Foreign exchange can represent a huge part of a nongovernmental organization’s financing or banking costs. There are numerous ways to make savings here, but many smaller and midsize organizations, in particular, are not getting the best deal.
“One of the main ways that banks make money out of you as an NGO is on foreign exchange,” said Tim Boyes-Watson, director at Mango, which trains NGOs on financial management. “It’s hard to see if they’re making more money than they should be on the FX rates you’re getting.”
To choose the best provider — or to get a better deal from your current bank or broker — ask yourself the following 10 questions:
1. Would a broker be better?
