4. Advance is Dept initiates Financial If advance is Foreign bank Depending on the Method that generally allows Must have a foreign bank request for Services wired, $25 or country may amount of the the largest cash withdrawal account prior to the advance deposited in advance wires money fee limit maximum withdrawal, may be per transaction being deposited foreign bank to foreign dollar amount same day access account Employee account of withdrawal Most secure method to Foreign bank account doesn’t (personal or creates Large withdrawal access cash abroad have customer protections of US foreign bank OR Check bank may require advance banking system UW), cash is account and country notice to bank Bank statement of withdrawn at UW regulations withdrawals is a reliable and Banking hours and locations may foreign bank Employee employee Confirm with bank consolidated record of not be convenient during withdraws deposits UW banking transactions business cash from check in Dept/school is responsible for foreign foreign bank replenishing lost cash drawn as a hours using a account at account field advance withdrawal foreign bank slip Some countries require that a person register with the tax authority after which he/she is given an identifying number (like a PIN) with which to open the account
4. Advance is deposited in foreign bank account (personal or UW), cash is withdrawn at foreign bank during business hours using a withdrawal slip Dept initiates request for advance Employee creates foreign bank account Employee withdraws cash from foreign account at foreign bank Some countries require that a person register with the tax authority after which he/she is given an identifying number (like a PIN) with which to open the account Financial Services wires money to foreign account OR UW employee deposits UW check in foreign bank account If advance is wired, $25 fee Foreign bank or country may limit maximum dollar amount of withdrawal Check bank and country regulations Depending on the amount of the withdrawal, may be same day access Large withdrawal may require advance notice to bank Confirm with bank Method that generally allows the largest cash withdrawal per transaction Most secure method to access cash abroad Bank statement of withdrawals is a reliable and consolidated record of banking transactions Must have a foreign bank account prior to the advance being deposited Foreign bank account doesn’t have customer protections of US banking system Banking hours and locations may not be convenient Dept/school is responsible for replenishing lost cash drawn as a field advance
Access_cash_abroad_chart.docx