International Wire Transfers

As the University becomes a global presence, international payments are increasing.  In order to help departments expedite requests for international wire transfers, Accounts Payable and Treasury Services offer the following suggestions:

Step 1 – Process Vendor Setup

• Complete Vendor Set Up Request form 3205FR.01.
• Ensure that the vendor name and the bank account holder name are the same.
• For questions on completing the form, call 432-5396.

Step 2 – Process Wire Transfer:

• Complete Request for Wire Transfer form 3401FR.03.
• Obtain a SWIFT code for each bank. In addition:
• European transfers - obtain International Bank Account Number (IBAN).
• United Kingdom transfers - obtain the sort code, branch name or number.
• Australia – obtain the BSB code
• Worldwide – obtain branch information
• Select the currency as it appears on the invoice or payment request.
• Attach all documentation required by policy and procedures.
• Provide valid PTAEO.
• Attach wire instructions.
• For questions on completing the form call Agnes at 2-4474.
• If required, obtain Grants & Contracts approval.

For the purchase of goods in small amounts, the recommended Buy-Pay approach is to use a Yale Purchasing Card. This is the most efficient and least costly payment method.

A fee of $25 will be assessed for each international wire. Foreign banks may also charge a fee for processing the wire.

Requests for wire transfers must go through an approval process in Accounts Payable and the Controller’s office which can take up to 7 business days. This includes a two-day period for the purchase of foreign currency in the Treasury Services office. Additionally, banks in some foreign countries can take a few days to post receipts to customer accounts. Please allow sufficient processing time.