BYU can make domestic and international electronic payments payable in US Dollars and many foreign currencies. Domestic electronic payments can be sent by next-day ACH (a.k.a. Direct Deposit EFT) or by same-day Fed Wire transfer. BYU can also pay some vendors using a foreign currency check if it is to a country that uses and cashes checks. BYU also can send a cash payment to many global locations using Western Union Retail Cash. There is a $10.00 fee charged to the requesting department for same-day domestic Fed Wires and a $15.00 fee for most international wires whether sent in USD or a foreign currency. Fees for Western Union Retail Cash payments vary by amount sent and country of payment. There is no fee to send payments using ACH. Most electronic payments will be initiated using the Fast Track system (https://home.byu.edu/sso/eprocure).
Required information for next-day ACH payments includes: Exact spelling of the name on the bank account, account number, bank name, and bank ACH routing/ABA number. Departments can also supply this form (https://www.visrm.com/GSRM4/customer_data/byu/2018_Direct_Deposit_form.pdf) to vendors to complete using their business checking account information.
Required information for all Fed Wire payments (either domestic same-day or international) includes: Exact spelling of the name on the bank account, account number, bank name, and bank routing/ABA number for domestic Fed Wires. For international wires or FX payments, required information includes: Exact spelling of the name on the bank account, account number (or IBAN for most European countries and some non-European countries; CLABE for Mexico), bank name, bank SWIFT/BIC code, and bank Sort Code or International Routing Code (depending on the destination country).
For more information on processing a domestic wire transfer please refer to the Wire Transfer Training module found in the training LMS System.
Foreign Currency Check
Please call the University Cash Manager to see if we are able to purchase a foreign currency check in the currency and country you need. If this option is possible, you will need the name and residential address of the person to whom the foreign currency check should be written and mailed.
Western Union Retail Cash
Required information for Western Union Retail Cash payments includes: Exact spelling of the name of the person who is to receive the cash payment as it matches exactly on a government issued ID such as a passport and the address of the intended recipient. Once payment is made, Treasury Services will communicate an MTCN (Money Transfer Control Number) to the requesting department who will then have to pass that along to the person in-country so they can obtain the cash at any Western Union retail location in their country.
The above listed methods of payment will be processed using the following schedule:
Beginning Fall Semester 2019, Treasury Services will process all wires/ACHs/FX wires/Foreign Currency Checks/Western Union Retail Cash payments received into Treasury Services queues (Fast Track or hand delivered Y-Marketplace PO) the next business day. For example, any wires that come into Treasury’s queue today, whether it be at 8:00 am, 11:45 am, 5:00 pm, or 10:45 pm will all be processed by the wires team tomorrow morning and then sent for secondary Treasury approval. After it is approved in Treasury, it will be paid according the date and time given to Treasury Services by the respective financial institutions used to send the wire. This will require offices, business managers, and controllers to plan ahead to appropriately time when payments are sent by BYU and received by the vendors they work with. Treasury Services is happy to work with requests for true emergencies on a case-by-case basis, but we expect the campus community to work with this wire processing schedule to stay ahead of their payments and ensure all required approvals are obtained well in advance of when the payment needs to arrive in the vendor’s bank account.
Questions regarding domestic or international wire transfer payments should be directed to Cyndi Sederholm, 801-422-8309.