What is it?
Currency exchange rates arise when one country’s currency is exchanged for another. Depending on whether one is buying currency (for example making a payment) or selling currency (making a deposit), banks and other currency exchangers will provide a “buy” or “sell” rate.
Why is it important?
When claiming expenses from a foreign country, the University approved site for currency exchange is the Bank of Canada website.
When making a deposit that includes foreign currency, it is important to separately identify any foreign amount so that the appropriate exchange can be credited by the Cash Office, Financial Services, once the actual exchange amount is provided by our bank.
Where do I find more information?
For further information regarding exchange rates, please contact:
- To make a deposit: the Cash Office