International Treasury Transactions

International Treasury Transactions

There are specific challenges in dealing with International Treasury transactions that university Units should be aware of. The university has established banking relationships in order to deal with these unique circumstances.

  • Obtaining funds before traveling internationally
    • Pcard
    • Imprest Cash Fund
    • Travel Advances
  • Transferring funds
    • IAT Compliance
    • OFAC
  • Opening Foreign Bank Accounts

The establishment of Bank Accounts in a foreign country is often a difficult and complex endeavor. Before a department requests the establishment of a foreign account, the following should be considered:

  • It is not uncommon that Electronic Transfers of funds to foreign accounts are credited/posted to the beneficiary account on a delay. Frequently the receiving bank will hold the funds and the university or a partner financial institution must personally contact the bank during their hours and speak their language to resolve the issue of delay.
  • Authorized signers on the account will frequently be asked to supply passports, utility bills and other personal identification items to validate their residency in the United States.
  • Authorized signers may have to include the foreign bank account on their personal income tax form.
  • All bank fees associated with the bank account are the responsibility of the department requesting the account.

The Treasurer’s Office will approve the establishment of all bank accounts (including international) based upon the business case to establish it and other alternatives available. If approved, the Treasurer’s Office will evaluate the financial institutions available and proceed with establishing the account in accordance with federal governmental guidelines and local international governmental policies.