Outgoing Wire Transfers

 

An outgoing wire transfer is the appropriate method of payment for vendors located in foreign countries and for payments that must be made in a currency other than U.S. dollars. These transactions are coordinated by the campus Accounts Payable office and executed by the Bank of America on behalf of the University. Since the required action is controlled by the bank, not by the University, it may take up to 10 days for an international wire transfer to be initiated. 

request payment via an outgoing wire transfer

Step-by-step instructions for making a payment by wire are available on the campus Accounts Payable website. 

Receive confirmation of a wire transfer

When the wire transfer has been successfully executed by the Bank of America, Accounts Payable will upload a copy of the confirmation receipt to BearBuy. This confirmation does not mean that the payment has been deposited into the beneficiary’s bank account; it only confirms that the payment was sent to the recipient (or intermediary) bank.  It is up to the recipient bank to deposit the funds into the beneficiary’s account.