Opening an International Bank Account

Obtaining Office of Investments and Banking Approval for the International Bank Account

Department should contact Office of Investment & Banking (OIB) regarding need for an international bank account. The Office of Investments and Banking will meet with the department to discuss international bank account request.

If the international bank account request is approved the OIB will begin the process of opening the account. If the request is denied, OIB will notify department that their request was denied and the department will use Disbursement Services to conduct international payments.

Coordinate Bank Documentation Process To Get Account Ready For Use

OIB works with the department to obtain all necessary signatures for authorized signers, Treasurer's signature, copies of passports, licenses, etc. as required by bank.

Notify Accounting Services and the department when the account is open and ready for use.

Bank account funding

If the international bank account request is approved and the account opened, the department will need to complete an international wire transfer request through Disbursement Services indicating type of currency required to fund the bank account.

Receiving, Reviewing and Approving International Contracts

The Office of General Counsel is responsible for receiving contracts for approval from the OIB. Any possible changes to the contracts will be completed by OGC and the attorneys overseas.

If the contracts are approved they will be sent to the OIB who will complete the documentation. OIB will contact the department for any necessary additional information.

If the contracts are denied, the department will use Disbursement Services to conduct international payments.