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[ Cash Management ] Wire Transfers Cash Management is responsible for processing all incoming and outgoing wire transfers to and from the University of Pennsylvania's operating account. Incoming Wires from VENDORS If a vendor wishes to make payment to the University of Pennsylvania via wire transfer, please provide the following wire instructions to the individual to ensure prompt crediting of funds:
Incoming wires from STUDENTS If a student wishes to make payment to the University of Pennsylvania via wire transfer, please use the following link to ensure all information needed by Student Registration and Financial Services is included with the wire payment. http://www.sfs.upenn.edu/paymybill/wire-transfer.htmlIncoming Wires from DONORS If a donor wishes to make payment to the University of Pennsylvania via wire transfer, please provide the following wire instructions to the individual to ensure prompt crediting of funds:
Confirmation of Incoming Wires Once the funds are received and identified, our office will contact you by telephone or email. You will need to provide an internal 26-digit account number so that our office can record the entry in the G/L. If you are expecting an incoming wire, please email cash@exchange.upenn.edu with the amount of the wire, the sender, the expected date and a 26-digit account number. Our office will respond via email when the amount has been journaled into your account. Fees Some banks will deduct a fee from the funds being wired, therefore, the actual funds received may be less than the full expected amount. It is important that you have the remitter (sender) check with their bank on their procedures and fee structure. The remitter should include the amount of the wire fee in the amount being wired. For your information, Wachovia Bank charges the University a fee for all incoming wires, however, this fee is not charged back to your department. Outgoing Domestic/International Wires Cash Management initiates all outgoing wire transfers from the University's operating account. We have established a $100,000.00 minimum to initiate outgoing wire transfers. We will process a domestic or international wire transfer for payment of less than $100,000.00 only if the vendor's invoice indicates that payment via check and/or international draft is not acceptable. The following form must be used to request payment via wire: C-368 (via Wire Transfer) http://www.finance.upenn.edu/forms/c368wt.doc Click the list of countries and currencies eligible to receive payment via wire transfer. Travel/Entertainment Advance To process a travel advance/entertainment wire, complete a C-368 form and forward it with any invoice or registration form to the Travel Office (308 Franklin Bldg.) for approval. Please make sure you clearly indicate that a wire transfer is required. The Travel Office will forward the documentation to our office to initiate the wire.
Wire Payment to a Vendor To process a payment to a vendor, complete a C-368 disbursement form and forward it along with the invoice to the Office of the Treasurer, 3451 Walnut Street, Room 737 Franklin Building. Please provide 48 hours notice prior to a wire being processed. The following information must be included on the disbursement form to avoid delays:
Confirmation of Outgoing Wires Once the Office of the Treasurer has initiated the outgoing wire transfer, the documentation will be forwarded to Accounts Payable for the recording of the entry. The charge to your account will confirm that the wire transfer has been processed. |
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