Better FX - A good practice approach for NGOs
Following a recent Dóchas event entitled “Could your organisation be making savings on payments?”, exploring the topic of Foreign Exchange (FX) and international payments for NGO’s, please find below a Good Practice Checklist for organisations who are considering looking at alternative solutions to their traditional methods.
This checklist is not exhaustive but outlines the key points to consider before entering into an agreement with a provider:
- Consider tendering for the process
- Look beyond our regular banks to FX specialists
- Do due diligence on any firms selected
- Remember that “One size does not fit all”
- Consider forward buying
- Consider collaborative working with other agencies
- Keep in contact with suppliers to seek comparisons
- Find out where is the best place to buy
- Never enter into an Exclusivity agreement with a supplier
- Consider the size and expertise of your team
- Put in place Controls and Governance
- Get the advice of several suppliers
- Centralised currency management
Presentation from the event on 9 February for Dóchas members is available here.
FX Services suppliers include:
Ebury has one clear objective: to support organisations in the complex global marketplace. We specialise in emerging markets and illiquid currencies, international payments and risk mitigation. Ebury operates across Europe, working with charities, NGO’s, their suppliers and funders helping them deliver programmes on budget in emerging markets.
Contact Beverley.traynor[@]ebury.com for more information.
FEXCO Commercial FX Services provides a full range of foreign exchange and international payment services. We have been operating in Ireland and the United Kingdom for over 20 years and have helped 1000’s of individuals and businesses with their foreign exchange needs and requirements. We currently provide services to a variety of sectors including Corporate, SME, Government, NGO, Retail and Insurance. We are a proven, safe and secure choice to manage the foreign exchange requirements of your organisation. We provide a broad range of currencies including many exotics.
Contact bfarrell[@]fexco.com for more information.