Ebury is proud to be working with the AIDF in the build up to our US launch later this year. The tailored financial services we offer to the third sector in Europe will soon be available to US NGOs and we’re excited to start partnering with organisations across the pond.
In many ways, international NGOs and private companies are both working in the foreign sector with a need to transfer money to their organisation, partners or suppliers in different countries around the world. Doing so can be fraught with risk and exposes the organisations, private or public, to new and often highly volatile currencies, which may jeopardize their project or bottom line if not managed effectively. Currency risk should be given full consideration when operating overseas in any capacity and a thorough risk mitigation strategy can allow organisations to: achieve a budgetable foreign exchange level with which to plan their finances, secure their projects knowing that currency fluctuations will not interrupt their progress and deliver more consistent funds to the locations that need it the most.
Ebury partners with NGOs large and small. It is exciting to be working with large global NGOs but unlocking the benefits of a specialist service for smaller NGOs, is incredibly dynamic and rewarding. Small NGOs often miss out on the specialist bank support offered to their larger peers and so are forced to pay extortionate transfer fees and other charges, which limit the impact their money can have on the ground.
We empower NGOs of all sizes to move funds effectively across the globe and give smaller NGOs the ability to access expert solutions, including tailored risk management strategies and emerging market currencies.
One NGO we’ve recently been working with has endorsed us through the following case study. We hope you enjoy reading their story…
Ebury is working with Glad’s House to help them maximise the funds reaching their overseas projects and help those who need it most. Glad’s House is an NGO which works with the street children and young people of Mombasa, Kenya, providing them with the resources and means to leave the streets permanently and reintegrate into society.
In a country where one care package, put together by the NGO for a child in prison, costs just £2, every pound really counts. As such, when Glad’s House realised that they were losing money by using banks to transfer money to Kenya, the NGO sought alternative means.
Glad’s House is able to save £60 per transaction by working with Ebury. This has a significant and tangible impact. £60 means six sessions where Glad’s House workers are able to go onto the streets and provide support where it is most needed, fund 30 care packages for children, a home visit for a child leaving the streets, six specialist sports sessions for young men in the rehabilitation programme or 14 days’ worth of meals for all the children in the Glad’s House centre.
Commenting on the difference that Ebury has made to the NGO, Vicky Ferguson, CEO of Glad’s House said:
“Every penny we are able to raise has a direct impact on the lives of these young street children in Mombasa. That is why we work with Ebury – it is so important that we make the most of the money we have.
“When we worked with traditional banks, not only could we not guarantee that we would receive the best exchange rates, but the banks also charged us £27 per transfer. Although we aim to transfer money only once per month, the charges meant there was no flexibility as we could not risk the extra funds.
“Working with Ebury, not only is there no cost to transfer money, but they save us about £60 per transfer which makes a huge difference to the operation of the NGO.
“Ebury makes life easier and any unforeseen costs less damaging.
“As we grow we will continue to use Ebury. Our costs will only increase, as we reach out to more young people in Mombasa, and therefore so will the size of our transfers.”
Come and meet us at AIDF Global Disaster Relief Summit 2015 , where our experts will be in attendance and we’ll part of the panel on Electronic Payment Models For Aid Operations on Friday, September 11 at Ronald Reagan Building in Washington D.C.
We look forward to seeing you there!