Outgoing Draft/Wire Form Instructions

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

For an Outgoing Wire or Draft payment, the Outgoing Wire/Draft form must be attached to the front of the appropriate Accounts Payable expense request document such as Direct Payment (DP), Payment to Individual Report (PIR), Purchase Order (PO), or e-Reimbursement. Forward the expense request with the attached Outgoing Wire/Draft form to the Dean’s office for approval and appropriate signatures. The Dean’s office will submit the approved documents to Accounting Services, Suite 5301 for review and processing.

Fields

Information Required

Outgoing Wire Request
Amount of Currency Amount due in specified currency on the vendor's invoice or agreement.
Beneficiary Bank ABA (routing no.) 9-digit financial institution identification number used in the USA.
Not required for foreign banks.
Bank Name Name of the financial institution where the funds will be deposited.
Ban Address, City, State, Zip Code, Country Physical location of the bank.
Beneficiary (Account Holder) Exact name of owner's bank account.
Beneficiary Account Number The bank account number of the beneficiary or account holder.
Vendor Address, City, State, Zip Code, Country Physical location of the vendor.
Funding string for $35 Bank Fee Fund, Department ID, Program, Account Code and Project
(if applicable).
Reference Information Invoice information for the vendor to be able to identify the payment
(25-character limit).
For International Wires ONLY
Payment Currenty Type Check USD, Euros, or indicate other currency type as noted on invoice or agreement.
International Bank SWIFT Code (BIC ID) Bank identification code (BIC), also known as a SWIFT code, which is 8 or 11 characters that identifies particular banks worldwide.
IBAN No. for European Union Countries International Bank Account Number (IBAN) is a European banking standards number required for countries in the European Union.
For US dollars, Intermediary USA Bank Name Wires sent in US dollars (USD) to a foreign bank use a third party bank to facilitate an international transfer. Not required.
For US dollars, Intermediary USA SWIFT code Bank identification code (BIC), also known as a SWIFT code, which is 8 or 11 characters that identifies particular banks worldwide. Not required.
Payments to Mexico (CLABE number) 18-digit number that is a standard required to send wires to Mexico.
Draft Request
Payee (vendor) Name the foreign draft is payable to.
Vendor Address, City, State, Zip Code, Country Physical address where the draft is mailed to.
Currency Amount Amount due in specified currency on the vendor’s invoice or agreement.
Type of Currency USD, Euros, or other currency type indicated on the invoice or agreement..
Reference Information Invoice information for the vendor to be able to identify the payment (25 character limit).
Approval and Acknowlegement
Preparer Name Provide preparer's name.
Preparer Signature Preparer's signature for acknowledgement.
Phone Provide preparer's direct phone number.
Department Approver Name Provide Department approver name.
Department Approval Signature Department's signature for approval and acknowledgement.
Date Date of the Department's signature.
Dean/Division Approver Name Provide Dean/Division approver name.
Dean/Division Approval Signature Dean/Division's signature for approval and acknowledgement.
Date Date of the Dean/Division's signature.

Costs for Outgoing Transactions

  • Outgoing Wires - $35 per transaction

Definitions

  • Drafts: Bank check in foreign currency drawn on a foreign bank. A draft is used when a vendor does not accept US currency.
  • EUROS: A common European Union currency that has replaced the individual currencies of several European countries, including France, Italy, Ireland, and Germany.
  • 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.
  • IBAN No.: International Bank Account Number (IBAN), which has a maximum of 34 alphanumeric characters, and identifies a customer’s bank account.
  • Outgoing Draft/Wire: Vendor payment from UW Madison for non-USD check/ACH payments.
  • SWIFT Code: International bank code that identifies particular banks worldwide, also known as a Bank Identifier Code (BIC) and consists of 8 or 11 characters.
  • Wires: Electronic fund transfer system from one bank to another, used for foreign and sometimes domestic transactions.

Contacts

Janet Hamm