Non-Repetitive Wire Transfer Instructions
The Electronic Funds Transfer (Form EFT02B) Requisition must be used to transfer funds by electronic transfer. Most payments are made by check through the check requisition or purchase requisition systems. Payments made by EFT can only be made due to one or more of the following reasons:
- Payment is being made to a foreign country
- Legal or contractual requirements
- Expedited payment required
- Guaranteed payment delivery requested
- Most cost-effective payment procedure
The LUC Treasurer’s Office will make the final decision as to the necessity of an electronic payment instead of a check.
- Type or print all information legibly.
- For a new vendor or if there is not a Vendor Number on file at LUC, a W-9 Form (U.S. Payees) or Form W-8BEN (Foreign Individuals) or W-8BEN-E (Foreign Entities) has to be completed by the recipient of the wire transfer, before the wire is sent. These forms are found under the Tax Forms section. The instructions on how to complete the W-9, W-8BEN or W-8BEN-E forms are included with the forms.
- All sections of the EFT02B form must be completed.
- Any transfer in excess of $5,000 requires a second Budget Administrator to approve the transfer.
- Attached to the EFT02B form the following documents are required for processing: 1.) invoice or other documentation supporting the transfer amount 2.) banking instructions received from person or vendor and they must include: Receiving Bank Name, United States Bank ABA or Routing Number or Foreign Bank - Swift or BIC Code, Bank Address, Country and Beneficiary Account Number, Beneficiary Name and Address.
- All requests must be received by two days before desired transaction date.
- The desired transaction date is the date the funds will be initiated. For wire transfers the date of initiation and the date the funds are received in the Beneficiary Account is the same date in the United States. A foreign wire transfer may take two to three days to arrive in the Beneficiary Account, depending upon which country the funds are being transferred to.
- Once EFT02B form is completed and all supporting documentation are attached, e-mail form and documentation to Cash Management at CashMgmt@luc.edu. EFT02B forms and documentation will only be accepted via e-mail to CashMgmt@luc.edu. EFT02B and documentation should not be sent to Accounts Payable, General Accounting or Sponsored Program Accounting (SPA)