Foreign Check and Currency Information
Checks or currency intended for deposit which are not issued in US Dollars or have been issued by a foreign bank are referred to as International Collection Items.
International Collection Items require special handling by the Bursar’s Office and Wells Fargo (the University’s partnering bank):
- Immediate credit to the department’s account for International Collection Items may not be granted.
- Some International Collection Items may have a Collection Fee assessed. When the funds are returned back from the bank, the department will be notified if there is a Collection Fee.
- Departments can avoid Collection Fees by requiring that checks be drawn against a US bank.
- Items under the equivalent of US $250.00 will not be accepted since the bank will not accept if for processing.
- Items issued by a foreign bank in countries or in currencies listed in Attachment I will be accepted by the bank. If an item is issued by a foreign bank in countries or in currencies not listed in Attachment I, please call the Campus Banking Coordinator to determine if the funds can be accepted.
Depositing International Collection Items
- If the foreign check is not in US Dollars, departments should first calculate the current equivalent US dollar amount using a bank determined rate (known as the Conversion Rate) prior to depositing the funds with a Cash Receipt. Please call the Campus Banking Coordinator to obtain the conversion rate.
- Record the converted amount on a Cash Receipt. All international collection items must be processed on individual UAccess Financials Cash Receipts and deposit slips.
- Submit a memo (NOT a Cash Receipt) to the Bursar’s Office listing the following information:
- Type of currency
- Account/object code funds are to be deposited to once converted
- Department contact information
- Once funds have been converted by the bank, a notification will be sent to the department contact providing the deposit’s Cash Receipt number.
Please call the Campus Banking Coordinator for information.
- Refer to Policy 8.10
- Wells Fargo International Customer Service: 1-877-201-9639