Best foreign exchange practice for Charities and NGOs
16/Oct/2014 • Charities & NGOs•
Many charities do not have a clear and proven strategy in place for currency exchange. This leaves them exposed to rate volatility especially when working within emerging markets, which can be difficult to navigate and prone to sudden change.
In this white paper, we outline how important it is for charities to put clear and proven strategies in place for currency procurement and risk management. The white paper explains how charities can adopt best foreign exchange practice internally and with their foreign exchange provider. The aim is to highlight common pitfalls and offer practical steps to reduce these risks.
Ed Fletcher, Business Development Manager at Hope for Children (HOPE), commented that, “As a small, but growing charity, we are always on the lookout for new and innovative ways to reduce our costs. Although managing foreign exchange risk may not sound like the most exciting thing in the world, saving money that will increase the funding of our work to help vulnerable children certainly is.”