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Jan 29, 2023

Foreign Currency Fundraising 101

What is foreign currency fundraising?

Simply put, it is the collection of leftover foreign currency being donated to a charity.


Is it really that easy?

Yes and no. Asking people to donate their leftover foreign currency is pretty simplistic in itself. But it is a little more complicated than that. While most people have some foreign currency sitting at home collecting dust, they don’t give it any thought. And why would they? It came home from vacation and was tucked away somewhere, perhaps with the intention of taking it back on their next trip.


Why should you collect foreign currency for charity?

There is between $2-$3 Billion worth of leftover foreign currency just in Canada.


You can’t spend foreign currency anyway, so why not donate it instead?

Sure, you can take some foreign bank notes to your bank and exchange them. You can take more different currencies to a currency exchange … but neither of them exchange every currency nor do they accept many low denominations from many different countries.


You can’t exchange foreign coins … anywhere.

Foreign coins are not accepted at any bank nor are they accepted at any currency exchange. You can’t spend them and you can’t exchange them, and when you really think about it, you won’t likely remember to take them with you the next time you travel … so why not donate them and do something good instead?


Foreign currency is cash but it is not disposable income.

Asking people to donate foreign currency may sound like you are asking people to donate cash and you would be right. The difference lies in the fact that foreign currency can’t be used to buy groceries, pay the rent or mortgage, it can’t even be used to buy a coffee … in other words, it has no value here.


In 2012 the Royal Canadian Mint announced the withdrawal of the penny … and that created a frenzy for penny drives across Canada!

In 2012/13, charities across Canada went crazy for penny drives after the Royal Canadian Mint announced the withdrawal of the penny. Penny drives ranged from small local events to national programs with partners such as the Royal Bank of Canada.


One such drive collected $25,000.00 but took so much time and effort to manage that the charity considered it to be a failure.


Another drive, one partnered with RBC, started with a goal of collecting $700,000.00! To be frank, unless you have a major bank as a partner, such a goal would be debilitating … trying to handle 70 Million pennies would take machinery that most organizations just don’t have. In the end, that program ended up collecting $1.4 Million worth of pennies!


Collecting pennies vs. leftover foreign currency.

Did you know? There is roughly $3.84/kg of pennies … yet 1kg of foreign currency typically has a value 15-20 TIMES that much! That’s $57.60 to $76.80!


Based on weight, a penny drive that collected $25,000.00 could have collected as much as $500,000.00. And that charity that collected $1.4 Million … could have been on track to $28 Million!


The other difference between a penny drive and a foreign currency program …

Unlike penny drives from 10 years ago, a foreign currency program does not require a lot of effort by the charity. Sure, they need to collect the donations (either directly or through local partnerships), but the “work” of handling those funds does not have to fall to them, at least not alone.


Global Coin Solutions is there to be that partner. We can handle the pickups (either from the charity or their partner network), we handle the processing, sorting, and the ultimate repatriation of the currency that enables us to turn it into funds the charity can use.


Why aren’t more charities collecting leftover foreign currency today?

The big effort for the charity is in promoting their program, creating awareness. Collecting leftover foreign currency is new in Canada so there will be lots of questions; the most common being “why haven’t I heard about this before?”.


The other effort for the charity will be to find partners to collect on their behalf.


Smaller charities supporting community initiatives will most commonly be looking for small businesses with store fronts. These programs will not only be raising funds for the charity and promoting their work, but also creating awareness and driving traffic to the businesses supporting their collection program.


Larger charities will be looking to connect with provincial or national partners. Those will add logistical challenges but nothing that can’t be overcome.


The other main difference between a penny drive and a foreign currency collection program is that collecting leftover foreign currency is intended to be a long term program, not a short term drive. Canadians travel and therefore there is always more foreign currency coming back into the country. Whereas the penny drive concept was intended to pull pennies into the charity before they stopped being used and the amount in circulation declined to a level that wouldn’t support these programs.


Did you know? Total circulation of the Canadian penny was 35,000,000,000 pieces or $350 Million.


This begs the question: why did charities, big and small, launch penny drives across the country in such a big way and yet they have not picked up on the concept of collecting leftover foreign currency when there is an estimated $2-$3 Billion worth of it available in Canada now?


How else can charities collect foreign currency?

Believe it or not, simply let people know where they can mail their leftover foreign currency.


UNICEF USA promotes the mail in option for their Change for Good program and Americans do!


Durham Children’s Aid Foundation is the founding partner of the Currency for Kids program. They have a very good page promoting the program on their website, use social media very effectively to talk about the program, and use Google Ads to promote it on the internet in general. All of these methods talk about the mail in option … and people do! They receive donations in the mail most days of the week, and not just from people in Ontario. They receive donations from across Canada, from the U.S, and most recently they received a donation mailed in from Hong Kong! Yes, Hong Kong … the one roughly 12,500kms from DCAF’s office in Oshawa Ontario.


People are looking for things to do with their leftover foreign currency, so why not give them something great they can do … helping others!

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It’s Easy, Fun and Summer is a Great Time to Begin

By Dennis Ullman • 02 Jul, 2024
Perspective from over 30 years of experience successfully raising funds for charities. Its official, summer is here! HOORAY! A great time to visit, enjoy picnics, walks, swimming and of course… travelling . With kids now out of school for a couple months, many people take their vacation during the summer. Time to plan your vacation. Travel can require a trip to your local Currency Exchange, like Continental Currency Exchange , Global Currency Services , Ultimate Currency , Wellington Foreign Exchange , Foreign Currency Exchange Shop or Currency Convertors . There are other currency exchanges, but this group is a very special one. This group of currency exchanges supports a program that collects Leftover Foreign Currency. The program being supported is Currency for Kids . However, donations of foreign currency can help to support the charity of your choice as well. Yes, it is very easy. You can donate your leftover coins and bank notes, you know the ones not accepted by the banks or currency exchange. With every donation you are helping to support children and youth in communities across Ontario. Imagine that, something you might have thrown away, left in a bag or box… and forgotten about, can be put to great use. Now that’s EASY!! It’s easy for most people to enjoy the summer months, as long as you have air conditioning 😊. People often love the summer as they can travel, visit with family, enjoy a camp fire, attend festivals or concerts, go for ice cream and for some perhaps a quick dance in the rain is their choice. With so many people going on vacation, you may be missing your co-workers or perhaps you are wondering how can we stay in touch through the summer months? Many businesses love to have Employee Engagement activities to build team morale and keep the staff connected. This can be difficult during the summer months. Here is an EASY way to keep staff connected while helping the charity of your choice. How easy is it to begin a Foreign Currency Collection program? You simply let EVERYONE know that your business is collecting leftover foreign currency to support charity. After selecting your Charity of Choice , spread the news via email, newsletters, social media, family, friends, word of mouth, etc. Perhaps a contest would work. Prizes could be awarded to the employee, employee group or department that raises the most funds during the summer. Perhaps ending the contest during the week after Labour Day. Once the donations are collected, simply contact Global Coins Solutions and they will do the rest to ensure that the maximum donation is forwarded to your designated charity. Employee Engagement opportunities promote and support recycling, preservation of the environment while providing an opportunity for employees to support charity. This program does not have any expenses attached, no cost to host a program, no cost to employers, etc. Yes, this is so easy. A great way to stay in touch over the summer months. Perhaps biweekly updates are shared with staff to help determine who raises the most funds this summer and keep the competitive spirit alive… Once we realize the potential opportunity that donations of Leftover Foreign Currency have, we can help make our communities a better place for all. It’s time to give leftover Foreign Currency a significant purpose – helping those who need support. Time to organize a Staff Campaign! Donations of Foreign Currency can be directed to any charity of YOUR choice. Think about the needs of Food Banks, Housing/Shelters, Children, the fight against Human Trafficking, Seniors, Youth and New-comers to Canada. They could all use your support. “All Currency Is Accepted” regardless of the country of origin, denomination, amount or if it’s in or out of circulation. Don’t delay, it’s time to organize a campaign to collect leftover Foreign Currency. If you are seeking a charity for your donations , or if your charity of choice is not aware of Foreign Currency Collection Programs, reach out to the team at Global Coin Solutions (GCS) and be assured that your donation is processed and the funds are provided to assist the charity or non-profit of your choice. Donations can be mailed directly to GCS for processing or drop them off at a Foreign Currency Collection location . Visit the GCS website for more information https://www.globalcoinsolutions.com/ . Submit donations today and start changing the world, one cent at a time. For more information contact Dennis Ullman, Vice-President (Volunteer) – Innovation and Development, Global Coin Solutions at dennis@globalcoinsolutions.com or visit Global Coin Solutions today. GCS is celebrating 9 years of supporting charities throughout North America.

Businesses Supporting Foreign Currency Collections

By Dennis Ullman • 17 May, 2024
Often people think that Charities and non-profit organizations are always after the private sector to donate and support their mission. Yes, there is some truth to this as the charitable sector scrambles for support. Charities are challenged as government support decreases and the availability of financial donations from discretionary income become less and less frequent. With many people struggling, there is more pressure on charities to provide support (i.e., Food Banks) and less donations are being realized as people cope with increased interest rates, food prices, costs of housing, etc. There is a way for businesses and corporations to support charities and non-profits without breaking the bank on their marketing and sponsorship budget. As we initiate and develop healthy relationships between charity and the private sector, let’s consider an innovative method of generating funds. These relationships can begin as a simple campaign. Perhaps a Foreign Currency Collection program would be a good opportunity to “test the waters”, and see if there is genuine alignment between charity and business. One-way charities can encourage the private sector to support charities is through the development of Employee Engagement opportunities. Just like penny drives, or the donations of a Loonie for “Dress Down Fridays”. How about engaging and challenging employees to donate their leftover Foreign Currency? Currency is often left over from personal or business travels. Do you know people who often travel for pleasure or business? Ask them – what do you plan to do with your leftover currency? Along with boosting employee morale and assistance with team building, the collection of Leftover Foreign Currency can be a great time to discuss people’s culture, past travels, family heritage, etc. Employee Engagement opportunities can promote and support recycling, preservation of the environment while providing an opportunity for charity and business to work together. Based on a conservative estimate that each Canadian has approximately $50.00 available in leftover Foreign Currency. This totals over $2 Billion being available in Canada today. For a moment, imagine if a staff of 2 – 5 employees each brought in their leftover Foreign Currency. These donations would generate $100 - $250 for a charity. This could buy diapers for a new born baby, living with a single parent. How about if 10-15 employees hosted a campaign and raised over $750, this donation could help feed a small family who is relying on the local Food Bank for assistance. Let’s consider a staff of 50 – 75 employees, all donating their leftover Foreign Currency… the results would help fund a scholarship to assist a student who lives in poverty and is wanting to obtain a post-secondary education. For the larger corporations with 100+ staff, well over $5000 could result in a donation in support of a local charity that supports women who require shelter from an abusive situation. Once we realize the potential opportunity that donations of Leftover Foreign Currency have, we can help make our communities a better place for all. It’s time to give Leftover Foreign Currency that is currently serving no purpose, a significant purpose – helping to assist those who need support. Time to organize a Staff Campaign! It’s time to let everyone know that donations of Foreign Currency can make a positive impact to charities in Canada. Global Coin Solutions has been receiving, repatriating and distributing donations to many charity partners. DONATIONS of Foreign Currency can be directed to any charity of YOUR choice. Think about the needs of the local Food Bank, Housing issues, Shelters, Children, the fight against Human Trafficking, Seniors, Youth and New-comers to Canada. They could all use support. GIFTS of Foreign Currency will provide hope to people in our communities who are in desperate need of assistance. NOW WHAT? “All Currency Is Accepted” regardless of the country of origin, denomination, amount or if it’s in or out of circulation. Don’t delay… encourage your place of business to organize a campaign to collect leftover Foreign Currency. Make it a contest to see which department can raise the most funds. If you are seeking a charity for your donation , or if your charity of choice is not aware of Foreign Currency Collection Programs, reach out to the team at Global Coin Solutions (GCS) and be ensured that your donation is processed and the funds are provided to assist the charity or non-profit of your choice. Donations can be mailed directly to GCS for processing or drop them off at a foreign Currency Collection location . Visit the GCS website for more information https://www.globalcoinsolutions.com/ . Submit donations today and start changing the world, one cent at a time. For more information contact Dennis Ullman, Vice-President (Volunteer) – Innovation and Development, Global Coin Solutions at dennis@globalcoinsolutions.com or visit Global Coin Solutions today. GCS is celebrating 9 years of supporting charities throughout North America.

Cleaning, Travelling or Re-organizing during Spring Break?

By Dennis Ullman • 22 Apr, 2024
Perspective from over 30 years of experience successfully raising funds for charity. The weather is beginning to feel warmer and the sun is shining almost every day. Be sure to take a walk outside and see that spring is showing signs of new growth. For those who are not traveling as part of March Break, you may be looking forward to cleaning up around your home, garage, yard or business. As you begin the process of purging and decluttering while completing your spring cleaning, be sure to set aside your leftover Foreign Currency. For those who are wanting even warmer temperatures and have decided to travel during the break, be sure to save your leftover coins and bank notes from your trip. This Leftover currency can be donated to the charity of your choice after the Spring Break. DID YOU KNOW? The average household has approximately $60 in Leftover Foreign Currency that is currently serving no real purpose. People keep leftover foreign currency in the strangest places. Watch these videos to help remind you where your leftover currency may be found. YOUR DONATION of Leftover Foreign Currency will help those who are less fortunate in the community, who are struggling to make ends meet. Reflect on the needs of people who rely on community-based Food Banks or those who are living in vulnerable situations and are in need of safe and secure Housing . Donations can be directed to any charity of YOUR choice. YOUR GIFT of Leftover Foreign Currency, can provide the Gift of Hope for children, youth, seniors, families and newcomers to Canada. Imagine how much assistance would be provided if all Canadians donated their leftover Foreign Currency. Keeping in mind, there is over $2 Billion in available Foreign Currency and the flow of Foreign Currency continues to arrive in Canada every day. NOW WHAT? Begin by donating your Leftover Foreign Currency to the charity of your choice. This is a painless way to provide assistance and put your Leftover Foreign Currency to great use in the community. It’s time to donate the currency you have stored away in a box, bag, vase 😊, desk drawer, suitcase, backpack, etc. Why are you hoarding your Leftover Foreign Currency? “All Currency Is Accepted” regardless of the country of origin, denomination, amount or if it’s in or out of circulation. Don’t delay… Start by donating and then spread the word and let your family, friends, colleagues and neighbours know that “donations of Leftover Foreign Currency can help others”. If you are seeking a charity for your donation, or if your charity of choice is not aware of Foreign Currency Collection Programs, reach out to the team at Global Coin Solutions (GCS) and we’ll ensure that your donation is processed and the funds are provided to assist the charity or non-profit of your choice. Donations can be mailed directly to GCS for processing or drop them off at a foreign Currency Collection location . Did You Know? There are no upfront costs for a charity to receive donations of Leftover Foreign Currency. Be sure to visit the GCS website for more information https://www.globalcoinsolutions.com/ . After you move your clock ahead, no matter if you cleaned or traveled, by sure to submit your donation and start changing the world, one cent at a time. It’s time to Spring Forward, don’t waste anytime… submit your donation of Leftover Foreign Currency. For more information contact Dennis Ullman, Vice-President (Volunteer) – Innovation and Development, Global Coin Solutions dennis@globalcoinsolutions.com or visit Global Coin Solutions today. GCS is celebrating 9 years of supporting charities throughout North America.
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