Electronic Funds Transfer
An eletronic funds transfer can be requested via any of the following payment request types:
- DPV — Direct Payment Voucher
- TEV — Travel Expense Voucher
- APV — Accounts Payable Voucher
- PO - Purchase Order
- TRA - Travel Advance
- Submit your payment request along with its supporting documentation.
- If the vendor’s banking information is not noted on their invoice, request that they provide it, in writing, under separate cover (email, fax, etc). Please note that the wire transfer form is an internal form and the vendor should not be asked to complete and return it.
- Use the information provided by the vendor to complete the applicable wire form.
- Write "FUNDS TRANSFER" across the top of the payment request.
- Forward payment request, documentation and wire transfer request form to Procurement and Payment Services (PPS) for processing.
Funds transfer request should be received by PPS by 12:00 pm for next day processing.
For a $25 fee, the department may request that international funds transfer fees be charged back to the University’s department by indicating “DO NOT DEDUCT FEES” on the electronic funds transfer form.
Banking information needed for Domestic funds transfer:
- Bank name, address, city/state/zip
- ABA or routing number
- Name on the vendor’s account (not account types: checking, savings, etc.)
- Account number
A domestic transfer may be requested as a same day transmission for a fee of $100.
Banking information needed for International funds transfer:
- Bank name/address/city/state/country
- SWIFT code (which consists of a combination of letters and numbers)
- Name on the account exactly as it appears on their banking statement
- IBAN if available or account number
- Sort code
- Correspondent bank information (if necessary to transmit funds)
- Any information needed to help the vendor identify the payment upon receipt
International wires can take up to 10 business days for the vendor to be in receipt of the funds; historically they are received within 5-7.
The University transmits the following currencies:
- Australia AUD
- Canada CAD
- Denmark DKK
- England GBP
- Europe EUR
- Hong Kong HKD
- Japan JPY
- Mexico MXN
- New Zealand NZD
- Norway NOK
- S Africa ZAR
- Singapore SGD
- Sweden SEK
- Switzerland CHF
- Israel ILS
- Poland PLN
- Czech CZK
How long does it take for the recipient to receive the funds?
Assuming the documentation is complete, domestic wires are processed upon receipt and initiated the next day. A domestic transaction may be requested as a next day transmission for an additional charge of $100.
Depending on the destination, International wires could take up to 10 business days for the vendor to be in receipt of the funds; however they have historically been received within 5-7 business days. All wires should be received by PPS no later than 12 pm for next business day initiation.
Why did the vendor receive less than what I requested to send?
The vendor receives the net of what is sent less any wire transfer fees assessed by the sending bank and any intermediary banks. For a nominal fee of $25, a department may request that the fees be charged back to the University’s department by noting “DO NOT DEDUCT FEES” on both the payment request and the wire transfer form. Also, receiving banks often assess an internal incoming wire transfer processing fee. The University does not control its assessment or the assessment amount; this amount will also cause the vendor to receive less than the original amount transferred.
How do I get confirmation that a wire was initiated?
Call our help desk at 773-702-5372 or email us at paymentsupport@uchicago.edu. Be sure to provide to control number associated with the payment request.
Help! The vendor said they didn’t get the funds! What do I do now?
Send us an email at paymentsupport@uchicago.edu, Be sure to note the details of the payment request (DPV#, TEV #, etc) and request that a tracer be put on the transfer. Be sure to provide your contact information for a reply.
