Outgoing Draft/Wire Form Instructions

Outgoing Draft/Wire Form | Instructions | Costs | Definitions | Contacts

NOTE:  This form should always accompany the paperwork required to make a payment. All Purchase Orders (POs), Direct Payments (DPs), Payments to Individuals (PIRs) expense reports, vendor invoices, and the invoice packet to support the payments must be included and attached to the Outgoing Draft/Wire Form before being forwarded to the Department and/or Deans Office for approvals, then onto Accounting Services, Suite 5301, for review and processing.

Fields

Information Required

Section A (required section for both drafts and wires)
Type of Transaction Check either Draft transaction or Wire transaction
Draft fee $5, Wire fee $35
Account Holder Name of Account Holder
Vendor Address Street/PO address of vendor submitting transaction
City/State Name of city of vendor submitting transaction. (If USA vendor, add 2 digit state code).
Country Name of country (if not USA) of vendor submitting transaction.
Inv. Amt. Only Enter the amount of the invoice to be paid to vendor. Use commas and decimal point (e.g., $1,000,000).
Currency Paid In Enter the name of the currency the draft must be prepared in.
Wire/Draft Fee Enter $5.00 for Drafts or $35.00 for Wires.
Section B (required section for both domestic and international wires only)
Type of Wire Check either International or Domestic. International outgoing wires are requested from vendors with banks outside USA. Domestic outgoing wires are requested from vendors with banks inside USA.
Bank Name Full name of the bank the vendor would like the payment to go to.
Bank Address The address of the bank the vendor would like the payment to go to. Include Street/PO Address, City, State (if applicable), and Country.
Routing Transit No. 9-digit bank routing number the vendor is using to receive the payment.
Account Number The bank account number the vendor is using to receive the payment.
Message A message you would like to have the vendor see in this memo field. The message must be 25 or less in characters and spaces.
For International Only (this section must be filled out for international wires only)
Payment Made In Check the box for the type of currency being used - US Dollars, EUROs, or Other. If using currency other than US Dollars and Euros, please provide the name of the currency in the memo field next to "other."
International Bank Swift Code The 8 or 11 digit Swift code of the vendor's international bank. The international swift code is needed no matter which currency you are wiring.
Payments to Mexico (CLABE No.) This is a required field for payment to Mexico. The 18-digit CLABE number is a banking standard for Mexico. The order is as follows: first 3 digits are bank code, followed by another 3 digits for branch office, then 11 digits for account number, and the last digit for verification code.
For USA Dollars, list intermediate bank in USA.
USA Bank Name All foreign vendors requesting a wire in US dollars to an overseas bank must have an intermediate bank in the USA. This USA bank is a go between the vendor's foreign bank and the USA Banking System.
USA Bank Swift Code The Swift Code the intermediate bank in the USA is using; enter either 8 or 11 digits.
For Euros
IBAN No.

If vendor is being paid in Euros, provide the IBAN of the bank, which the vendor is using. This has a maximum of 34 alphanumeric characters, which uniquely identifies the vendor's account held at a bank anywhere in the world.

Countries currently using IBAN numbers: Andorra, Austria, Belgium, Czech Republic, Denmark, Finland, Germany, Gibraltar, Greece, Hungary, Iceland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovenia, Spain, Sweden, United Kingdom.

Section C (required section for both drafts and wires)
Preparer Name Print your name as it appears in the UW-Madison directory
Phone Provide your direct phone number in case we have questions
Department Signature Provide your Department's signature that can authorize these payments
Date Date of the Department's signature
Division Signature Your Division's signature that can authorize these payments
Date Date of the Division's signature

Costs for Outgoing Transactions

  • Drafts - $5 per transaction. Charged to the same accounting string as the original payment.
  • International Wires - (in US currency) $35 per transaction. Charged to the same accounting string as the original payment.
  • International Wires - (in Foreign currency) $35 per transaction. Charged to the same accounting string as the original payment.
  • Domestic Wires - (in US currency) $35 per transaction. Charged to the same accounting string as the original payment.

Definitions

Drafts: A bank check issued in foreign currency.

EUROS: A common currency that has replaced the individual currencies of 12 European countries, including France, Italy, Ireland and Germany. The UK, Denmark and Sweden are members of the European Union but are not currently participating in the single currency.

CLABE: Clave Bancaria Estandarizada (CLABE) is a banking standard for the numbering of bank accounts in Mexico. This standard is required in order to send payments to Mexico. The 18 digits of the CLABE follows the structure below:

1) First 3 digits: Bank Code

2) Next 3 digits: Branch Office Code

3) Next 11 digits: Account Number

4) Last 1 digit: Verification Number

IBAN No.: International Bank Account Number has a maximum of 34 alphanumeric characters. It is a series of alphanumeric characters that uniquely identifies a customer's account held at a bank anywhere in the world. It helps facilitate the automatic processing of cross-border credit transfers. Currently there are 23 countries requiring IBAN numbers in order to wire EUROs. See http://www.ecbs.org and http://www.ruesch.com/.

Outgoing Draft/Wire: Money transaction going out to vendor from UW Madison.

SWIFT Code: This is a bank-owned cooperative supplying secure messaging services and interface software to financial institutions in over 200 different countries using a Bank Identifier Code or BIC. A BIC bank file provides the name and location of each institution alphabetically by code.

Wires: Electronic fund transfer system from one bank to another by telephone. Usually used for foreign transactions.

Contacts

Janet Hamm