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 Advance is deposited in personal US bank account, cash is withdrawn at foreign ATM Dept initiates request for advance Advance is deposited in employee’s personal US bank account Employee withdraws cash at foreign ATM Financial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 Advance is deposited in personal US bank account, cash is withdrawn and carried abroad on person Dept initiates request for advance Advance is deposited in employee’s personal US bank account Employee withdraws cash Financial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
Employee carries cash abroad If all of the cash is lost or stolen, it will be time consuming to the advance process Dept/school is responsible for replenishing lost cash drawn as a field advance 3. Advance is deposited in foreign bank account (personal or UW), cash is withdrawn at foreign ATM Employee creates foreign bank account Dept initiates request for advance Employee withdraws cash at foreign ATM Financial Services wires money to foreign account OR UW employee deposits UW check in foreign bank account If advance is wired, $25 fee Additional transaction charges will be charged at foreign ATM Check policies of foreign bank Instant access to cash at foreign ATMs 24x7 availability at foreign ATM Must have a foreign bank account prior to the advance being deposited Foreign bank account doesn’t have customer protections of US banking system 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 Dept/school is responsible for replenishing lost cash drawn as a field advance
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