Best practices for successful wire transfers to other countries
For Departments
- Wire payments for honoraria and/or travel reimbursements should be entered in Workday as U.S. dollars, regardless of the receipt currency. Please select WIRE payment type in Workday. These payments will be auto-converted, ensuring that suppliers receive funds in their local currency and reducing their bank fees.
- Invoices denominated in a foreign currency will be paid in that foreign currency. Please select the Foreign Exchange Payment (FXWire) option. These payments are processed manually and involve a more labor-intensive process.
For Suppliers
- Avoid using internet banks: Currently, we have experienced difficulties sending wires to internet banks. It is not recommended to use internet banks for wire transfers.
- Utilize a bank in your home country: Whenever possible, suppliers should use a bank in their home country.
- Opt for larger bank institutions: If feasible, it is advisable to use larger bank institutions for wire transfers. The university may encounter challenges when wiring money to smaller institutions.