Communication and precision are essential to smooth wire transfers. Here are a few key tips.
Notifying VPF Accounts Receivable

When you are making arrangements to receive a payment by wire transfer, email wire-transfers@mit.edu before the transfer occurs. Include the name of the party sending the payment, the dollar amount of the payment, the expected date of the transfer, and the MIT account number into which the payment should be transferred. Be sure to include the name of a contact person within your DLC.

Providing Instructions

Refer anyone planning to wire a payment to the Pay by Wire Transfer page of the VPF website. The page contains detailed information for non-government wires, government wires, and gift wires.

Identifying Funds

Instruct payers to include as much information as possible about the transferred funds. At a minimum, the transfer should identify the MIT department and the number of the account into which the payment should be transferred.

Tracking Payments

Contact VPF Accounts Receivable (AR) at wire-transfers@mit.edu immediately if you have not received credit for funds that you believe have been transferred. AR will locate the transfer and credit the appropriate account.

Receiving Wires from Foreign Banks

Wire transfers from non-U.S. banks will incur transfer fees. Review your statement to record all fees, as they will vary from country to country.

The Details

Notifying VPF Accounts Receivable

When you are making arrangements to receive a payment by wire transfer, email wire-transfers@mit.edu before the transfer occurs. Include the name of the party sending the payment, the dollar amount of the payment, the expected date of the transfer, and the MIT account number into which the payment should be transferred. Be sure to include the name of a contact person within your DLC.

Providing Instructions

Refer anyone planning to wire a payment to the Pay by Wire Transfer page of the VPF website. The page contains detailed information for non-government wires, government wires, and gift wires.

Identifying Funds

Instruct payers to include as much information as possible about the transferred funds. At a minimum, the transfer should identify the MIT department and the number of the account into which the payment should be transferred.

Tracking Payments

Contact VPF Accounts Receivable (AR) at wire-transfers@mit.edu immediately if you have not received credit for funds that you believe have been transferred. AR will locate the transfer and credit the appropriate account.

Receiving Wires from Foreign Banks

Wire transfers from non-U.S. banks will incur transfer fees. Review your statement to record all fees, as they will vary from country to country.

Did You Know?

There are more than 100 DLCs set up to make deposits with Bank of America.
VPF Accounts Receivable (AR) generates monthly aging reports to identify invoices that are overdue for payment and initiates collection activities for bills that are more than 60 days late.
/track-collect-overdue-balances
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