The Problem – Too much or too little to deal with…
Each day, millions of international travelers return home with leftover foreign coins and bills, which usually end up getting tossed into a drawer, never to be spent or converted into the home currency. According to a recent poll of 2,105 American vacationers, respondents brought back an average of $32 in unspent foreign funds from their international trips — and 83% conceded they never exchanged the money back to U.S. dollars. When asked why, 54% said they just didn't get around to it and 35% said there was "no point." And while 11% said they were saving the loot for their next trip, a quarter of those said it would probably be left behind.
As a result, the habit of holding on to these coins and bills has created a multi-billion dollar source of unused funds with no scalable process, program or technology in place to give travelers a convenient and appealing option for disposing of this excess. Since 2012, U.S. citizens have made more than 190 million international trips, and North America has been a destination for foreign travelers more than 212 million times. One can estimate, based on known traveler currency exchange habits, that the 68 million outbound trips in 2014 would have produced about $1.8 billion in currency that was never spent or exchanged for U.S. dollars.
The Solution – Bridge the gap between international travelers & charities
Our primary process will be to collect foreign currency inside the busiest international airports throughout the U.S. Ultimately we aim to expand our reach to all major international airports, cruise ship terminals, and transportation hubs around the globe. Our secured collection kiosks will present travelers with the opportunity to donate to our partnering global charities, and will also provide a “Give & Go” slot in which to toss currency. The attached kiosk monitor will show streaming video of our family of charities’ current missions, as well as information about how I.G. functions. An armored car service will periodically collect donations for delivery to our bank clearinghouse. After bank conversion and processing fees, monies collected will be distributed equally to our family of charities.