Wiring Money
International students can make payments to their student account by wiring the funds from abroad. Wiring can be as simple as going to your bank to make a deposit. There are, however, many things that could go wrong. It could end up like my wire where the money reaches the school without any name on it. To ensure a successful wire, read the steps below "Ensuring Success" or learn how I got myself out of the situation under "Overcoming a Problem."
Ensuring Success
1. Collect the necessary information to complete your wire.
a. Beneficiary Information
- Beneficiary Name
- Beneficiary Account Number
- Beneficiary Address
- Beneficiary Phone Number
b. Beneficiary's Bank Information
- Beneficiary Bank ABA or SWIFT Bank Identification Code
- Beneficiary Bank Name & Branch
- Beneficiary Bank Address
c. Pay-Through Bank Information
- ABA or Routing Number
- US Correspondent Bank Name (The bank that the wire goes through to get to the foreign bank)
2. Go to your bank and request to wire money to an international account using the currency of your foreign university's country. If the university is located in Japan, convert the wire money into yen. This is to ensure that the money amount is not affected by currency value changes. Keep in mind that banks typically charge a wire fee. Depending on your bank, they may also charge a fee for converting currency. Fees vary with each bank.
3. Request a receipt and/or a copy of the wire request form. This is to ensure that if anything goes wrong, you'll have proof of your transaction. When I visited the bank to check on my wire, they asked for my receipt.
Note: An international wire transfer usually takes 3-4 business days to be completed.
a. Beneficiary Information
- Beneficiary Name
- Beneficiary Account Number
- Beneficiary Address
- Beneficiary Phone Number
b. Beneficiary's Bank Information
- Beneficiary Bank ABA or SWIFT Bank Identification Code
- Beneficiary Bank Name & Branch
- Beneficiary Bank Address
c. Pay-Through Bank Information
- ABA or Routing Number
- US Correspondent Bank Name (The bank that the wire goes through to get to the foreign bank)
2. Go to your bank and request to wire money to an international account using the currency of your foreign university's country. If the university is located in Japan, convert the wire money into yen. This is to ensure that the money amount is not affected by currency value changes. Keep in mind that banks typically charge a wire fee. Depending on your bank, they may also charge a fee for converting currency. Fees vary with each bank.
3. Request a receipt and/or a copy of the wire request form. This is to ensure that if anything goes wrong, you'll have proof of your transaction. When I visited the bank to check on my wire, they asked for my receipt.
Note: An international wire transfer usually takes 3-4 business days to be completed.
Overcoming a Problem
Problem: It's been over 4 business days and the wire transfer still has not been completed.
- Follow-up on the status of your wire transfer. Go to your bank with your wire transfer receipt and a copy of the wire request form. Inquire on the status of your wire transfer.
- Follow-up on the status of your wire transfer. Go to your bank with your wire transfer receipt and a copy of the wire request form. Inquire on the status of your wire transfer.
Problem: The wire transfer was completed, however, the money was not accounted towards my name. The bank does not know who wired the money and my tuition payment for the foreign school still displays incomplete.
1. Follow-up on the status of your wire transfer. Go to your bank with your wire transfer receipt and a copy of the wire request form. Inquire on the status of your wire transfer. Retrieve the following information.
- Beneficiary's Pay-through Bank's ABA or Routing Number
- Exact time and date the wire transfer reached the beneficiary's bank
2. Notify your home university's international coordinator and the foreign university's international coordinator of the problem. When you email your foreign university's international coordinator, be sure to CC (Carbon Copy) your home university's international coordinator.
3. Notify the international bank that the wire transfer was from your account. Call the beneficiary's bank and notify that the wire transfer was from your account using their pay-through bank's ABA or routing number AND the exact time and date the wire transfer reached the beneficiary's bank. Note: They may not have any English Speakers.
1. Follow-up on the status of your wire transfer. Go to your bank with your wire transfer receipt and a copy of the wire request form. Inquire on the status of your wire transfer. Retrieve the following information.
- Beneficiary's Pay-through Bank's ABA or Routing Number
- Exact time and date the wire transfer reached the beneficiary's bank
2. Notify your home university's international coordinator and the foreign university's international coordinator of the problem. When you email your foreign university's international coordinator, be sure to CC (Carbon Copy) your home university's international coordinator.
3. Notify the international bank that the wire transfer was from your account. Call the beneficiary's bank and notify that the wire transfer was from your account using their pay-through bank's ABA or routing number AND the exact time and date the wire transfer reached the beneficiary's bank. Note: They may not have any English Speakers.
Problem: The wire transfer was rejected due to inaccurate information or a lack of information.
- Request your bank to send an amendment (correction of the wire information). Keep in mind that banks typically charge a fee for the amendment.
- Request your bank to send an amendment (correction of the wire information). Keep in mind that banks typically charge a fee for the amendment.
