Global Coin Solutions, a Canadian company specializing in cash management and foreign currency fundraising, is revolutionizing charitable giving by tapping into a vast, often overlooked resource: leftover foreign currency. Founded by Scott Hutchings, the company operates on the principle of “any currency, any amount,” collecting and processing foreign coins and bills that would otherwise languish in drawers and jars, ultimately converting them into substantial donations for various charities, particularly those focused on children’s welfare. This innovative approach addresses a significant untapped potential, with Hutchings estimating that between two and three billion dollars in foreign currency sits idle in Canadian homes.
The process begins with individuals and organizations donating their foreign currency, often remnants from international travel. Global Coin Solutions collaborates with various charities to facilitate the collection of these donations. The company receives the currency at its Toronto facility, where a meticulous, largely manual process unfolds. Each donation is carefully documented, weighed, and sorted by country of origin. This painstaking effort ensures accurate accounting and efficient processing of a diverse range of currencies. The accumulated currency is then prepared for repatriation, the process of returning the money to its country of origin for exchange.
At the end of each month, Global Coin Solutions initiates the repatriation process, shipping the sorted currency back to the respective countries. Once the currency arrives in its country of origin, it is verified and exchanged for local currency. After accounting for processing fees and other associated costs, the corresponding donation is disbursed to the designated charity. Global Coin Solutions then receives a fee for its services, completing the cycle from donated foreign currency to impactful charitable contribution. This transparent and efficient system ensures that the maximum value of each donation reaches the intended beneficiaries.
A prime example of this innovative approach is the Currency for Kids initiative, a partnership established in 2020 between Global Coin Solutions and several children’s charities in Ontario. This ongoing program channels the value of donated foreign currency directly to a dozen children’s aid foundations across the province. The initiative has garnered attention and support from across Canada, with individuals mailing in their foreign currency contributions from various provinces. What’s particularly remarkable is that many of these donors were on the verge of discarding their foreign currency, unaware of its potential to support worthy causes.
The Currency for Kids program highlights the significant impact of seemingly small contributions. While individual amounts of foreign currency may appear insignificant, their collective value adds up considerably. Global Coin Solutions has processed over $50,000 worth of currency through this initiative alone, demonstrating the potential of this often-overlooked resource. The success of Currency for Kids underscores the broader message of responsible resource utilization and the transformative power of collective action. Even small amounts of foreign currency, when aggregated and efficiently processed, can generate substantial funds for charitable organizations.
Global Coin Solutions, through initiatives like Currency for Kids and its ongoing work with various charities, is not only maximizing the impact of charitable giving but also raising awareness about the potential value hidden within our homes. By providing a convenient and transparent system for donating foreign currency, the company empowers individuals to contribute to meaningful causes while simultaneously addressing the issue of idle currency. This innovative approach to fundraising has the potential to significantly increase the resources available to charities, particularly those serving vulnerable populations like children in need. The company’s continued efforts promise to further unlock the untapped potential of foreign currency, transforming forgotten pocket change into a powerful force for good.
