If you are planning a long-term project and expect to have significant recurring cash in/outflows, you may want to plan on opening an overseas bank account. Advance planning is particularly important for more remote geographic locations and should ideally begin more than six months prior to departure.
Schools and departments may not establish a bank account for a BU program without first contacting and working with Debt & Treasury Management.
A Boston University bank account refers to those opened for/with:
- The University or any of its schools, colleges, departments, centers, institutes, or programs.
- Any entity in which the University has an interest.
- e.g., an entity established for overseas activities or a subsidiary of the University
- The Trustees of Boston University tax identification number.
Debt & Treasury Management’s role is to ensure execution of all international funding and bank account administration activity in compliance with established University procedures and controls. However, you and your department should continue to retain full responsibility for regular monitoring of account activity, completion of the required monthly reconciliation process, and ensuring that control of local cash and banking activities are in place at all times due to greater familiarity with the financial needs of a particular international activity.