Currency Exchange

University checks for the payment of goods and services (except payroll) can be converted to a foreign currency and/or wired to a US or foreign vendor if circumstances require.

Currency Exchange

The department should create a check request and clearly indicate the foreign currency and amount needed. All normal expenditure documentation standards must be met. A University check will be written in U.S. dollars and payable to the commercial bank used by the University based on the current currency exchange rate. The bank will then issue a check payable to the appropriate vendor in the foreign currency needed.

(Note: The prevailing exchange rate will affect the actual dollar amount expended from the departmental budget.)

Wire Transfers

The department should create a check request and clearly indicate:

• That a wire transfer is requested,
• The vendor's depository bank, account number, and address (a phone number would also be beneficial),
• The foreign currency amount needed, if required.

All normal expenditure documentation standards must be met.
A University check will be written in U.S. dollars and payable to the commercial bank used by the University based on the current currency exchange rate, if applicable. The University's bank will then issue a wire transfer to the appropriate vendor bank.

(Note: The departmental budget will be charged a wire transfer fee by the bank - usually about $40. This fee will be included in the University check delivered to that bank.)

The prevailing exchange rate will affect the actual dollar amount expended from the departmental budget.

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