IBAN is an international standard for identifying bank accounts across national borders. Information regarding the IBAN structure can be located at: http://www.ing.be/independent/showdoc.jsp?docid=092249_EN&menopt=sme%7Cecb%7Ciba&lang=en

Bank Sort Codes (6 digit code, i.e. 40-53-06)

Bank Sort codes are used to route money transfers between banks within their respective countries via their respective clearance organization. The codes are six digits

Society for Worldwide Interbank Financial Telecommunication (SWIFT) (i.e. BOFAUS3N)

The SWIFT is a standard format of Bank Identifier Codes. It is the unique identification code of a particular bank. Only SWIFTs connected to the SWIFT network can be used to execute wire transfers. They can be validated at: http://www.swift.com/biconline/

Intermediary Bank

Optional, only need if there are three parties involved in the transfer of your wire.

ABA or Routing Number (9 digit code, i.e. 026009593 )

A nine digit bank code, used in the United States. ABA actually stands for American Banker’s Association. It is also sometimes called the Transit Routing Number. The ABA number identifies which banks the account is from. Each bank is issued its own ABA number.

 

Any questions regarding wire transfers should be sent to treasury@virginia.edu.