TSS - Making Payments via Wire Transfer or with Foreign Currency

Making Payments via Wire Transfer or with Foreign Currency

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First Published  :Thu Sep 18 18:12:19 GMT 2014
Last Modified  :Mon Sep 25 17:53:49 GMT 2017
Last Published  :Thu Dec 22 16:02:17 GMT 2016
Summary :  Read this article if you would like a wire transfer to be made or a payment in a foreign currency check.

Response

Primary Information

    All requests for payments via wire transfer need to be sent to Tufts Support Services following the same procedures as any other payment request. Treasury Operations is responsible for the execution of wire transfers payments and Accounts Payable will work collaboratively with Treasury to facilitate the payment.
    1. Complete the relevant form:
      1. Wire Transfer Form Information
      2. Foreign Currency Form Information 

      Please note:  There will be a $25.00 fee charged to the account/DeptId/project/grant indicated on the form for each wire transfer and foreign currency payment processed.  This is a fee imposed by the bank which is passed on to the requesting department.

    It is imperative that all information requested on the aforementioned forms be provided in order for the transaction to be completed properly.

    PLEASE NOTE:
    Requests for payment via a wire transfer should only be requested when a P-Card purchase or check payment is not feasible. Wire transfers are the costliest form of payment due to the number of individuals involved in the processing/execution of the payment as well as the bank fees incurred and should therefore only be requested when necessary. Use of the P-Card often results in a more favorable exchange rate on small dollar purchases and the elimination of transaction fees to your account.

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Keywords

    wire transfer, foreign currency check, payments