Direct Deposit Responsibilities Maximum Method Cost Transaction Transaction Time Advantages Disadvantages Dept/UW UW Office Limit Direct Employee UW Payroll No cost No limit on Direct deposit for Fastest way to receive UW Requires foreign-based signs up for Office amount of foreign-based paycheck employee to have a US bank deposit to direct deposit answers direct employee follows account employee’s through questions deposit same process as No extra fee for dept to pay US Employee about direct for Seattle-based foreign-based employee personal Self-Service deposit employees website US banking system has bank customer protections account Dept UW $25 wire No limit on Can take up to 10 Only method to This is a manual process which Direct contacts UW Accounts fee per pay amount of business days for electronically pay a UW may result in delays if there’s a deposit to Payroll and Payable period direct wires to be foreign-based employee slowdown at any step employee’s prwire@uw notifies which can deposit processed who doesn’t have a US bank foreign for initial Travelex of be either account Depending upon the country’s personal Travelex the amount charged to banking regulations, foreign bank setup to wire the Faster payment than a wires may be sent through check to pay a UW multiple banks which may account Every pay Travelex budget or employee prolong how long it takes for period, dept wires deducted the wire to be deposited in the UW works emails amount to from the Employee may incur fewer employee’s account with with the net employee’s employee’s banking charges and fees Travelex, an amount of foreign bank paycheck than if paid by UW check Cost of twice monthly wire fee employee’s account finance paycheck to company, to be wired wire pay checks to foreign accounts
Direct Deposit Method Responsibilities Cost Maximum Transaction Limit Transaction Time Advantages Disadvantages Dept/UW UW Office Direct deposit to employee’s US personal bank account Employee signs up for direct deposit through Employee Self-Service website UW Payroll Office answers questions about direct deposit No cost No limit on amount of direct deposit Direct deposit for foreign-based employee follows same process as for Seattle-based employees Fastest way to receive UW paycheck No extra fee for dept to pay foreign-based employee US banking system has customer protections Requires foreign-based employee to have a US bank account Direct deposit to employee’s foreign personal bank account UW works with Travelex, an finance company, to wire pay checks to foreign accounts Dept contacts UW Payroll and prwire@uw for initial Travelex setup Every pay period, dept emails with the net amount of employee’s paycheck to be wired UW Accounts Payable notifies Travelex of the amount to wire Travelex wires amount to employee’s foreign bank account $25 wire fee per pay period which can be either charged to the budget or deducted from the employee’s paycheck No limit on amount of direct deposit Can take up to 10 business days for wires to be processed Only method to electronically pay a UW foreign-based employee who doesn’t have a US bank account Faster payment than a check to pay a UW employee Employee may incur fewer banking charges and fees than if paid by UW check This is a manual process which may result in delays if there’s a slowdown at any step Depending upon the country’s banking regulations, foreign wires may be sent through multiple banks which may prolong how long it takes for the wire to be deposited in the employee’s account Cost of twice monthly wire fee
How_to_Pay_Chart.docx