Outgoing Wire Payments

Directive Statement

Departments responsible for disbursing funds via bank wires must notify the Investment Accountant at 352-392-9057 in advance of any wires for disbursements exceeding $10,000.

Reason for Directive

Timely notification will allow for the efficient investment of excess funds and ensure adequate funds are made available to cover disbursements. Significant costs may be incurred if proper notification is not received.

Who Must Comply?

All University departments.

Procedures

It is important to provide timely notification to ensure adequate funds are available to cover disbursements. Banking & Merchant Services reserves the right to send any wires the following business day, since they are subject to available cash in the University’s bank accounts.

1. Any department disbursing funds via bank wires must complete the Outgoing Bank Wire Form, which includes the following information:
   • Bank information
   • Reference Information to identify the wire
   • Appropriate signatory approval by the preparer’s supervisor
2. Attach backup documentation to the completed form
3. Fax the form and backup documentation to (352) 846-3576 or e-mail to investments@ad.ufl.edu
4. The Investment Accountant will confirm receipt of the notification and inform the department when the wire transfer will be sent
5. Create an Invoice in myUF Marketplace for a non-purchase order myUF Marketplace – Creating a Non-Purchase Order Invoice or from a Purchase Order myUF Marketplace – Creating an Invoice from a Purchase Order 
6. Contact disbursements at Finance Hub (tfaforms.net)
7. If a new supplier is needed, fill out the Contact Form to have the supplier added to myUFL
8. Effective January 1, 2022, departments will no longer be billed for sending outgoing wires. The fees associated with performing bank wires will be absorbed by the University of Florida Controller’s Office

Please note, Banking and Merchant Services performs Foreign Currency, Emergency wires, and any wire that require an intermediary/third party bank. Disbursements perform USD wires.

Last Reviewed

Last reviewed on 03/20/2024

Resources

Disbursements Website

Toolkits

UF HR Toolkit – Creating a Check Request

Contacts

Contact Form

Disbursements: (352) 392-1241

Banking & Merchant Services: (352) 392-9057

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