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The following resources are available to support faculty and staff when conducting Penn business outside of the United States.
If you are doing business in a foreign country, contact the Office of the Treasurer for assistance in operating bank accounts or making cross-border payments to foreign vendors. Treasury handles all transactions including any bank accounts, external financing arrangements, safekeeping agreements and receipt processing arrangements.
In preparation for your business travel, be aware of these banking considerations:
The Penn Travel Card is the University sponsored Visa credit card for managing University travel and business entertainment expenses. The card features Chip and PIN technology, which is popular in countries outside the United States. It also offers cardholders another layer of security against fraud. Information about the Penn Travel Card and Concur, the University’s travel and expense management application, may be obtained by contacting TravelCardSupport@upenn.edu.
Another forms of acceptable payment includes wire transfers. For assistance with wire transfers, please consult Cash Management.
To ensure usability, travelers are encouraged to contact their financial institution in advance of their trip to ensure their accounts are properly notated with a travel alert feature. Note: Penn Faculty and Staff members enrolled in PNC WorkPlace Banking Program and use their PennCard as a debit card are advised to use the PNC ATM card issued directly by the bank when travelling abroad to ensure that they may take advantage of the travel alert feature.
Penn Travelers should contact their bank for information about international ATM and credit card fees before traveling outside the United States. Certain banks offer fee free ATM usage while some credit cards may impose additional fees such as currency conversion.
Payments must comply with applicable laws. All payments leaving the US must be reviewed by the Treasurer’s Office, Accounts Payable and/or the Corporate Tax Office to ensure compliance with U.S. currency, tax and export control laws.
Some activities may not be automatically covered by or require additional coverage to Penn’s insurance policies. Large purchases, rentals, and other activities should be reported to Penn’s Office of Risk Management and Insurance to evaluate the risk and obtain proper insurance.
Associate Vice President, Risk Management & Insurance