Foreign Currency Orders
We have a facility with the local Barclays Bank branch on campus where subject to a minimum order equivalent to £100, foreign currency for official University purposes can be obtained, commission free against an official UBW Purchase Order, backed up by adequate means of identification of the person actually collecting the foreign currency.
For the convenience of the Spending Unit the Bank have agreed that the foreign currency can be collected by someone other than the ultimate end user.
In order to secure this concession the University has had to indemnify the Bank against any loss or misuse of such currency 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.
The open credit agreement with have with Barclays is limited to the equivalent of £1000 in total of currency collected from the branch in any one day. If your order means the total to be collecting in any one day exceeds £1000 the Head of Financial Accounting must notify Barclays in advance. For this reason please raise the order on UBW with a minimum of a week’s notice if possible.
Spending Unit Procedure
Obtaining Foreign Currency.
1. For orders under the equivalent of £1000:
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). Note the branch on Campus is closed on Wednesdays.
For orders of the equivalent of £1000:
These have to be ordered centrally from Barclays not direct from the bank. Please email the Head of Financial Accounting with the requirement including the exact details of who will be collecting the currency and when.
2. Using the UBW Requisition module raise an order on:
· Supplier:- 19636 - Barclays Bank all currencies other than euros or 32983 for Barclays Bank euros
· Product Code:- YA - Edit the description to display the person, currency and amounts
· Click 'Add' for a new line
· 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 UBW will enter the estimated amount of the transaction in your unit's accounts as a commitment.
5. Where you are ordering currency 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 £1,000 the person collecting the currency takes the signed purchase order, and one of: a passport, a full UK driving licence or EU National ID card as proof of identity, to the campus sub-branch of Barclays Bank.
For sums over £1,000 you will be advised by the Head of Financial Accounting once the currency order has been confirmed and will need to take the same ID to the bank as above. The purchase order raised is for internal use only - do not take it to the bank as this may lead to them thinking it is a new order. Just inform the bank staff that the currency has been pre-ordered centrally.
8. The Bank will require the individual collecting the currency to sign the order as proof of receipt of the money, and will then issue a 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 UBW 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 UBW 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, except Wednesdays when they are closed. Note: This service is only available from the campus sub-branch.
11. If you need to return or currency (over £100) you can do this at the Bank by presenting the receipt issued when you obtained your currency. Your account code will be credited by Finance Division on the next working day.