Foreign Payments

The College has standing arrangements with many foreign Suppliers for payments in the form of a standard issue, Accounts Payable check in US dollars (USD). In these circumstances, a standard Accounts Payable check is the preferred method of payment if the College is not incurring additional charges by using this method. The Controller's Office maintains the list of foreign vendors in this category.

For Suppliers requesting payment to a foreign bank account or payment in foreign currency, the College will pay submitted invoices in the currency stated on the invoice. Payment by electronic transfer is typically the preferred payment method of foreign currency. If the invoice bills for USD, the College will send USD to the foreign bank account. Foreign suppliers billing in USD will typically have standing arrangements with their bank for processing USD deposits.

Payments to individuals, e.g.as honoraria or for a contracted service, are usually better for the payees to receive payment in their local currency rather than USD. For individual payees, the College follows a least transaction cost route, unless contractually obligated to pay as USD. This means converting to local currency and issuing payment by the method available that incurs the lowest bank fees. Please review the information below and contact Glenn Morin if you have any questions about the most appropriate type of payment for your request. Please note: Payments to foreign nationals or US citizens living abroad may be subject to US tax withholding or other restrictions. Please contact Heather Stowe for more information regarding tax obligations for foreign payments.