Charity Technology Trust, in partnership with payment service providers FTT Global, today launched a new International Money Transfers service for UK charities - tt-forex.
Charities will now be able to send and receive overseas payments and donations using tt-forex, which will be powered by FTT Global's FCA regulated services. It is completely secure, free to register and can be accessed 24/7 online, saving time and high bank fees.
The cost and complexity of making and receiving international payments online can be a headache for any organisation. tt-forex was designed especially for the charity sector, where international payments are commonplace and must be managed securely, efficiently and regardless of currency requirements. FTT Global was already working with a number of international charities and sought out CTT to help broaden its reach within the sector and help to develop its service offering to those that need it most.
The resulting partnership between the two organisations will allow charities to maximise the funds they raise by avoiding the high fees and administration costs associated with processing international donations through bank accounts. By simply booking a payment online with tt-forex, charities receive a guaranteed exchange rate before they commit, ensuring that they know what they are spending in advance. CTT's service also ensures transparency by enabling charities to access transaction details online at any time - helping them to stay informed and in control.
"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," said Noel Goddard, Managing Director of FTT Global.
"For example, one charity client which sends over £1M per year in donations overseas saved £32,000 in fees and charges in just twelve months by booking its international payments through FTT, rather than via a bank," continued Goddard.
"We are always looking for ways to help charities save money and operate more efficiently; this partnership with FTT Global achieves both these goals," said Richard Craig, CTT's Chief Executive. "So many charities work internationally and have been paying far too much to do so. tt-forex fills a hole in the market to help them with overseas payments by offering an easy to use, secure platform for international transactions."