Incoming Wire Transfers

This section covers the process and responsibilities surrounding incoming wire transfers except for payments of accounts receivable invoices *, i.e. situations where a department is aware of monies to be received via wire transfer into the University’s central bank account or a departmental subordinate bank account .

* For payment of accounts receivable invoices, the customer should contact the Supervisor, Accounts Receivable to obtain the correct banking information to ensure efficient application of the payment against the invoice in FIS.

Departmental Responsibilities

• The department should provide the payer with all required banking information necessary to wire the funds to your departmental subordinate bank account or the University of Toronto one-time-only (OTO) bank account, if appropriate arrangements have been made with the Financial Services Department.
• Please contact  to request the bank information required for the payer to send the funds to the One-Time-Only (OTO) bank account.
• For non-recurring, one-time-only incoming EFT or wire payment, please complete the Incoming OTO EFT/Wire Deposit Form and forward to Financial Services Department at and provide confirmation when the payer sends the payment.
• You can record the deposit by posting the transaction to your accounts in FIS only after the incoming payment has been received in your departmental subordinate bank account or the OTO bank account.

Financial Services Department Responsibilities

• Financial Services Department will notify you when the incoming EFT or wire transfer is received in the bank account. If you do not provide information regarding the payment amount or confirmation that the payer has sent the payment, Financial Services Department will not be able to notify you.
• Any bank charges associated with incoming wire payment will be charged to your department.

Last revision November 2024