When requesting reimbursement, all expenses must be converted from the foreign currencies to U.S. dollars. Please show the calculations on the individual receipts to speed the reimbursement process.
Travelers have at least four options when selecting a conversion rate.
- Credit Card Rate: If the traveler charged expenses on a credit card, the credit card issuer will convert the amounts on the monthly statement. This is the most accurate rate, as it matches what the traveler actually was charged. Additional fees charged by the credit card issuer for foreign currency transactions also may be reimbursed, if itemized and explained.
- On-site Exchange Rate: If the traveler converted dollars to a foreign currency while overseas, the traveler should have a receipt that showed the actual exchange rate received. This single rate may be used for the entire trip, even though actual exchange rates vary daily, assuming the rate was approximately the average for the trip.
- Published Rate: If the traveler does not have either of the above rates to use, the traveler can use the published exchange rates in the Wall Street Journal, or any other nationally published rates. These rates are based on exchanges of one million dollars or more, and the two choices above probably are more representative of the rates travelers would experience.
- On-line Rate: The traveler can also use an on-line currency converter at http://www.oanda.com/converter/classic.
This page was last updated on December 18, 2014.