Outgoing Wire Payments
Departments responsible for disbursing funds via bank wires must notify the Investment Accountant at 352-392-2441 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.
It is important to provide timely notification to ensure adequate funds are available to cover disbursements. Treasury Management reserves the right to send any wires the following business day, since they are subject to available cash in the University’s bank accounts.
- 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
- The ChartField string that will be used to pay for the wire fee
- Appropriate signatory approval by the preparer’s supervisor
- Attach backup documentation to the completed form
- Fax the form and backup documentation to (352) 846-3576 or e-mail to email@example.com
- The Investment Accountant will confirm receipt of the notification and inform the department when the wire transfer will be sent
- Enter a Check Request into myUF Payment Solutions using the steps in the UF HR Toolkit – Creating a Check Request
- Email firstname.lastname@example.org with “Bank Wire Voucher” as the subject line to prevent the check from being printed
- If a new supplier is needed, e-mail email@example.com to have the supplier added to myUFL
- There are fees for performing a bank wire:
- $4.00 for domestic wires
- $12.00 for foreign wires
- Treasury Management will process an unencumbered E2R (Expense to Revenue) journal entry in myUFL to assess these fees to the ChartField string provided on the form
Please note, Treasury Management performs Foreign Currency wires and Emergency Wires. Disbursements performs USD wires.
When a requisition and purchase order have not been created. Unencumbered disbursements bypass the University’s purchasing system and should only occur where normal purchasing procedures are not available or where purchasing procedures do not provide any benefit to the transaction. [Back to Top]
A bank wire is an electronic message system that allows major banks to communicate various actions or occurrences regarding client accounts. The wire represents a secure computerized messaging system that sends account information, notifications, and transaction requests between banks. [Back to Top]
01/31/2021: reviewed content
Disbursements: (352) 392-1241
Treasury Management: (352) 392-9057