travelnews: TRAVEL TIP for currency conversions

[BAO news for travel administrators]

Good afternoon travel coordinators,

There are several options for reimbursing expenses paid in a foreign currency.


  1.  The best option for your traveler is to submit a copy or online print out of their credit card charges.  Most banks use higher exchange rates and/or charge fees for converting currency.  You can use the actual rate the bank charged and the exchange service fee can be claimed in other expenses.  Service fees must be itemized and can be claimed for hotel, transportation, etc.


  1.  Some vendors give the traveler the option to charge the payment in US Dollars.  The credit card charge slip will show both currencies and it will be clearly marked which option was selected.  Typically, it also shows the exchange rate.


  1.  You can use a currency converter https://www.oanda.com/currency/converter/, select the foreign currency and amount, then select US Dollar for the currency you want and the date when the payment was made.  Please print one page per currency to document how the conversion was done.  There is no need to print additional pages for each item.


Best regards,
Conny

[cid:D409AF7E-A065-4B03-9E7F-72A60DB7E5EF]
Conny Isaacs
Travel Program Technician
http://ba.uoregon.edu/staff/travel
University of Oregon
Business Affairs Office
PO Box 3237
Eugene OR 97401-0237
541-346-0812

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