Reader Reply

Issue 2 - Charity Matters

A selection of responses to Erica Hedley's question about the cheapest way to send money abroad.

Q. Erica Hedley

Thank you for e-mailing Charity Matters.

The Beacon Trust would be really interested in finding out from other charities the most cost effective way of sending sterling abroad.

We support an orphanage and secondary school in Malawi and every time we send out money we have to pay £38.50 to the bank. This has amounted to over £750 last year - money that could have been far better spent.

We have heard of a very efficient way of sending large sums of money but we can not qualify for that as we often send little more that £1th/month.

Erica Hedley
Beacon Trust

A.

1. Mike Frith

Dear Charity Matters Team,

I read with interest the following 'Reader Reply' comment in your recent ezine.

Please would you send the following message to Erica Hedley for me:

Dear Erica,

You might like to check out our web page that we've put together for those individual or corporate supporters who send money abroad.

See www.oscar.org.uk/supporter/finance/sendingmoney.htm . Perhaps there is something there that may reduce your costs.

Many thanks,

Mike Frith
Founding Director
OSCAR

2. Danny Mwasandube

In your June 2007 Issue 2 of eZine, Erica Hedley of The Beacon Trust asked for any cheaper way to send £Stlg to Malawi. May I inform Erica of:

Tanzania Development Trust banks with CAF Bank, which is Charitable Accounts only bank, who charge only £22 per foreign transfer instruction, irrespective of the anmount.

Could be worth opening an account with CAF Bank, and save the £16.50 per transfer.
Alternatively, try using "Western Union", their charges are competitive for small amounts transferred abroad.

Thx,
Danny Mwasandube

3. Angus Cleaver

Thanks for the magazine.

I see a reader is enquiring about money transfers. We frequently send amounts of up to £5,000 to Romania, and have found Moneybookers very good and very cheap. It is necessary to check on their website whether they include the country in question.

Angus Cleaver
The Cleaford Christian Trust

4. Jonathan Quin

Peter,

We may be able to help The Beacon Trust (point 4 in Reader Replies). We offer free international payments to most registered charities with a minimum amount of just £1,000.

Most charities can pay us for free using their online or telephone banking (or by posting a cheque), we then convert to Euros, Dollars, Zloty, Forint, Rand etc. (we can do virtually all currencies) at a commercial exchange rate (almost always higher than the high street banks) then make a free international payment to their nominated beneficiary account. There's lots more information on www.worldfirst.com

I would have contacted Erica direct but can't immediately see contact information for the Beacon Trust on the web and also wondered if this might be of interest to other charities.

Regards,
Jonathan

Jonathan Quin
Director
World First UK Ltd - Foreign Exchange & Global Payments

5. Mary Fitzpatrick

Dear Sir

In reply to Erica Hedley's problem of high bank charges for transferring money overseas. I have found Custom House Currency Exchange very professional and helpful and their charge for transferring money overseas is considerably lower than that of the banks.

Mr Phil Curley is their Business Development Manager and may be contacted at 0845 882 4801.

Hope this is of help

Mary Fitzpatrick
Franciscan Missionaries of Mary