Wire Transfer Procedure

INTRODUCTION

In lieu of a check, The University of Texas at Austin can issue wire transfers and bank drafts to pay recipients who send an invoice to the university or have a contractual agreement with the university for services performed or goods received. After a department requests a wire transfer and the wire transfer is sent by the bank, a cash receipt voucher (VC1) is created and approved within 48 hours to debit the departmental account. The department will receive a copy of the completed VC1 plus documentation of the completion of the wire transfer or bank draft via intercampus mail. The original records will be submitted for imaging by Cash Management.

WIRE TRANSFER

When requesting a wire transfer, a manual purchase voucher (State of Texas Purchase Voucher) must be completed. This should be submitted to Cash Management along with any purchase documentation such as the invoice, APS form, RTA form and/or payment contract. Also, the department must provide two authorized signatures from the charged account for purchases of $500 or more. The manual purchase voucher can be acquired at https://financials.utexas.edu/cash-management-services. The following sections must be completed on the voucher form

The following sections must be completed on the voucher form. 

  • Purchase Order number, if applicable (Section I)
  • UT EID number (Section O)
  • Payee name and address
  • Account title
  • Account number – UT Define account number
  • UT Code (Object Code)
  • Payment amount shown in the currency to be sent (US dollars or foreign currency)
  • Delivery Date - Date of services (Section Z)
  • Description of articles or services (Section AA)
  • Amount to be paid in the currency to be sent (Section DD)
  • Preparer’s name, department address and phone number
  • Total – Total amount to be submitted in the currency to be sent
  • Original authorized signatures (Section FF)
  •  

    wire transfer information form must be completed with the following information:

  • Bank name and address
  • SWIFT code (for foreign wires)
  • Routing in transit or ABA number (for domestic wires)
  • Any other Bank codes provided by the vendor such as IBAN, sort code, etc.
  • Wires to Mexico must have a CLABE and Sucursal number
  • Wires to Brazil may require additional information. Please call for instructions.
  • Account name as it appears at the bank
  • Account number – IBAN for European Countries
  •  

    All the above information must be included for the wire transfer to be processed properly. Any information not provided may delay the wire process. Also, incorrect information could result in the return of a wire and an additional delay in payment to the vendor.

  • Attach payment documentation such as invoices, APS forms, and any correspondence from the vendor.
  • If the payment is $500 or more, have two authorized signers on the department's account sign the voucher. If it is under $500, only one authorized signer on the account needs to sign.
  • Scan and send all completed documentations to CNS Business Services (bservices@cns.utexas.edu), with   Subject: Wire Transfer Request – [Department]
  • Business Services will review and obtain appropriate signatures and contact the requestor when the document is ready to be pick up.
  • It is the department’s responsibility to send the voucher and documentation to:                                                                   
  •                      Cash Management

                         Campus Mail K5300

    Once the wire transfer is complete, the department will be charged using a VC1. The VC1 will be FYI’d to the department requester and this individual will be able to retrieve the document copies from the image retrieval system (IRS) within a few days after the process date of the VC1.  The department requester will have the VC1 # in their inbox on Define.

    Foreign Draft Procedure

    FOREIGN DRAFT

    The same basic process applies in that a manual voucher (State of Texas Purchase Voucher) must be completed and forwarded to Cash Management with the necessary documentation.  The following sections must be completed on the voucher form.

    1. Purchase Order number, if applicable (Section I)
    2. UT EID number (Section O)
    3. Payee name and address
    4. Account title
    5. Account number
    6. UT Code (Object Code)
    7. Payment amount shown in the currency to be sent (US dollars or foreign currency)
    8. Delivery Date - Date of services (Section Z)
    9. Description of articles or services (Section AA)
    10. Amount to be paid in the currency to be sent (Section DD) 11. Preparer’s name, department address and phone number
    11. Total – Total amount to be submitted in the currency to be sent
    12. Original authorized signatures (Section FF) 

     

    All the above information must be included for the foreign draft to be processed properly. Any information not provided may delay the process.  

     

    Scan and send all completed documentations to CNS Business Services (bservices@cns.utexas.edu), with Subject: Foreign Draft Request – [Department]

     

    Business Services will review and obtain appropriate signatures and contact the requestor when the document is ready to be pick up.

    • It is the department’s responsibility to send the voucher and documentation to

                     Cash Management

                     Campus Mail K5300

    Once the draft is received from the bank, the check will be mailed to the vendor with a copy of the invoice and/or payment documentation. The department will be charged using a VC1. The VC1 will be FYI’d to the department requester and this individual will be able to retrieve the document copies from the image retrieval system (IRS) within a few days after the process date of the VC1.  The department requester will have the VC1 # in their inbox on Define.

     

    If you need any assistance you may contact the outgoing wire team at oa.cmwires@austin.utexas.edu
    Office of Accounting
    Cash Management – K5300
     

     


                                                                                                                                               Last Updated: 17 July 2017