How to Open a New International Operating Fund Account
Step 1 – Choose a Bank
The State of Washington must grant approval to open a bank account outside of the state, whether the account will be in another state or another country. This requirement applies whether funds are deposited by check or by wire. To request approval, complete the form, Advance Banking Information. Send the completed form to B&AO, Attn:IOF Advances, Box 351120.
Step 2 - Fill Out the IOF Account Application
B&AO needs five (5) business days to process all IOF advance requests. Complete the Request for new Advance The words "University of Washington" must always be included in the name of the bank account (e.g. University of Washington Zebra Project or University of Washington Clinical Trial 18).
Step 3 – Submit Copies
Include copies of all the completed forms that were submitted to open the international bank account. Mail to IOF accountant, Box 351120 Once a bank account has been established, funds can be sent by electronic fund transfer. A $25 wire fee is charged to the budget provided on the advance request form.