Bank of America Wire Transfer International: A Comprehensive Guide

When it comes to making international payments, wire transfers are often the most efficient and reliable method. As part of our commitment to facilitating seamless transactions, we've put together this comprehensive guide on Bank of America wire transfer international.

Before proceeding with a wire transfer, ensure that all information marked with an asterisk (*) is complete and correct. This includes the vendor's bank details, which should be clearly stated in the purchase order (P.O.) or provided by the vendor themselves.

When creating a P.O., it's essential to issue it directly to the vendor, not the bank or any third-party provider. Make sure you have sufficient funds available to cover the expense, taking into account fluctuating foreign currency conversion rates.

To streamline the process, create a purchase order in BruinBuy when applicable and ensure that all necessary details are included. Travel-related foreign wire transfers should be requested separately through our designated channel.

Accurate bank information is crucial for successful transactions. You can provide this information via:

* A copy of the vendor's or payee's bank statement

* An email from the vendor or payee with the bank details

* A revised invoice with the correct bank details

If the original invoice does not include preprinted bank account information, request it from the vendor and upload it along with the Form.

In the Payment Details section, reference the invoice number, account number, or unique identifier requested by the vendor for reconciliation purposes. The Approver is responsible for authorizing wire transfer requests; this may be a principal investigator, chief administrative officer, chief financial officer, manager, or other authorized personnel.

All information marked with an asterisk (*) is mandatory and must be completed accurately to ensure successful processing. Once approved by relevant Accounts Payable (AP) or Travel authorizers, wire transfers will be processed daily by 10 a.m.

Please note that a minimum threshold of $200 is required for wire transfer processing. The internal costs associated with wire transfers are absorbed entirely by the University and are not passed on to requesting departments.

Outgoing foreign wire transfers are costly and therefore only processed upon request. Wire transfers should be used exclusively for foreign vendors, while Electronic Funds Transfers (EFTs) should be requested for domestic vendors.

In light of COVID-19, we've compiled resources specifically for small businesses to aid in their financial recovery. Wire transfers are a vital payment method for international transactions, allowing us to transfer funds directly from UCLA's bank account to the vendor's account electronically.

However, it's essential to note that wire transfers cannot be processed to sanctioned countries and may require an Office of Foreign Assets Control (OFAC) license in some instances.

By following these guidelines and ensuring all necessary information is accurate and complete, we can facilitate seamless international payments and support the success of our vendors.

Bank of america wire transfer international