The U.S. dollar value of a payment made in foreign currency, less expenses, is income.

We count foreign currency payments when received unless the individual alleges and can establish that the payment was received too late in the month for conversion prior to the following month.

Use a check or documents in the individual's possession to verify receipt of a foreign payment and the amount in foreign currency. If the payment is made directly to a bank, the bank may provide a statement of the amount received.

If the evidence is not readily available, or if translation of the documents would require a delay beyond the receipt of the next payment, then:

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  adjudicate the case based on the individual's statement either signed or recorded on a DROC (if there is no reason to doubt the allegation); and

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  ask the individual to present his next check before cashing it.

Verify the exchange rate for conversion of the foreign currency into U.S. dollars using:

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  A receipt for the individual's last exchange; or

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  A telephone call to a local bank or currency exchange.

Presume that an established exchange rate remains constant until the next FO redetermination, at which time verify the rate again. If at this point, the exchange rate has changed, presume the change occurs effective in the month of verification and that it remains constant until the next redetermination.

EXCEPTION: If the individual reports that the exchange rate has changed, verify the change and adjust the income charged to reflect the new rate. This includes reports that deal with a retroactive period (e.g., if the individual reports in December that the rate changed 2 months ago, verify the change and input it as of October).