How NGOs can save millions on better FX procurement

Foreign exchange trader at a market in Somaliland. Nonprofits lose money by relying on banks for their foreign exchange needs. Photo by: tristam sparks / CC BY-NC-ND

European nongovernmental organizations and charities need to be more proactive at managing their foreign exchange risk and cut transaction costs in order to stretch their budgets further and become more sustainable.

That’s according to Beverley Traynor, head of business development for charities at London-based financial services provider Ebury. To do this, Traynor said nonprofits need to change their culture and hire more managers with a finance background who stay abreast of advances in financial services and tools.

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About the author

  • Helen castell profile

    Helen Castell

    Helen Castell is a London-based financial journalist with nearly 20 years’ experience covering trade, energy and risk for TXF, Shares Magazine, Global Trade Review, Newsbase, Trade Finance Magazine and other Euromoney publications. At Devex, she writes about development banking, private sector engagement and funding trends. She studied English Literature at Sheffield University and International Journalism at London’s City University, and speaks English, Spanish and Japanese.