Research and Innovation Services


Foreign currency projects

Exchange rate conversions for project budgets awarded in foreign currencies.

Project budget exchange rates

Project Budgets awarded in a foreign currency are set up on MyFinance at the below rate to assist in limiting exposure to exchange rate variance.

Current exchange rates

  • Euro (€): New projects are set up at a rate of £1 = €1.28 until further notice
  • US Dollar ($): New projects are set up at a rate of £1 = $1.38 until further notice. 

Please be aware that:

  • Budget reviews are undertaken throughout the life of a project in line with income received from funders with budgets adjusted accordingly
  • The responsibility for exchange rate losses or gains on projects rests with departments and is not covered centrally
  • For purchases, UCL deals with a variety of foreign currencies, which can be selected in iProcurement when raising a Purchase Order (PO).

Bill & Melinda Gates Foundation projects

For Bill & Melinda Gates Foundation awards please also note the following:

  • Budgets are set up as per the institutional rate
  • Income is received in USD($) and will be converted upon receipt. Any subsequent currency gains/losses will result in a review of MyFinance and the budget adjusted accordingly
  • Each currency gain/loss is to be reported to the funder in each reporting period
  • The exchange rate used for reporting to the funder for each period will be the average rate(s) achieved for the conversion of income during that period.