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Is this foreign currency policy reasonable? [closed]
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I've just had a discussion with one of our accountants. The only 'in policy' method of obtaining foreign currency is to use a local ATM. Purchasing currency from an exchange is not permitted, and our accounts department will not issue cash advances in a foreign currency.
I argued that it would be irresponsible for me to arrive in a country without adequate funds for my immediate onward travel, or to obtain a visa on arrival etc.
The reason given is that the Concur expense reporting system will not automatically create a cash advance if the currency is purchased from an exchange, instead will mark it as a card transaction.
We are all issued with corporate credit cards and expected to use those whereever practical. Cash should only be used where credit card payment is not possible.
I'd like to know what common practice is with other UK employers, and whether I'm being unreasonable in expecting my employer to have an 'in policy' method to enable me to obtain foreign currency before travelling?
Note my job is 50%+ travel, mostly international.
united-kingdom travel expenses
asked Sep 1 at 12:59
S-Man
221
closed as off-topic by Dukeling, paparazzo, NotMe, gnat, rath Sep 2 at 0:17
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions require a goal that we can address. Rather than explaining the difficulties of your situation, explain what you want to do to make it better. For more information, see this meta post." – Dukeling, paparazzo, NotMe
add a comment |Â
up vote
3
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I've just had a discussion with one of our accountants. The only 'in policy' method of obtaining foreign currency is to use a local ATM. Purchasing currency from an exchange is not permitted, and our accounts department will not issue cash advances in a foreign currency.
I argued that it would be irresponsible for me to arrive in a country without adequate funds for my immediate onward travel, or to obtain a visa on arrival etc.
The reason given is that the Concur expense reporting system will not automatically create a cash advance if the currency is purchased from an exchange, instead will mark it as a card transaction.
We are all issued with corporate credit cards and expected to use those whereever practical. Cash should only be used where credit card payment is not possible.
I'd like to know what common practice is with other UK employers, and whether I'm being unreasonable in expecting my employer to have an 'in policy' method to enable me to obtain foreign currency before travelling?
Note my job is 50%+ travel, mostly international.
united-kingdom travel expenses
asked Sep 1 at 12:59
S-Man
221
closed as off-topic by Dukeling, paparazzo, NotMe, gnat, rath Sep 2 at 0:17
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions require a goal that we can address. Rather than explaining the difficulties of your situation, explain what you want to do to make it better. For more information, see this meta post." – Dukeling, paparazzo, NotMe
3
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
4
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49
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3
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up vote
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favorite
I've just had a discussion with one of our accountants. The only 'in policy' method of obtaining foreign currency is to use a local ATM. Purchasing currency from an exchange is not permitted, and our accounts department will not issue cash advances in a foreign currency.
I argued that it would be irresponsible for me to arrive in a country without adequate funds for my immediate onward travel, or to obtain a visa on arrival etc.
The reason given is that the Concur expense reporting system will not automatically create a cash advance if the currency is purchased from an exchange, instead will mark it as a card transaction.
We are all issued with corporate credit cards and expected to use those whereever practical. Cash should only be used where credit card payment is not possible.
I'd like to know what common practice is with other UK employers, and whether I'm being unreasonable in expecting my employer to have an 'in policy' method to enable me to obtain foreign currency before travelling?
Note my job is 50%+ travel, mostly international.
united-kingdom travel expenses
asked Sep 1 at 12:59
S-Man
221
I've just had a discussion with one of our accountants. The only 'in policy' method of obtaining foreign currency is to use a local ATM. Purchasing currency from an exchange is not permitted, and our accounts department will not issue cash advances in a foreign currency.
I argued that it would be irresponsible for me to arrive in a country without adequate funds for my immediate onward travel, or to obtain a visa on arrival etc.
The reason given is that the Concur expense reporting system will not automatically create a cash advance if the currency is purchased from an exchange, instead will mark it as a card transaction.
We are all issued with corporate credit cards and expected to use those whereever practical. Cash should only be used where credit card payment is not possible.
I'd like to know what common practice is with other UK employers, and whether I'm being unreasonable in expecting my employer to have an 'in policy' method to enable me to obtain foreign currency before travelling?
Note my job is 50%+ travel, mostly international.
united-kingdom travel expenses
asked Sep 1 at 12:59
S-Man
221
asked Sep 1 at 12:59
S-Man
221
asked Sep 1 at 12:59
S-Man
221
asked Sep 1 at 12:59
S-Man
221
221
closed as off-topic by Dukeling, paparazzo, NotMe, gnat, rath Sep 2 at 0:17
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions require a goal that we can address. Rather than explaining the difficulties of your situation, explain what you want to do to make it better. For more information, see this meta post." – Dukeling, paparazzo, NotMe
closed as off-topic by Dukeling, paparazzo, NotMe, gnat, rath Sep 2 at 0:17
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions require a goal that we can address. Rather than explaining the difficulties of your situation, explain what you want to do to make it better. For more information, see this meta post." – Dukeling, paparazzo, NotMe
3
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
4
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49
add a comment |Â
3
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
4
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49
3
3
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
4
4
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49
add a comment |Â
2 Answers
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Worked for the UK arm of an international corporation with US headquarters. Traveled a bit for work, but nowhere near 50%, so the rules might be different.
The same policy as described by your accountant was used. For any non-company credit card purchase I needed to keep a receipt and would be reimbursed later. Any local currency cash I had on me I obtained myself, taking the exchange rate loss myself. Since these were low amounts and travel infrequent, it wasn't an issue.
answered Sep 1 at 14:03
Horia Coman
721147
add a comment |Â
up vote
2
down vote
It seems to me that there is a process that will satisfy everybody.
- Go to your local ATM and take out as much money as you initially need in local currency. Your bank will mark this as a cash advance.
- At the airport or elsewhere, take all that money and convert to foreign currency. Keep the receipt.
Don't forget to claim the transaction fees for the exchange. You would be doing this with the fees from the ATM advance anyway. They will be higher than using a card but that's the company's problem.
answered Sep 1 at 23:36
DJClayworth
41.6k989147
add a comment |Â
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
5
down vote
Worked for the UK arm of an international corporation with US headquarters. Traveled a bit for work, but nowhere near 50%, so the rules might be different.
The same policy as described by your accountant was used. For any non-company credit card purchase I needed to keep a receipt and would be reimbursed later. Any local currency cash I had on me I obtained myself, taking the exchange rate loss myself. Since these were low amounts and travel infrequent, it wasn't an issue.
answered Sep 1 at 14:03
Horia Coman
721147
add a comment |Â
up vote
5
down vote
Worked for the UK arm of an international corporation with US headquarters. Traveled a bit for work, but nowhere near 50%, so the rules might be different.
The same policy as described by your accountant was used. For any non-company credit card purchase I needed to keep a receipt and would be reimbursed later. Any local currency cash I had on me I obtained myself, taking the exchange rate loss myself. Since these were low amounts and travel infrequent, it wasn't an issue.
answered Sep 1 at 14:03
Horia Coman
721147
add a comment |Â
up vote
5
down vote
up vote
5
down vote
Worked for the UK arm of an international corporation with US headquarters. Traveled a bit for work, but nowhere near 50%, so the rules might be different.
The same policy as described by your accountant was used. For any non-company credit card purchase I needed to keep a receipt and would be reimbursed later. Any local currency cash I had on me I obtained myself, taking the exchange rate loss myself. Since these were low amounts and travel infrequent, it wasn't an issue.
answered Sep 1 at 14:03
Horia Coman
721147
Worked for the UK arm of an international corporation with US headquarters. Traveled a bit for work, but nowhere near 50%, so the rules might be different.
The same policy as described by your accountant was used. For any non-company credit card purchase I needed to keep a receipt and would be reimbursed later. Any local currency cash I had on me I obtained myself, taking the exchange rate loss myself. Since these were low amounts and travel infrequent, it wasn't an issue.
answered Sep 1 at 14:03
Horia Coman
721147
answered Sep 1 at 14:03
Horia Coman
721147
answered Sep 1 at 14:03
Horia Coman
721147
answered Sep 1 at 14:03
Horia Coman
721147
721147
add a comment |Â
add a comment |Â
up vote
2
down vote
It seems to me that there is a process that will satisfy everybody.
- Go to your local ATM and take out as much money as you initially need in local currency. Your bank will mark this as a cash advance.
- At the airport or elsewhere, take all that money and convert to foreign currency. Keep the receipt.
Don't forget to claim the transaction fees for the exchange. You would be doing this with the fees from the ATM advance anyway. They will be higher than using a card but that's the company's problem.
answered Sep 1 at 23:36
DJClayworth
41.6k989147
add a comment |Â
up vote
2
down vote
It seems to me that there is a process that will satisfy everybody.
- Go to your local ATM and take out as much money as you initially need in local currency. Your bank will mark this as a cash advance.
- At the airport or elsewhere, take all that money and convert to foreign currency. Keep the receipt.
Don't forget to claim the transaction fees for the exchange. You would be doing this with the fees from the ATM advance anyway. They will be higher than using a card but that's the company's problem.
answered Sep 1 at 23:36
DJClayworth
41.6k989147
add a comment |Â
up vote
2
down vote
up vote
2
down vote
It seems to me that there is a process that will satisfy everybody.
- Go to your local ATM and take out as much money as you initially need in local currency. Your bank will mark this as a cash advance.
- At the airport or elsewhere, take all that money and convert to foreign currency. Keep the receipt.
Don't forget to claim the transaction fees for the exchange. You would be doing this with the fees from the ATM advance anyway. They will be higher than using a card but that's the company's problem.
answered Sep 1 at 23:36
DJClayworth
41.6k989147
It seems to me that there is a process that will satisfy everybody.
- Go to your local ATM and take out as much money as you initially need in local currency. Your bank will mark this as a cash advance.
- At the airport or elsewhere, take all that money and convert to foreign currency. Keep the receipt.
Don't forget to claim the transaction fees for the exchange. You would be doing this with the fees from the ATM advance anyway. They will be higher than using a card but that's the company's problem.
answered Sep 1 at 23:36
DJClayworth
41.6k989147
edited 2 days ago
answered Sep 1 at 23:36
DJClayworth
41.6k989147
answered Sep 1 at 23:36
DJClayworth
41.6k989147
answered Sep 1 at 23:36
DJClayworth
41.6k989147
41.6k989147
add a comment |Â
add a comment |Â
3
So under what explicit circumstances has your current policy not been sufficient for your travel purposes?
– Peter M
Sep 1 at 13:32
4
Your third paragraph (about the expense reporting system) means that your company is setting policy according to what their software can do. This kind of thing happens all the time in back-office and support functions. Probably not a hill worth dying on.
– John Feltz
Sep 1 at 17:10
I'm with Peter M on this one, unless you have run into an actual problem with the existing policy then I don't see a problem that can be addressed. Any time you want to fight existing company policies you need real problems and not "just in case" ones. Especially considering every airport, train station, and other port of entry into a country has an ATM ready for use.
– NotMe
Sep 1 at 19:20
Yep, you're being unreasonable
– Kilisi
Sep 2 at 8:17
@PeterM when travelling to a country he has not had sufficient cash in hand, fortunately everything has gone smoothly so far, but the policy does not provide for a contingency in the even something goes wrong. Not every country has readily accessible visa/mastercard supporting ATMs at ports of entry.
– ollie299792458
Sep 3 at 12:49