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Permanent Impairment payments and overseas bank accounts
Occasionally, a client may request that DVA process their Permanent Impairment (PI) payment to their nominated overseas bank account. The preferred method is always to pay clients residing overseas in $AU to an Australian bank account. However, if this is not possible, arrangements can be put in place for a payment to the client’s overseas bank account. This is managed through the Accounts Payable Team in the Finance and Property branch within the Business Support Services division.
Please note the following:
- Supporting documentation should be provided along with the Claim for Payment form to show evidence of how much is being paid and the purpose of the payment (a PI Determination Letter will usually satisfy this requirement), and forwarded to the Accounts Payable Team.
- The exchange rate to be used in these payments will be the rate as specified on the date the account is processed. The client should be made aware that no additional amounts will be available for any loss incurred on variations of exchange rates or costs that the client’s bank may charge. Any changes to a converted Permanent Impairment payment as a result of currency fluctuations are not the responsibility of DVA and the client accepts any currency exchange risks when they request to receive their payments in this manner, as they are still being paid their correct entitlement by DVA.
- The client may ask for an estimate of the exchange rate or likely conversion amount. DVA’s practice is to use the Oanda website to generate an estimate of the currency conversion. It is important that the delegate emphasise to the client that the estimate of the exchange rate/amount will likely differ by the time the transaction is actually processed.
- Support for completing the Claim for Payment form or for information on the processing of overseas payments should be directed to the Accounts Payable Team (Accounts.Payable.Mailbox).