In a wire transfer, the payers pays the whole sum upfront at their bank, and provide the bank with all the information required. This may also depend on the country you’re sending the money to. Though banks may have different information requirements to process a wire transfer, these details may include: recipient’s name, address and account number bank’s name and address amount of cash to be transferred reason for the transfer routing number of SWIFT/IBAN codes. When your bank initiates a wire transfer, a set of information is passed through to the Acquiring bank. You can initiate a wire transfer directly with your bank, or with non-bank partners such as Western Union. Wire transfers don’t actually transfer money, they only transfer bank details between the issuing and acquiring bank (more on this below). This type of transfer is often used to send larger sums of money internationally, though it can also be used for domestic payments. Wire transfer is a bank-to-bank Electronic Fund Transfer (EFT) from one individual or institution to another. In this article, we will discuss what are wire transfers, how they work and the pros and cons of using this payment type. International payments are nothing new- but wire transfers may be a less popular term. If you would like to learn more, visit the Flywire website.If you have made international business payments in the past, or even transferred money to a family member that lives abroad, it is likely you have used wire transfers to do this. It is important that you begin in the UVAPay portal and follow the instructions above to ensure your payment is sent to the right school and applied to the right student's account. Learn more about the University's refunds policy regarding excess payments Personal or sponsor payments in excess of $5,000 of the account balance will not be accepted, except as instructed by a sponsor and with prior approval from Student Financial Services. Please note: the University will not accept excess direct payments intended for living or other personal expenses. This means we will not provide alternative banking details different than what is available via UVAPay. UVAPay (supported by Flywire) is designed to ensure compliance, ease of payment, transparency, and overall security of payment delivery. This includes international or cross-border payments. You can also sign up for text and email status updates.Īuthorized Payment Method: To ensure security, consistency, and transparency, all online payments must be paid through our authorized payment portal, UVAPay.
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