UW Check Responsibilities Maximum Method Cost Transaction Transaction Time Advantages Disadvantages Dept/UW UW Office Limit UW Check Dept Financial No UW No Allow up to 4 No charge for check request Slowest of all methods for initiates Services charge to maximum business days for processing foreign payments check processes the produce dollar UW to process the request check request check amount for check request For services performed on Can take up to 45 days for check campus, can present a check to clear in a foreign bank Dept Once deposited, check directly to the foreign account indicates additional time visitor distribution may be needed to Exchange rate from US dollars method clear the check to local currency is lower for a (pick-up vs. depending on the check than for a wire transfer mail) bank and the check amount Check can get lost or stolen before it’s delivered to recipient Generally not an advisable practice for paying foreign vendors Wire Transfer Responsibilities Maximum Transaction Method Dept/UW UW Office Cost Transaction Time Advantages Disadvantages Limit Employee Wire For a Field For a Field $25 per No limit to the Money can usually Fastest method to get Requires US bank account Advance Advance wire amount that be accessed within money into a US account which may not be an option for transfer to Dept initiates Field can be wired 2 business days a foreign vendor US bank request for Advance Wire to a domestic account account wire transfer Office wires is a secure, transparent Cost to dept of wire transfer the advance method of payment To Pay a Foreign To Pay a Domestic account has Vendor Foreign protections of US banking
UW Check Method Responsibilities Cost Maximum Transaction Limit Transaction Time Advantages Disadvantages Dept/UW UW Office UW Check Dept initiates check request Dept indicates distribution method (pick-up vs. mail) Financial Services processes the check request No UW charge to produce check No maximum dollar amount for check Allow up to 4 business days for UW to process the check request Once deposited, additional time may be needed to clear the check depending on the bank and the check amount No charge for check request processing For services performed on campus, can present a check directly to the foreign visitor Slowest of all methods for foreign payments Can take up to 45 days for check to clear in a foreign bank account Exchange rate from US dollars to local currency is lower for a check than for a wire transfer Check can get lost or stolen before it’s delivered to recipient Generally not an advisable practice for paying foreign vendors Wire Transfer Method Responsibilities Cost Maximum Transaction Limit Transaction Time Advantages Disadvantages Dept/UW Employee UW Office Wire transfer to US bank account For a Field Advance Dept initiates request for wire transfer To Pay a Foreign Vendor For a Field Advance Field Advance Office wires the advance To Pay a Foreign $25 per wire No limit to the amount that can be wired Money can usually be accessed within 2 business days Fastest method to get money into a US account Wire to a domestic account is a secure, transparent method of payment Domestic account has protections of US banking Requires US bank account which may not be an option for a foreign vendor Cost to dept of wire transfer