Foreign Drafts & Wire Transfers

Foreign draft payments are for transactions that involve foreign currency. Drafts in US dollars are occasionally drawn up as well. Foreign draft payments are mailed to the vendor/recipient.

Wire transfer payments, on the other hand, are sent directly to a company's or individual's bank account. Requests for payment must therefore be accompanied by a completed Wire Transfer Request form that lists the payee's bank address and account number (to be confirmed with the bank), as well as their company or home address. Wire transfers are available in Canadian and US dollars, as well as most other currencies.

The approval process for foreign drafts and wire payments is the same as that for regular payments made to vendors and individuals.

Direct requests for foreign draft and wire transfer payments can be made to Kiup Kwon, Accounts Payable and Disbursement Services. Foreign drafts and wire transfers are processed once a week on Thursdays. After being processed by Financial Services, wire transfers may take up to two weeks to arrive at their destination, depending on the country. Please allow sufficient lead time for processing.