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Wire Payments & Electronic Funds Transfers

Wire payments and electronic funds transfers are accepted by TMU’s Canadian and U.S. bank accounts. International students wishing to pay student fees by wire transfer can refer to the How to Pay Your Fees page for more information.

Incoming payments and transfers

Once incoming wire transfers are received, Accounting and Treasury Services will allocate the funds to the appropriate department. Departments can help ensure their funds are directed in a timely way by providing details to payees ahead of time, including:

  • TMU's bank account number and name

  • bank branch and address

  • reference number or purpose of the transfer

For banking information or to request EFT payment setup for a vendor or government entity, contact Rajesh Saxena, treasury advisor, Accounting and Treasury, at rsaxena@torontomu.ca or 416-979-5000, ext. 7285.

Outgoing payments and transfers

Outgoing electronic transfers can be arranged to reach their destination within 24 to 72 hours, depending on the currency and destination requested. Delays may come up when transfers are not in the recipient country’s currency.

In cases where an invoice is received by TMU, accounts payable staff will automatically notify the treasury officer of a payment request, on the department’s behalf. However, in any case when a wire transfer is required, the party requesting this must provide:

  • the supplier’s name, address and bank account number

  • the destination bank name and address

  • the bank identifier number, including bank code, transit  number and routing number

  • the international bank account number (IBAN) for payments destined for the U.S.

  • the standardized banking cipher (CLABE) for payments destined for Mexico

  • the international bank code (SWIFT) for payments destined for the European Union

For advice choosing the most efficient wire transfer option, contact Rajesh Saxena, treasury advisor, Accounting and Treasury, at rsaxena@torontomu.ca or 416-979-5000, ext. 7285 prior to making payment commitments.