Loyola University Chicago

Financial Services

Non-Repetitive Wire Transfer Instructions

FORM EFT02B

USES

The Electronic Funds Transfer (Form EFT02B) Requisition must be used to transfer funds by electronic transfer.  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.

INSTRUCTION CHECK LIST

  • Complete all sections of Electronic Funds Transfer (EFT) – Non-Repetitive Wire Transfer Form (Form EFT02B).  Type or print all information legibly.
    - Desired Transaction Date:  Requests must be received at least two days prior to desired transaction date***
    - If request is in excess of $5,000, a secondary budget administrator approval is required
  • Attach required bank account instructions as received by the vendor
    - If all required bank account instructions are included on vendor invoice, the vendor invoice is sufficient documentation.  If not, please include separate correspondence from the vendor providing the required bank account instructions
     

     Required bank account instructions:

    • Beneficiary Account Name
    • Beneficiary Account Number (Foreign IBAN Number)
    • Beneficiary Full Address (including Country)
    • Receiving Bank Name
    • Receiving Bank Address (including Country)
    • ABA Routing Number (US)** or Swift/BIC Code (Foreign Accounts)
      ** For ABA Routing Number (US):  Confirm with vendor the routing number provided is used for wire transfer payments (not ACH payments).-
  • Attach invoice or documentation supporting the payment amount requested
  • Provide W9, W-8BEN, or W-8BEN-E if applicable
    - 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 Tax Forms on the Finance website. The instructions on how to complete the W-9, W-8BEN or W-8BEN-E forms are included with the forms.
  • Email all documentation to Cash Management (Cashmgmt@luc.edu)
    EFT02B and supporting documentation should not be sent to Accounts Payable, General Accounting, or Sponsored Program Accounting (SPA)
***The desired transaction date is the date the funds will be initiated. For domestic wire transfers (USA) the date of initiation and the date the funds are received in the Beneficiary Account is the same date. A foreign wire transfer may take two to three days to arrive in the Beneficiary Account, depending upon the country the funds are being transferred to.