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Sample DD Form 2668, Request for Bid (Purchase/Sale) for the Sale of Foreign Currency
foreign currency must actually have a use or need for it. The rate of exchange will be the MBF’s purchasing rate on the date the currency is exchanged. Any gain or loss will be taken up in the selling DO’s accounts. SALE  THROUGH  COMMERCIAL CHANNELS When a DO is unable to sell foreign currency (cash) by any of the methods we have already described, he or she is authorized to sell it through commercial channels. When the rate of exchange has been established by agreement  between  the  United  States  and  the  foreign country, the sale must be made at the established rate. When  the  rate  of  exchange  has  not  been  officially established, the DO must request at least three bids from reputable banks or dealers in foreign exchange, if these sources are available. The DO uses the DD 2668 to solicit the bids. (Fig. 5-6 shows a sample DD-2668 for the  sale  of  foreign  currency.)  The  best  bid  will  be accepted  and  must  be  certified  by  a  commissioned officer other than the DO as the best bid of all the bids obtained. The DO must submit this bid with his or her financial returns. DEPOSITS TO THE CREDIT OF THE U.S. TREASURY When no other method is available to dispose of foreign funds, the DO may deposit them to the credit of the  U.S.  Treasury. The  DO  must  use  different procedures  for  disposing  of  cash  and  other  negotiable instruments. Cash To deposit foreign cash, the DO uses a specific procedure.  The  DO  must  first  make  arrangements  with the Bank of America. BANK OF AMERICA.— The DO’s first step is to contact the Bank of America’s foreign currency desk. The foreign currency trader at the Bank of America uses the client number for the U.S. Treasury (37539) plus the disbursing office symbol number of the selling DO to identify the transaction.   The  foreign  currency  trader also provides the currency exchange rate immediately along with the U.S. dollar equivalent. (The Bank of America  can  do  this  because  the  currency  is  being contracted for sale at that time. But, this makes it imperative for the DO to notify the Bank of America immediately of any change in the type or amount of the currency or a delay in shipment.) SHIPMENT.— The DO must prepare a separate SF 215 for each type of currency. On the SF 215, the DO must also indicate the name of the foreign country, the  type  and  amount  of  the  foreign  currency,  and  the 5-digit client number. The DO must also prepare a Shipment of Funds, DD 165, and include it with the foreign currency and the SF 215. Next, the DO places both  forms  (DD  165  and  SF  215)  and  the  foreign currency in a sturdy brown envelope reinforced with standard shipping tape. If the amount is less than $100 dollars, the DO sends the package by certified mail. For amounts  from  $100  to  $5,000,  the  DO  must  use registered mail. If the amount exceeds $5,000, the DO must use a Brinks self-sealing shipping bag. CREDIT  AND  DOCUMENTATION.—  Upon the sale of the currency, the Bank of America will give dollar credit to the Treasury and return the confirmed copy of the SF 215 to the DO. Usually, the transaction takes place without problems. Unfortunately, however, problems can and do occur. What happens if the DO makes an error in the deposit? What happens if the Bank  of  America  discovers  the  foreign  currency  is counterfeit? If the DO makes a deposit ticket error, the Bank of America will adjust the error. The bank will issue an SF 5515, Debit Voucher, for a decrease in the amount. Or, it will issue an additional SF 215 for an increase in the amount. In either case, the bank will enter an explanation on the SF 5515 or SF 215, as well as the original SF 215. In the case of foreign currency found to be counterfeit, out of circulation, or outdated (having  a  lesser  value),  the  Bank  of  America  will prepare an SF 5515 and note the date of receipt, the currency note, and the serial number. Upon request, the bank will send a facsimile copy of the note to the selling DO. Negotiable  Instruments There are several different classes of negotiable instruments. The type of negotiable instrument is based on the way it is payable. The first type of instrument is drawn on a foreign bank, but it is payable in U.S. dollars through a bank in the United States. The other types of instruments  are  handled  differently.  Some  are instruments drawn on foreign banks payable in U.S. dollars through a foreign bank. Others are instruments drawn on foreign banks payable in foreign currency. These  two  categories  are  handled  differently  from  the first type. Let’s take a brief look at how each of these types  of  negotiable  instruments  is  deposited. DRAWN  ON  A  FOREIGN  BANK/PAYABLE IN U.S. DOLLARS THROUGH A BANK IN THE UNITED STATES.— These  instruments  are  deposited with  the  normal  deposits  made  for  U.S.  bank instruments. 5-10

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