A new facility for obtaining foreign currency and travellers cheques A new facility for obtaining foreign currency and travellers cheques

We have negotiated a deal with Barclays Bank, whereby subject to a minimum order equivalent to £100, foreign currency and travellers cheques for official University purposes can be obtained, commission free, over the counter at the branch on campus, against an official ABW Purchase Order, backed up by adequate means of identification of the person actually collecting the foreign currency or travellers cheques.

For the convenience of the Spending Unit the Bank have agreed that both foreign currency and travellers cheques can be collected by someone other than the ultimate end user.  This means that they will hand over travellers cheques without requiring them to be signed in the presence of a member of the bank's counter staff.

In order to secure this concession the University has had to indemnify the Bank against any loss or misuse of such travellers cheques between them being released by the Bank and being received and signed by the ultimate end user.  If your Unit takes advantage of this facility any such loss under the indemnity will therefore have to be borne by your Unit.  Your Unit making use of this facility will be deemed to be in acceptance of this condition.

Spending Unit Procedure

Obtaining Foreign Currency or Travellers Cheques

  1. Before 2pm the previous day, telephone the Bank on 0330 154 6211 and reserve your requirements, which will then be available for collection after 11 am the next working day (the Bank holds a modest stock of the commonly used currencies, which can normally be obtained in small amounts without prior notice).
  2. Using the ABW Requisition module raise an order on:  
    1. Supplier:-  19636  -  Barclays Bank
    2. Product Code:-  YA  -  Edit the description to display the person, currency and amounts
    3. Click 'Add' for a new line
    4. Line 2 - Product Code:-  RECEIPT  -  This prints the text for the receipt of the currency from the Bank
  3. Enter the estimated sterling value of the transaction as the "purchase price".  You can use the tourist rate given in many newspapers to calculate the price, or you can ask the Bank  for an indication of the rate when you ring to reserve your currency.
  4. Posting the Order on ABW will enter the estimated amount of the transaction in your unit's accounts as a commitment.
  5. Where you are ordering currency or cheques against more than one ledger code, please use a separate line for each code.
  6. The Order should be signed by an "authorised signatory" in the usual way. The person authorising the Order must not be the person requiring the currency or collecting it from the Bank.
  7. For Orders up to £1,200 the person collecting the currency/cheques takes the signed Order, and one of: a passport, a full UK driving licence or a cheque guarantee or credit card as proof of identity, to the campus sub-branch of Barclays Bank.  For sums over £1,200 the Order needs to be countersigned by the Director of Finance OR Senior Financial Accountant before Barclays will accept and process it. The Faculty Finance office should notify either the DoF or SFA by email before sending the purchase order over with someone for countersigning, this will ensure the timing is convenient to both parties.
  8. The Bank will require the individual collecting the currency/cheques to sign the Order as proof of receipt of the money, and will then issue a blue receipt which is to be kept with the receipts for the trip and accounted for on the person's return.  The Bank will retain the ABW Order.
  9. The actual cost of the currency will appear on the next working day's Bank statement and Finance Division staff will complete the ABW order for you, downdate the commitment and replace it with the actual value of the transaction.
  10. The campus branch is normally open Monday to Friday between 9.30 and 3.30 pm. Note: This service is only available from the campus sub-branch.
  11. If you need to return travellers cheques and/or currency (over £100) you can do this at the Bank by presenting the blue receipt issued when you obtained your currency.  Your account code will be credited by Finance Division on the next working day.