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OTO Updates Form for Payments by Wire - 10/21/08

The Office of Treasury Operations (OTO) has updated its Form 52A -- Request for Wire Transfers and Foreign Drafts -- with new information.

Staff who use the Form 52A should destroy their templates of the old form. If an outdated form is submitted, valuable time may be lost when the form is returned with a request for resubmission on the proper form. 

The 52A is used by University business personnel who wish to request an electronic payment via wire transfer of:
     -- funds in a foreign currency
     -- U.S. dollars to a foreign country (typically excluding Canada)
     -- and U.S. Dollars that must be paid same day.
 
The form also is used to request a foreign bank draft in the unusual event an electronic payment cannot be sent.

Although OTO initiates payments by wire transfer, the 52A is first routed to the Central Disbursement Desk in Accounts Payable. After review by AP and Tax, the form is routed to OTO.

A wire transfer sent to a domestic bank is more expensive for the University to send than an Automated Clearing House (ACH). Wire transfer payments are reserved for those that must arrive the same day and are rarely used to pay a U.S. vendor. ACH payments are initiated from SAP by submission of a direct invoice. The process to pay a Non PO-Related Invoice Via ACH is available online. An ACH payment typically arrives in the vendor’s account within three days.

Once a wire transfer is sent, those funds cannot be retrieved. There is no such thing as a wire transfer stop payment. Thus, accuracy is critical. To help avoid mistakes, when entering information on the form, please type or print legibly. Be certain the payee’s name is correctly spelled and that bank account numbers and all other information are error-free.

Please be clear on the form regarding whether the request is for U.S. dollars or foreign currency. If the request is for a reimbursement, the currency spent should be the currency reimbursed. To pay in U.S. dollars when another currency was spent, or visa versa, can place the payee at an exchange-rate advantage or disadvantage, depending on the market.


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