Process domestic and international payments using a Disbursement Voucher e-doc (KFS).
Note: International payments must be made in U.S. currency (i.e., in the U.S. dollar equivalent of the international dollar amount). Cash Management does not have the ability to change the dollar values in the DV e-doc. Therefore, if an international payment is processed in the country's currency, we will disapprove the document and provide the initiator with the U.S. dollar equivalent. Your unit must make those changes and resubmit the e-doc to Cash Management for approval. Please clearly mark on the e-doc that it is for approval ONLY. This will assist in preventing duplicate payment errors.
Get more information about Financial Processing e-docs.
International banks have different information requirements and payment settlement dates than domestic banks, which can vary from country to country.
International wires cannot be processed without this information:
- Swift or BIC number
- Wires to Mexico: CLABE number distinctive to Mexico, 18-20 digits
- Account number or IBAN: IBAN is preferred and starts with an alphabetic preface, i.e. GB for Great Britain
- Exact account name as it appears at the bank
Preferred additional information to expedite the payment process:
- Sort Code or Transit Code: aid the bank with sending the wire to the correct branch bank
Settlement Terms
- Standard times: next day and/or up to 5 business days
- Less regulated countries can often take much longer – up to 2 weeks
- The Treasurer’s office allows 14 business days for an item to settle, after which an investigation will ensue by placing a trace on the wire
Tips to reduce the likelihood for payment delays:
- Make sure you request the essential information from your customer in order to make this payment
- Clearly mark the Cornell International Payment form for:
- Type of payment, i.e. wire, draft
- Type of currency
University DropBox
Send a copy of the wire instructions, which must include the e-doc number, to the university's secure DropBox.
Notes:
- Please do not convert - rates change constantly; Cash Management will do the conversion at the time of payment.
- If your vendor offers several options for banks/currency, please ensure that when you make your selection, the bank account matches the currency. Any expenses that result from a rejected payment which require a reissue will be charged to the originating department.
Consequences of inaccurate and/or incomplete information:
- Disbursement requests with incomplete information (received via e-doc or DropBox) will not be paid, and will be returned to the responsible unit or FTC/BSC for processing.
- Misdirected payment, which leads to a longer payment resolution
- Difficult and lengthy process to retrieve the money from the incorrect source
- Danger that the money cannot be recovered (greatest risks exist in nations that are less developed and/or nations that are experiencing national strife)
Notes:
- Cornell’s policy is to make a payment in the currency of the country; if the vendor requires that the payment be made in U.S. dollars, it must be clearly specified on the International Payment form. The bank can e-mail the vendor when the funds have been wired. The unit is financially responsible for any conversion costs that the payee incurs from any missing instructions.
- China. It is now possible to remit a payment in Renminbi, the currency of China. However, an additional premium is being added to the exchange rate. Hong Kong dollars can also be used to remit payment without incurring this additional expense.
Cornell University’s international payment vendor will remit drafts directly to the payee instead of having them returned to the unit for distribution. This is a more efficient method of settling payment and is less costly to the university. If your vendor requires backup material to accompany the payment, please consider sending it electronically, along with the draft number and date mailed (the number and date can be obtained from our office).
This is a tool to hedge currency fluctuations by entering into an agreement to exchange currency on a future date at a specific rate. Please call the Treasurer’s office to negotiate these agreements.
The U.S. government subjects certain countries to sanctions, which means Cornell University is prohibited from sending money to these regions.
Current list of sanctioned countries
Cornell University will not complete a payment request if:
Note: You should seek advice from University Counsel before engaging in any business that might fall into the above categories. The Treasurer’s office will review with University Counsel all payment requests that involve a sanctioned country.
International collection is the process of collecting funds on an international check.
Note: Units must take these things into consideration when deciding whether or not to accept international checks.
What is an international check?
International Checks can be accepted, but they are not deposited in the normal way.
There are fees associated with collecting international checks.
