How NGOs can save money on FX

By Helen Castell 22 May 2015

Foreign exchange can represent a huge part of an NGO's financing or banking costs. Photo by: Images Money / CC BY

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?

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About the author

Helen castell profile
Helen Castell@flippinowl

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.


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