Search AdmiNET

Other Links

Text Size: A A A A

The Office of the Comptroller

TO: University Administrators
FROM: Robert Smentek, Associate Comptroller
SUBJECT: Elimination of Paper Foreign Currency Drafts
DATE: April 12, 2004

Effective July 1, 2004 the Non-Salary Disbursement Department will no longer issue Foreign Currency Draft payments as a mechanism to send funds abroad. Instead, electronic wire transfers will be used to process all foreign currency payments. The wire transfer process enables payments to be sent directly to a beneficiary (payee) bank account, thereby accelerating the entire process. Foreign Currency Drafts are being eliminated by institutions throughout the United States due to the high incidence of fraud and the difficulty in tracing and delivering these payments to their final destination.

For detail information concerning the issuance of foreign currency payments please refer to the web pages on "Electronic Payments Request Procedures".

Questions regarding this matter should be directed to Gia Kastelic, Manager of Non-Salary Disbursements at 702-1978.