Sending money overseas is a common action for law practices today and we receive claims when the money is sent in the wrong currency.
In our experience, the banks routinely convert the funds into the receiving country’s currency before sending it unless clearly instructed otherwise. In one claim the practitioner had given oral instructions to the bank for the funds to be sent in Australian dollars but the bank still converted the funds prior to sending.
To avoid these claims:
- obtain written instructions where possible from the recipient about how the money is to be sent
- convey that information to the person in your office who is arranging the transfer
- provide written instructions to the bank specifying the currency for the international funds transfer.
For more information about sending money overseas refer to our blogs Money, money, money and risk management, Money moving overseas, and Converting $s causes claims.
