Forex Advance – Key Points – Public

Key Points to Consider:

  • Also regarded as an advance as currency is still advanced to an employee
  • Currency and supply: Cash, Cash Passport, Personal Card, Travellers Cheque
  • An employee will have to account for expenditure by providing slips or receipts of purchases
  • Advance supplier:  Generally issued by an approved Forex service provider

Type:

  • Variable Amount (Make use of the Forex/Advance Tab)

The principle for a forex advance is that it is obtained from an approved 3rd party provider e.g. Travelex.

Process:

    • Pax collected directly from supplier/service provider branch if permitted by company
    • Service provider delivers to company finance department which then issues to pax