Handbook of Business Procedures
September 18, 2009
September 18, 2009
9.3.2. WIRE TRANSFERS AND BANK DRAFTS
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.
B. Wire Transfers
Wire transfers are used to send money electronically to a payee’s bank account. These funds can be sent in United States dollars or a foreign currency. Speed is the main benefit of sending a wire transfer.
- Domestic wire transfers are sent to U.S. banks using U.S. dollars. They are received by the destination bank the same day the funds are sent.
- Foreign wires are paid to banks in foreign countries (outside the 50 United States) using either U.S. dollars or foreign currencies. Foreign wires are usually received by the destination banks 48-72 hours after being submitted to the bank.
C. Bank drafts are checks payable in foreign currencies and are delivered per departments’ instructions.
Departments must pay all fees associated with wire transfers and bank drafts. Fees for wire transfers vary, depending on whether it is a domestic or foreign transfer. Fees for bank drafts depend on the amount of the check.
For a fee schedule or more information, please contact Cash Management at firstname.lastname@example.org or (512) 232-2100.