International Checks and Foreign Currency

Foreign Currency

Departments should not accept payments by foreign currency or coin. Due to regulatory requirements and processing fees, departments should not make foreign currency and coin deposits to University bank accounts.

International Check Definition

Any check, draft, cashiers check or money order that meets at least one of the following criteria:

  • Item issued in any currency other than US dollars (USD)
    • including Canadian dollars
    • including items drawn on a U.S. bank but payable in a foreign currency
    • item drawn on or payable through any bank not physically located in the US, including Canada (Check could be in US Dollars)

Important Notes

  • Due to the cost and manner in which International checks clear, please be aware that they may be returned unprocessed and/or may result in a loss to your department.
  • The collection process may take from several weeks to several months.
  • Frequent international payers should be encouraged to remit payments via wire transfer, instead of paper check. Please contact treasury-achwires@uiowa.edu for wire transfer instructions to provide to your payer.

Departmental Process

  • Endorse all check(s) with a restrictive endorsement stating "For Deposit Only", the department name, the four digit department number, and "University of Iowa"
  • Complete File International Check Deposit Form.xlsx in lieu of an eDeposit
  • Send check(s) and completed International Check Deposit Form in a sealed envelope via campus mail or personally deliver to the University Shared Service staff for your department. If your department is not supported by University Shared Services, contact treasury-edeposits@uiowa.edu for instructions.

Deposit Process

  • University Shared Service staff will deposit the check(s) at the University’s bank.
  • The University’s bank submits the check(s) to the foreign bank, either directly or through an intermediary bank.
  • If necessary, the collected funds are then converted to US Dollars using a foreign currency exchange rate.
  • The international bank may assess a fee for processing the check.
  • The University’s bank may also assess a fee for its role in the collection process.
    In total, fees may exceed $100 per check.
  • University Shared Service staff will create the initial eDeposit to your MFK(s). A copy of the eDeposit will be sent to you for your records.
  • Subsequent adjustments to the initial deposit, including conversion or fees, may be debited to the same MFK used in the initial deposit.
  • Checks drawn from countries other than Canada may not receive credit until the collection process is finalized.