Wire Transfers and Foreign Currency Options
The University has the capability of issuing payment via Wire Transfer, or in foreign currencies. Domestic and International options are discussed below. The University incurs bank fees and additional administrative costs to process these options. The Accounts Payable department at email@example.com can advise you as to the most appropriate option for your transaction.
The University’s standard method of payment is by check. Payments via ACH bank transfer (direct deposit) are made to ND employees and high volume vendors. ACH is limited to high volume vendors due to the administrative effort to set up and maintain the necessary banking information.
In rare instances, a domestic wire transfer may be necessary for a large dollar or time sensitive transaction (purchase of real estate, for example).
There are options for handling payments destined outside the U.S., or if payment must be in a foreign currency:
1. Check – US dollar
If a US dollar check is being sent to a payee with a mailing address outside the US, the check should be sent via Federal Express, or in some manner that provides increased security.
2. Check (Bank Draft) – foreign currency
If payment is being made to a payee with a mailing address outside the US, payment can be made via a Bank Draft (similar to a check) in the local currency of that country. Bank drafts should be sent via Federal Express, or in some manner that provides increased security. Use this option only if a wire transfer cannot be sent, or if additional documents must be physically mailed with the bank draft.
3. Wire Transfer
If payment is being made to a payee with a bank account outside the US, payment can be made via a wire transfer in either US dollars or in the local currency of that country. Note - the payee may incur higher fees from their bank for receiving US dollars rather than the local currency. Complete the Wire Transfer Form (pdf) and attach it to the payment request form being submitted, usually through the Financial Toolkit.