Foreign currencies

When costing a project in a different currency, you should begin by calculating the cost in Worktribe using pounds sterling. This includes any overseas partner costs.

UCL’s corporate exchange rate for the euro (€) and US dollar ($) is automatically set up in Worktribe and reviewed regularly. This exchange rate should only be used when the funder will pay the award in euros or US dollars. You can view current exchange rates on our Foreign Currency Projects page.

For all other currencies, an additional 10% (or more for volatile currencies) should be applied to the mid-market rate shown on XE Currency Converter to allow for fluctuations. When costing in volatile currencies, you should seek advice from your department's Pre-Award contact.

To change the currency view in Worktribe:

1. In the 'Budget' tab of your project, select the Actions menu on the right-hand side
2. Select 'Budget Settings' from the drop-down list
3. You will then see the 'Edit budget scenario' pop-up box. Select the correct currency from the drop-down list In the 'Currency' field. This will allow you to view and export your budget in another currency without changing your budget

You do not need to edit the Currency Rate field for euro and US dollars as UCL sets this to include a buffer against future fluctuations.

Managing foreign currency projects

Conduct a regular review of foreign currency projects

Departments should review budgets for projects funded in foreign currencies at least annually in MyFinance to manage exchange rate risks as departments will absorb any exchange rate gains or losses.

Purchasing goods or services

When creating a purchase order (PO) for projects funded in a foreign currency, you can select from a variety of currencies iProcurement as needed.

Get in touch

For help with costing your project in a foreign currency, get in touch with your department's Pre-Award contact for advice. If you need help with managing a foreign currency project, speak with your department's Post-Award contact for support.

You can find your departmental Pre-Award and Post-Award contacts using our Find departmental contacts tool.