Foreign Exchange

Many charities have operations abroad and have foreign exchange requirements.  However procuring foreign currency should not be a passive transfer of funds - huge savings can be made if the process is actively managed.

CFG has collaborated with Stamp Out Poverty to produce Better FX, a best practice publication aimed at helping charities save money through improving procurement practices.

Better FX: A guide to improved foreign exchange practice in the UK charity sector 

In 2009, Stamp Out Poverty published Missing Millions, a report which identified potential sector-wide savings of £20-50 million.  Better FX moves from the theoretical to the practical, by outlining steps charities can take to help make these savings.


A key message coming from Better FX is that you should not restrict yourself to one currency provider.  Many charities would benefit from engaging in competitive tender to obtain the best rates.

To help finance and treasury teams identify service providers to work with, Better FX included a Foreign Currency Map.  This map lists world currencies and indicates which foreign exchange providers can deliver either a spot rate, non-deliverable forward (NDF) or forward contract for each currency.

CFG updated the map in August 2011.  The new version has been amended to reflect contributors' current capabilities and also includes the capabilities of a number of additional providers.  

Foreign Currency Map  (latest version August 2011) 
Foreign Currency Map (excel version)

If you are a bank or foreign exchange provider and would like to be included in the chart, please email


Better FX was launched in February 2011.  At the launch, Nana Yaa Boakye-Adjei, the lead author, presented on the work and sat on a panel with representatives from INTL Global Currencies, Oxfam and Build Africa. 

Better FX presentation slides 

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