The Pitfalls of Global Payments and Best Practices to Avoid Them
Session slides from GMN2017.
Managing foreign exchange (FX) in a project-based environment is a key piece of the financial activities of international aid and development organizations. With the myriad challenges involved – compliance risk, financial controls, opaque pricing – it is often difficult to determine the best currency conversion procedures. Millions of dollars in donor funds are wasted each year on currency conversions that can be avoided by adapting simple principles within an organization’s finance department. This session will highlight the leading FX industry practices using case studies and practical concepts which can be used to maximize the funding that is available at the local level. Join FX and currency expert INTL Global Currencies for this informative session that will include a general overview of FX markets, advantages of using electronic platforms, and current trends in FX management.
* Enhance their understanding of current trends in global financial markets and contracting for local currency
* Learn the importance of accessing competitive exchange rates for international transfer and the concept of “competitive bidding” and how to apply it
* Find out about using online platforms to improve international funding operations and the inherent risk of leaving surplus funding in the field and how to avoid it
* Understand just-in-time funding and the accounting advantages of knowing foreign exchange costs up front