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Myakka Blog

Indian furniture, Dining Table, Nest of Tables, Cushions and Accessories

Ethical Currency Transactions

Thursday, 16 June 2011

As we import our furniture straight from the manufacturers in India, we make quite a few currency trades throughout each year.  To make this easier, faster and to allow us to secure some of the best rates possible, we use a currency broker to complete the exchanges.  When it comes to currency transactions, there are a huge number of brokers out there so selecting the right one can be a big job.  Our choice was made a lot easier when we discovered Ethical Currency – a business dedicated to offering excellent service and rates for trading currency with an added edge, donating a percentage of every trade to charity in the form of a ‘transaction levy payment’.

Ethical Currency’s first charitable payment was made earlier this year to South African charity, Treatment Action Campaign which campaigns on behalf of people infected with HIV/AIDS.

Ethical Currency has chosen to take up this micro-tax voluntarily and is constantly advocating the scheme to others.  As an indicator of the success of their business, they are increasing the percentage of each trade that they will be donating next year from 0.005% to 0.01%.  It may sound like a small figure, but given the volume and value of international currency trades that are made on a daily basis, the amount soon adds up!  If transaction levy payment system was applied globally it is estimated that it would raise $35 to $40 billion dollars annually for charities.

This is just one example of how at Myakka, we scrutinise and try to improve on the ethical advantages of every aspect of our business.  If you would like more information on Ethical Currency please email simon@mykkka.co.uk or visit their website www.ethicalcurrency.com.

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