Managing Financial Needs Overseas

Navigating financial matters in an international context can be complex. U.S. laws, host-country requirements, and Yale policies will all apply.  Visit the the Yale University Finance website to access Yale’s services and support.  Consult Yale’s Policies and Procedures website for an alphabetical listing of Yale’s finance forms.

Click on the topics below for descriptions and guidance.  Use the links on the right to request assistance.

If you receive a payment in cash of $10,000 or more (either in a single transaction or together with other payments during the course of a year), you are required to report the transaction to the IRS within 15 days of its occurrence.  

For detailed information about the reporting requirement, including what qualifies as a cash payment, what forms to use, where to file and examples of such payments, review the instructions regarding Reporting Cash Transactions over $10,000.  Additional information and links to the form and instructions are available on the IRS website.

Contact the University Tax Office with questions or to request guidance.

Updated date: May 30, 2014

Yale may engage a consultant who resides outside the U.S. to perform consulting work on a Yale project only if that person is properly classified as a “consultant” (as opposed to an employee) under Yale Policy 3210, Contracting for External Consultants and Other Professional Services. The risks of misclassifying a person as a consultant are significant and, if you have any doubt about such classification, please contact the Yale Tax Department at 203-432-5530.

For a properly-classified consultant, the standard-form Yale consulting agreement (Yale University Standard Professional Services Agreement, Form 3210.1) should be used as the starting point for documenting the relationship. You should contact Yale Procurement for assistance.

Yale will not be able to hire people outside the U.S. as employees without observing the local employment regulations and the other laws of the country where the individual will be working. This will typically require that Yale have a branch or registered office within the country and a payroll function that is in compliance with all local taxation and social benefits laws. It may be possible to use the services of a third-party personnel agency within the local country to engage personnel or to second (i.e. “loan”) an employee to a local academic institution involved with the relevant Yale project.

Please refer to the International Tax website for information related to required tax forms as well as the U.S. reporting and withholding requirements.

If you have questions, please consult your business manager who can coordinate with Human Resources and the Office of General Counsel, as necessary.

Updated date: May 30, 2014

A wire transfer may be requested on University Form 3401 FR.03, Request for Wire Transfer. Wire transfer requests made to pay an invoice should generally be made in the same currency as stated on the invoice. Please refer to the form instructions, or contact Treasury Services at agnes.siniscalchi@yale.edu regarding wire transfer payments.

Updated date: February 13, 2014

If you believe a Yale bank account outside the US is required, please contact the Office of the Controller, Treasury Services (203-432-4474 or agnes.siniscalchi@yale.edu) and provide a full description of the related Yale program and the purpose and duration of the proposed account. This office will analyze the proposal and coordinate with other Yale offices, as necessary, and respond to you.

In most cases, Yale will be unable to open a bank account abroad unless Yale has first taken formal steps to legally register a subsidiary or branch of Yale in the specific country.

A University employee should NOT open a bank account under his or her name in order to conduct University business.

Updated date: January 30, 2013

University employees should avoid carrying cash beyond that necessary for immediate and ordinary personal expenses while traveling. Please see Obtaining Cash for Yale Activities Abroad for guidance on approved options for obtaining cash or cash equivalents in support of Yale-related travel and Yale activities conducted outside the U.S.

An individual traveling to or from the U.S. with cash (including traveler’s checks) in excess of $10,000 must declare the amount to U.S. Customs. Many other countries restrict the amount of cash that an individual may bring in or out of the country. One consequence of noncompliance with these requirements may be confiscation of the cash.

The Yale Purchasing Card does not normally support cash withdrawals from ATMs. If an urgent need for cash to fund Yale activities arises while you are traveling, please contact the Office of the Controller, Treasury Services , at (203) 432-4474 or agnes.siniscalchi@yale.edu.

The University issues travel advances only to travelers who are ineligible for the Yale Purchasing Card or when extended travel or unusual circumstances are involved. Please refer to Policy 3305 for additional information or contact your business office.

Updated date: November 18, 2014