Charity Management

New international money transfer service launched for charities

02 September 2013

Charity Technology Trust says the service will save money and time

The Charity Technology Trust (CTT) has launched a new international money transfer service for charities which is says will be cheaper and more efficient than using a traditional bank account.

The service, called 'tt-forex', is the result of a partnership with the payment service provider FTT Global and will allow charities to send and receive overseas payments and donations. FTT had already been working with a number of international charities and approached CTT to help develop the service and broaden its reach.

CTT says the service is free to register, available 24/7, and avoids the high fees and administration costs associated with processing international payments through bank accounts. Charities receive a guaranteed exchange rate before they commit and can access transaction details online at any time.
 
Speaking about the service, FTT Global's managing director Noel Goddard said: “CTT is a trusted name within the charity sector and its CTPayment service already has an outstanding reputation. Together we can extend that service and help even more charities with operations and causes overseas by providing a safe and secure way to ensure that funds and donations reach those in need and are not consumed by bank charges.
 
“For example, one charity client which sends over £1m per year in donations overseas saved £32,000 in fees and charges in just 12 months by booking its international payments through FTT, rather than via a bank.”
 
Richard Craig, chief executive of CTT, added: “We are always looking for ways to help charities save money and operate more efficiently. This partnership with FTT Global achieves both these goals. So many charities work internationally and have been paying far too much to do so.”
 
CTT is a non-profit-making organisation which provides the charitable sector with information technology and support services including hardware, software, email marketing support and online payments systems.
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Gareth Jones

Gareth Jones is a journalist and communications consultant specialising in charity finance. As editorial manager of Slack Communications, he co-authors Charity Financials' range of Spotlight reports and writes regularly for the Guardian Voluntary Sector Network. Previously he was editor of the Charity Finance Group's member magazine Finance Focus and senior reporter at both Charity Finance magazine and CivilSociety.co.uk

Elsewhere he writes articles and edits special supplements for the New Statesman, advises businesses and charities on their PR, blogging and digital strategies, and holds a master's degree in Public Policy from King's College London.

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