Tips for international wire transfers
July 19, 2023
To ensure successful wire transfers to other countries, here are some tips provided by Accounts Payable and Treasury Services:
- 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. The Office of Foreign Assets Control (OFAC) may conduct reviews on payments they deem risky or suspicious. The university does not have the authority to speed up or stop the review. If a review is initiated, the funds will be held at the bank until the review is complete.
- 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.
By sharing these tips with your suppliers, you can help alleviate some of the issues they might experience when receiving wire transfers from Yale.