Important Information on Banking Fees and Payment Methods for International Customers
Invoice Payments in USD
To ensure smooth processing of your payments and avoid unnecessary banking fees, Non-Student Accounts Receivable kindly requests that all departments invoice in USD. Invoicing in international currencies can lead to complications and additional charges from intermediary banks, which may result in short-paid invoices and potential loss of revenue to your department.
Preferred Payment Method: Convera
We strongly encourage all customers to use Convera for making international wire payments. Convera locks in quotes and ensures that the entire payment amount is remitted to our institution without any deductions. This helps in maintaining the accuracy of payments and avoids any discrepancies.
Customer’s Responsibility for Banking Fees
If a customer chooses to use a payment method other than Convera, they are responsible for any banking fees charged by intermediary banks. These fees are often deducted from the payment, leading to a short-paid invoice. In such cases, the customer should be held responsible for covering the remaining balance owed to UConn to ensure the invoice is fully paid.
Ensuring Full Payment
To avoid any issues with short-paid invoices, please:
- Invoice in USD.
- Encourage customers to use Convera for international wire payments.
- Include language in any contract or payment agreement that customers agree to cover any shortage on the invoice if intermediary banking fees are deducted from their payment if using other payment methods.
- Communicate clearly and up-front with your customers.
Thank you for your cooperation and understanding.
For more information, contact: Non-Student Accounts Receivable at accountsreceivable@uconn.edu