1. How do I send a wire payment to a vendor?
2. I have the wire form completed, where do I send it?
3. How soon will the wire be sent?
4. What is the difference between a wire and an ACH?
5. What is an ABA or a Transit Routing Number?
6. I need to send a payment to a foreign country in a foreign currency, is that possible?
7. What is a SWIFT number?
8. I have someone who will send electronic funds to the University, what do I do?
9. I need to open a new bank account, what do I do?
   
   

1. How do I send a wire payment to a vendor?

Complete a wire transfer request at www.treasury.umich.edu/wirerqst.xls.  This will open an Excel spreadsheet with macros for your use. Instructions can be found under the "Instructions" tab at the bottom.

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2. I have the wire form completed, where do I send it?

Send the completed form to Accounts Payable for processing.
 

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3. How soon will the wire be sent?

In most cases, wires will be sent within 5 to 10 business days.
 

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4. What is the difference between a wire and an ACH?

A wire is a real-time method of transferring immediate funds and supporting information between two financial institutions and is relatively expensive to use. An ACH is similar to a wire transfer only it uses a batch- process. Transactions received by the bank during the day are stored and processed later in batches and normally do not become available to a beneficiary until the next day. ACH transfers are less expensive than wire transfers.

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5. What is an ABA or a Transit Routing Number?

This 9-digit number is used by the banking system to route a check or electronic payment to the drawee or beneficiary bank.
 

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6. I need to send a payment to a foreign country in a foreign currency, is that possible?

Yes, complete the wire transfer form and indicate that it is foreign payment, the foreign currency required and the SWIFT for the beneficiary bank.
 

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7. What is a SWIFT number?

The Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T) is the major international interbank telecommunications network that transmits international payment instructions.

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8. I have someone who will send electronic funds to the University, what do I do?

The following information will be needed to ensure proper recording of your deposit, which is done by Financial Operations:

• Chartfield(s) to which the funds should be applied;
• Amount of funds being sent;
• Estimated date of funds transfer;
• Sender’s name and any other pertinent information that may help us route the funds to the appropriate destination, such as student ID, vendor ID, etc. 

The bank account that will receive the wire transfer is dependent upon the type of transaction being deposited.  Please contact the Treasurer’s Office  for further direction on the details necessary to complete the transfer.   

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9. I need to open a new bank account, what do I do?

A valid business reason is needed to open any new account. Contact the Treasurer’s Office.

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