Invoicing in Foreign Currency

  • Foreign currency exchange rate losses can have a significant impact on Departmental budgets. The University does not normally agree contracts in currency (including US dollars) unless through Research Services or the Development Office – this is to reduce our exposure to exchange rate fluctuations. If a Department wants to raise an invoice in a foreign currency it must be referred to Bridget Midwinter (Head of Income) for approval, at which time an exchange rate for invoice purposes will be provided; this will help to mitigate any significant loss when the invoice is paid.

 

  • It should also be noted that, when remitting a foreign currency payment, occasionally the paying bank will convert the currency to GBP at source, and as a result the funds will be exchanged from currency to GBP and then back to currency when it arrives into the University’s bank account, the outcome of which is that the value of the payment will be reduced due to FX charges (foreign exchange charges). Ultimately, an individual Department will have to accept the loss or chase for payment. Please ask if you require support from Credit Control and/or help in chasing the debt.

 

  • For invoices raised in GBP the payer may still decide to pay in their local currency therefore ‘guessing’ the exchange rate, and as a result we could receive less (or more) than the value of the invoice. Any shortfall in excess of a token amount will remain outstanding and due for payment and may have to be met by the Department. Foreigner customers receiving our GBP invoices should be advised with following:- Please note: if you are paying from another currency bank account to our GBP bank account, you will need to directly instruct your bank of the amount to be received our end in sterling (£). Any shortfall in payment due to exchange rate differences will remain outstanding and due for payment.

Contact Us


 : Credit Control
       Finance Division
       University of Oxford
       C/O Oxford University Press
       Great Clarendon Street
       Oxford
       OX2 6DP

 creditcontrol@admin.ox.ac.uk
 : 01865 (6) 16215