Banking and Purchasing

Cash-based economies

Much of Emory’s global work is done in areas that are primarily cash economies. Be aware of the local currency in the country of your planned new program and the currency fluctuation history for budgetary planning purposes. Check conversion rates

You should exchange currency in authorized banks, hotels, and other legally authorized outlets, and obtain proper receipts for these transactions. Exchange receipts are often required to convert unused local currency back to the original foreign currency, and you may change back any surplus local currency at the airport before departure. Be sure to retain any currency declaration forms, as they are often required by customs on departure. Be aware of general ATM availability in your destination country (here is a guide for Visa cards). However, in a cash-based economy, prepare for adequate local currency and do not rely solely on credit cards.

Emory's preferred methods for procuring and paying vendors may not be consistently available in cash-based economies. When dealing in cash transactions, be sure to maintain receipts and reconcile through travel expense reports, program financial reports, or other appropriate methods depending on the activities.

Emory employees are eligible for cash advances when traveling to cash-based locations. Review cash advancement procedures prior to travel.

Purchasing compliance

Emory may not conduct business with any persons or entities named as restricted parties by the U.S. government, per policy 2.123. The U.S. Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions based on U.S. national security and foreign policy objectives, and it is a significant source of engagement restrictions. The OFAC website provides helpful information about country-based sanctions programs and also identifies those individuals and entities on OFAC's list of prohibited parties.

Employees purchasing goods or services from foreign vendors should contact Emory's Export Control Office prior to purchase to screen the individual or entity against restricted party lists and OFAC considerations. 

Opening a bank account

If a new program wishes to open a bank account in a foreign country, please note there are numerous  considerations related to both university policy and country-specific banking regulations that will require review before moving forward. If you are interested in opening a bank account for your project, please contact Global Services