Outgoing Wire Transfers

FOREIGN WIRE TRANSFERS AND DOMESTIC ELECTRONIC FUNDS TRANSFERS (EFT)

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. 

Foreign wire transfer is the appropriate method of payment made to vendors in foreign countries by electronically transferring payment from UCB’s bank account directly to the vendor’s bank foreign account. For detailed instructions to set up a payment request, see Wire Transfers.

Domestic wire transfers are made by Electronic Funds Transfer (EFT) through the U.S. NACHA network, and should be requested for vendors with U.S. bank accounts, in U.S. Dollars. For detailed instructions to set up a payment request, see EFT Instructions by clicking here. These electronic transfer 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.

Wire Confirmation: 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.

 

 

 

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