Responsibilities Maximum Transaction Method Dept/UW UW Office Cost Transaction Time Advantages Disadvantages Limit Employee 1. Advance is Dept initiates Financial If advance is Check policies Instant access to 24x7 availability at foreign Method is dependent on access request for Services wired, $25 of the US bank cash from foreign ATMs to foreign ATM system deposited in advance makes funds fee that has the ATMs personal US available for account Domestic bank account has Foreign ATM system may have bank Advance is deposit to Additional protections of US banking limits on the total daily account, cash deposited in employee’s transaction system withdrawal and number of employee’s personal US charges will transactions that are too is withdrawn personal US bank account be charged Banking statement is a restrictive for the custodian’s at foreign bank account at foreign reliable and consolidated purposes ATM ATM record of bank transactions Employee Particular bank card being used withdraws Easy to return any unspent may not be accepted by the cash at foreign funds from an advance in US foreign ATM system ATM personal bank account Security concerns at ATM site Dept/school is responsible for replenishing lost cash drawn as a field advance Dept initiates Financial If advance is Must complete Depending on the May be only option if foreign Significant physical risk for UW 2. Advance is request for Services wired, $25 documentation amount of the banking system is unreliable, employee when carrying cash deposited in advance makes funds fee to disclose withdrawal, may be foreign bank won’t accept a personal US available for $10,000 or same day access wire to a personal account or Country-specific limits on amount bank Advance is deposit to US more when foreign ATMs aren’t available that can be brought in may be account, cash deposited in personal leaving US Large withdrawal too low for foreign purposes employee’s account may require advance Small denomination US bills is withdrawn personal US Maximum notice to bank are generally accepted May be challenging to carry a and carried bank account amount that worldwide significant number of small bills abroad on can be taken Confirm with bank person Employee into another Keeping a large amount of money withdraws country is secure abroad can be a high risk cash nation-specific
Method Responsibilities Cost Maximum Transaction Limit Transaction Time Advantages Disadvantages Dept/UW Employee UW Office 1. Advance is deposited in personal US bank account, cash is withdrawn at foreign ATM Dept initiates request for advance Advance is deposited in employee’s personal US bank account Employee withdraws cash at foreign ATM Financial Services makes funds available for deposit to employee’s personal US bank account If advance is wired, $25 fee Additional transaction charges will be charged at foreign ATM Check policies of the US bank that has the account Instant access to cash from foreign ATMs 24x7 availability at foreign ATMs Domestic bank account has protections of US banking system Banking statement is a reliable and consolidated record of bank transactions Easy to return any unspent funds from an advance in US personal bank account Method is dependent on access to foreign ATM system Foreign ATM system may have limits on the total daily withdrawal and number of transactions that are too restrictive for the custodian’s purposes Particular bank card being used may not be accepted by the foreign ATM system Security concerns at ATM site Dept/school is responsible for replenishing lost cash drawn as a field advance 2. Advance is deposited in personal US bank account, cash is withdrawn and carried abroad on person Dept initiates request for advance Advance is deposited in employee’s personal US bank account Employee withdraws cash Financial Services makes funds available for deposit to US personal account If advance is wired, $25 fee Must complete documentation to disclose $10,000 or more when leaving US Maximum amount that can be taken into another country is nation-specific Depending on the amount of the withdrawal, may be same day access Large withdrawal may require advance notice to bank Confirm with bank May be only option if foreign banking system is unreliable, foreign bank won’t accept a wire to a personal account or foreign ATMs aren’t available Small denomination US bills are generally accepted worldwide Significant physical risk for UW employee when carrying cash Country-specific limits on amount that can be brought in may be too low for foreign purposes May be challenging to carry a significant number of small bills Keeping a large amount of money secure abroad can be a high risk
Access_cash_abroad_chart.docx