Transacting College business in foreign currency requires some additional attention by the employee when submitting expenses.
For questions on this topic contact Accounts Payable
Pcard for Foreign Travel:
Our corporate card partner and issuing bank, PNC Bank, is mindful of and concerned with growth in international credit card fraud. When it occurs, it is much more difficult to resolve than domestic transactions and, resolution notwithstanding, travelers can encounter difficult problems. Accordingly, all cardholders intending to travel internationally on College business are asked to call PNC Bank Customer Service 1-800-685-4039 to advise account managers of plans so foreign transactions will be allowed to process without verbal approval from the cardholder or the card administration team. Additionally, travelers should always have an alternate method of payment available to them.
Foreign Currency Reimbursements:
When requesting reimbursement, all expenses incurred in foreign currencies must be converted to U.S. dollars by the traveler. Documentation supporting the exchange rate used (such as a screen shot) must be attached to the reimbursement request or the travel advance reconciliation.
- Each individual receipt must be converted to U.S. dollars using the currency exchange rate for that day. When traveling for a week's time, you may use the average currency rate for that week.
- Vendor documentation and/or receipts printed in a foreign language should include a notation as to what the expense is.
- Currency exchange rates for specific dates of travel can be found using OANDA’s website: https://www.oanda.com/currency/converter/.
Payments to Foreign Service Providers:
Payments to foreign vendors for services (honorarium, consulting, etc.) are generally subject to additional withholding. Please contact the Accounts Payable office for assistance prior to initiating payment. Accounts Payable will request the purchasing department obtain a Form W-8BEN (W-8BEN instructions) from the vendor
Purchases from Foreign Vendors:
Purchases made via the internet or other methods from foreign vendors may have additional paperwork and charges related to getting the item through U.S. Customs and to campus. If your purchase is more than $2,000 please read the information provided by U.S. Customs and Border Protection regarding getting items through customs and the potential additional costs involved.