Currency & Exchange Rates

Commercial Invoices

Payment to international suppliers should be remitted in the invoice currency. You should not convert an invoice submitted in international currency to U.S. dollar (USD). The conversion will occur at payment disbursement. Both the invoice and payment will be recorded in USD by Accounts Payable. As such, no gain/loss on foreign exchange is recorded.

Electronic payments to suppliers in non-USD for commercial invoices, honorariums, and/or other similar payables documents, are disbursed through Treasury Management once the completed and approved Electronic Funds Disbursement Request Form with supporting documentation and the bank information source document is received and processed by Accounts Payable. The form with supporting documentation should be submitted to Accounts Payable through the online submission form. It is critical to payment delivery to have the source of the banking information attached. This source can be the invoice itself, a document from the supplier’s bank or an internal bank authorization form completed and signed by the supplier. The bank information source document must present complete and accurate information. It must match the banking information presented on the Electronic Funds Disbursement Request Form.

Transactions will be entered into PNC PINACLE and approved by Treasury Management. Payments in local currencies are subjected to exchange rate fluctuations. The exchange rate is based on the transaction date and usually the foreign currency is delivered two days later to the recipient.

Travel and Expense Reimbursements to Employees

For travel and expense reimbursements submitted through iBuy+, while the system updates exchange rates daily with data from Oanda, the appropriate rate is applied to an expense based on the expense’s transaction date. Employees are reimbursed in USD.

For more information, please review the Disbursements in Foreign Currency Policy (PDF) and the section on Paying Vendors & Suppliers.