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Overseas Payments

General Procedures

Payments to overseas bank accounts and/or in foreign currencies are not processed through the Purchase Ledger.   The University makes overseas payments using a service provided by Travelex International.

All requests for foreign payments must be made on a Foreign Currency Payments Form.

Foreign payments are not entered onto the finance system until the payment has been made.  Therefore it is important that departments keep copies of all foreign payments so that in the event of any queries details can be provided.

Each request must be made separately and treated as an individual payment.

It is important that the latest date for the payment to be transmitted is indicated as normal payments can take 3 to 5 working days to be processed in the banking system.  Please note that payments can only be processed by the receiving bank when they are open, so there may be a delay for public holidays & local weekends.  Payments in less commonly traded currencies will take longer to be processed.

Incomplete forms will be returned to the department, which will result in a delay in the payment being made.

In some cases an overseas payment must be processed via an intermediary bank.  In these situations the beneficiary will inform you of all the appropriate details.

 

Supporting Documents

Where an invoice has been provided by the supplier it must be attached to the Foreign Currency Payments Form.

Expenses payments must be supported by a completed EXP02 Expenses form for Visitors (Non Staff and Non VL)

In the absence of any backing documents please complete a pro forma invoice - payment request form.

All forms can be found on the Finance Forms webpage

 

Authorised Signatories

All Foreign Currency Payments Forms must be authorised by a budget holder or a delegated authorised signatory who can sign for that amount.

Forms which have not been approved will be returned.

 

For further information please contact:

Julie Hamer

Financial Team Supervisor

T: 6614

E: j.hamer@yorksj.ac.uk

 

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