Division of Financial Affairs
Date: May 1, 2004
To: CFO’s and Department Heads
From: David Rubenstein, Assoc. VP of Financial Planning &
Subject: Policy Changes for Domestic and Foreign Wire
Transfers and Foreign Drafts
Over time the use of wire transfers for payment has greatly increased. A review of this service
and its policies has demonstrated the need to modify procedures to conform with existing
Accounts Payable practices and to associate the costs with the requesting department.
The policy on Banking and Cash Management has been updated to reflect two changes:
For payments greater than $2,500.00 the signature of the CFO or Vice President or
designee is required.
Fees will be charged for domestic wire transfers, foreign wire transfers, and foreign
The revised policy and forms, with instructions, are located at
http://financialaffairs.georgetown.edu/treasury. The Request for Wire Transfer and Request for
Foreign Draft forms have been revised to include the departmental signature requirement. This
change will ensure that the University is in compliance with regulatory and audit requirements.
Effective, July 1, 2004, the following processing fees will be charged to the requesting
department’s budget for each request processed by Treasury Operations:
domestic and foreign wire transfer requests - $50.00
foreign draft requests - $20.00
Departments are strongly encouraged to use ACH for domestic electronic payments instead of
wire transfers due to the cost of processing. Currently, ACH can only be used for domestic
payments. Fees will not be charged for ACH payments. ACH payments are processed through
Accounts Payable. Please reference the Accounts Payable policy located at
Please contact Maleka Weatherspoon, Manager, Accounts Payable, at 687-3945 for ACH
payment related questions and Rosalyn Furukawa, Manager, Treasury Operations, at 687-1913
for wire transfer related questions.
cc: Christopher L. Augostini