Hard vs Local Currency contributed by Charitytransfers.org
Consortium for Street Children receive Sterling and US Dollar funding into currency accounts based in the UK. Once collected, these hard currencies were previously sent to their local partners in Uganda, Uruguay, Nepal, Bangladesh and a number of countries in West Africa and Latin America. On receipt of donations in all countries, the beneficiary’s bank would auto-converts hard currency into local currency. This approach of sending hard currency was inefficient and costly and this resource explains why.