The Charity Finance Directors’ Group (CFDG) and Stamp Out Poverty have released Better FX, a guide to help charities spend less on buying foreign currency.

The publication builds on Stamp Out Poverty’s previous work Missing Millions, which identified potential sector-wide savings of £20-50 million if charities introduced competitive tender and improved processes when procuring foreign currency. 

Better FX includes nine case studies, including Oxfam, Build Africa and War on Want, who have all proactively reviewed and transformed how they purchase foreign currency.

Caron Bradshaw, chief executive of CFDG, said:

"We are delighted to be part of this hugely important work.  As the case studies in Better FX demonstrate, the potential savings from improving procurement processes are not simply hypothetical. 

"Many charities are implementing changes and making significant material savings when purchasing currency, allowing them to channel more of their valuable funds to projects abroad.

"You don't need to be a large organisation with extensive resources or highly specialist knowledge to save money.  The information and advice in Better FX can be utilised for the benefit of any charity – big or small – that sends funds overseas."