SECTION OVERVIEW AND POLICIES

This section provides Business Units with guidance on how to process payments to a vendor in foreign currency using the Statewide Financial System.

New York State cannot process Automated Clearing House or check payments in foreign currencies. In the event that a vendor requires checks to be paid in a foreign currency, the Business Unit must process a wire transfer to the vendor.

Process and Document Preparation:

To process a vendor’s payment in a foreign currency, the Business Unit must first register the vendor in the New York State Vendor File. For more information on registering a foreign vendor, see the Vendor Management Unit’s Vendor Guide.

After the vendor has been registered, the Business Unit must follow the recurring wire transfer instructions outlined in Section 8.G - Payment Methods of this Chapter. Upon acceptance at the foreign banking intuition, the funds will be transferred to the foreign currency.

Guide to Financial Operations

REV. 03/19/2012