Foreign Currency Payment Processing

A review of the current methods for administering Foreign Currency payments was undertaken to identify processing efficiency and bank fee savings opportunities for the University.

The preferred method for Foreign Currency payments will be Telegraphic Transfers.  Bank Drafts will no longer be utilised as a payment method.  Invoices forwarded to Accounts Payable without bank account details will be returned to the submitting area to obtain bank details.  A memo to all Finance Managers was distributed on 3rd March.

Foreign Currency payments will be made twice a month, in the first and third week of each month commencing March 2014.  A payment run schedule has been introduced to assist with transparency of processing timeframes and communication with overseas vendors in regards to payment timeframes.  Requests for urgent processing outside of the timeframes should be directed to the Manager, Financial Operations.

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