currency exchange at bank, ATM withdrawal, Individual Designated Travel Card statement showing cash advance in foreign currency):Įnter any currency exchange fees charged to you as an expense on your claim if the fees were paid in foreign currency, remember to use the exchange rate documented on the receipt. If you have other foreign currency receipts (e.g.Use the average Bank of Canada exchange rate (see Appendix A) for meal and incidental allowances and for foreign receipt-based expenses that were paid in cash. hotel, car rental, gas) charged to your credit card using the documented exchange rate from your credit card statement. On your claim, enter each foreign receipt-based expense (e.g. If the only foreign currency exchange receipt you are submitting is a credit card statement for receipt-based expenses only (e.g.If you don’t have any currency exchange receipts :Ĭalculate the average Bank of Canada exchange rate (see Appendix A) and use it for each expense incurred in the foreign currency on your claim.Follow the instructions under scenario A, B, or C below, according to your situation: Now that you understand these concepts, you are ready to complete your travel claim. It may also serve as an expense receipt for currency exchange service fees (if any) to be entered on the claim.It documents the exchange rate and amounts to be used in the conversion calculation (including the calculation of a weighted average when necessary) to determine the Canadian equivalent of travel expenses incurred in foreign currency.receipts from currency exchange at bank/hotel/kioskĪ currency exchange receipt may serve two purposes:.withdrawal slip or bank statement for ATM transaction.Individual Designated Travel Card statement showing cash advance.credit card statement showing travel expenses (e.g.Currency exchange receipt – any document that shows the exchange rate for a transaction.These expenses are separate from the actual currency exchange described above.The service fees will appear as a separate item on the exchange receipt and are entered on the travel claim as an expense.Currency exchange expense – an expense associated with currency exchange where you are out of pocket, such as service fees charged for converting or reconverting one currency to another, and loss on foreign exchange on reconversion.meals and incidentals) but they are not entered on the travel claim as an actual expense. The currency exchange amounts are used in the conversion calculation to determine the Canadian equivalent of travel expenses incurred in foreign currency (e.g. This is similar to going to a bank to convert $100 cash to $100 travellers cheques – you are changing the form of the currency but not the value Currency exchange itself does not result in an expense because you still have the equivalent amount in your pocket, although it is now in another currency.Currency exchange – the act of converting an amount from one currency to an equivalent amount in another currency, e.g.As such, the Government Travel Committee, with the approval of the Executive Committee, has created this document for you!įirst, let’s start with a few basic concepts: If you have travelled outside Canada on government business and need to complete your travel claim, figuring out what you can claim in Canadian dollars is not as confusing as it may seem. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War.The following guidance is published as a companion to the Travel Directive, to provide detailed instructions to convert foreign expenses to Canadian dollars (CAD)* when submitting travel claims. Since 1971, all links to gold have been repealed. From 1934, its equivalence to gold was revised to $35 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. dollar was originally defined under a bimetallic standard of 371.25 grains fine silver or, from 1837, 23.22 grains fine gold, or $20.67 per troy ounce. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. The Coinage Act of 1792 introduced the U.S. The United States dollar is the official currency of the United States and several other countries.
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