University Financial Services
Guidelines Regarding International Wires
In recognition of the extreme complexity and time-consuming nature of compiling all of the required information to process an international wire, the following procedures will serve as a guideline for University Financial Services and campus departments.
UVM can make no guarantee that the full amount of the requested funds will arrive due to multiple bank fees that may be deducted from the original amount of the wire. These fees are beyond UVM’s control and are deducted before the funds reach their final destination.
If the account number or wiring instructions are incorrect and the funds are deposited into the wrong account abroad, the holder of the account does not have to return the money. Your department will be charged this amount and any fees associated with the transaction.
Given this complexity, the preferred methods of payment for goods and services abroad are:
1) Foreign currency check based on purchase order/check request. There is a $5 fee per check.
2) UVM Purchasing Card
3) Regular U.S. dollar check based on a purchase order (as is the case for many vendors from Canada and similar situations)
All departments requesting international funds are encouraged to pursue one of the above three options as UVM’s preferred methods of payment for goods and services abroad.
If there is no possibility of using the above options, the department must complete an International Wire Request Form (below) along with an IRS Form W-8BEN (for foreign individuals) or W-8BEN-E (for foreign entities) and attach both to a check request or requisition, along with the invoice and other supporting documentation. Route to Tax & Treasury, 333 Waterman, for tax review. Tax & Treasury will route to the Disbursement Center for continued processing. The Disbursement Center will then inform Tax & Treasury Services to dispatch the international wire transfer in $US dollars from PeopleSoft.
If you have a question regarding banking information on an international wire, you can contact Tax & Treasury Services for guidance before sending the packet to the Disbursement Center. If you have a question regarding the processing of the payment, please contact the Disbursement Center at .
Revised 11/27/2017
University Financial Services
INTERNATIONAL WIRE REQUEST FORM
To process an international wire transfer, please complete all information accurately. If the account number or wiring instructions are incorrect and the funds are deposited into the wrong account abroad, the holder of the account does not have to return the money. The money will be deducted from your chartstring with any associated fees.
1. Beneficiary of the wire (Vendor Name on Check Request / Requisition): ______
______
2. Country of Receiving Bank: ______
3. Full Name of Receiving Bank (Vendor’s Bank): ______
4. Complete Address of Bank (Not a PO Box): ______
______
5. Bank ID / Routing Number (Swift Code): ______
6. Branch ID: ______
7. Bank Account Number: ______
8. Wires to:
a. Europe must include IBAN number: ______
b. Mexico must include CLABE number: (18 digits) ______
c. Australia must include BSB code: (6 digits) ______
d. Great Britain must include a Sort Code: (6 digits) ______
9. US Dollar Amount: $______
Attach this form to a check request form or requisition, W-8BEN/W-8BENE, invoice and other appropriate documentation. Route to Tax & Treasury, 333 Waterman, for tax review. Tax & Treasury will route to the Disbursement Center for continued processing.
Revised 11/27/2017