The Charity Finance Directors’ Group estimates UK charities could save up to £50 million each year, simply by improving the way they exchange foreign currency.
We believe charities should keep that money, and spend it where it’s needed most. To help, we’ll give you free access to a mid-market rate – and 0% commission.
Charities are particularly vulnerable to losses on foreign exchange. Many of the currencies used to fund overseas development projects can change in value quickly, and are only traded by charities in small quantities. This creates inefficiencies and risks for financial institutions, and they command a higher profit margin in return.
At freemarket, we say every pound, euro, dollar or yen you raise in donations and grants should still be available after you change currency, to help you carry out your good work. So we take 0% commission on charitable payments, and give you access to a mid-market or institutional exchange rate. And we can help you make the whole process fast and seamless.
“Many millions do not make it to their intended destinations because charities often encounter uncompetitive rates and misleading transfer fees when purchasing local currency… in this way, the full amount that ought to reach the field to save lives and improve livelihoods is not realised.”
Charity Finance Directors’ Group & Stamp Out Poverty: Better FX
“freemarket is an efficient currency tool for us. Ease of use, speed of access and better integration are all important… the freemarket system, once set up, is seamless.”