Euro Coin Exchange Solves Dilemma for Travelers and Merchants, With a Little Help from Intelligent Office

Euro Coin Exchange offers two primary services: buying foreign coins from people who have traveled overseas and found that their bank won’t exchange the coins for U.S. currency, and buying U.S. coins from other currency exchanges overseas and shipping them back to the U.S.

“There is a lot of money in circulation that is basically in the wrong country and needs to be returned so it can be spent as local currency,” explains Ken Mitteldorf of Euro Coin Exchange. “Our business collects some of that money and puts it back where it belongs.”

As a rule, banks don’t like to handle coins. They are heavy and in general have relatively low value in relation to the amount they weigh and the amount of room they occupy.

Euro Coin Exchange fills the void by buying U.S. coins overseas at a discount and then receiving full face value when they deposit them in a U.S. bank.

A common problem for Americans returning from Europe with a pocket full of Euros is being told by their bank that the bank doesn’t exchange foreign coins.

“Likely the most valuable coin in your pocket is a quarter which really isn’t worth very much,” explains Mitteldorf. “In contrast, in some countries there are valuable coins like the Japanese 500 yen which is worth about $5 American. The Swiss have a five franc coin that is worth about the same. The British have a 2 pound coin that is worth a little over $3 US.”

If a traveler is on vacation for 10 days and each day empties their pockets into their camera bag, purse or suitcase, they may come home with $100 worth of change that their bank won’t exchange.

“Business travelers are notorious for throwing coins into the drawer assuming they will take them on their next trip, but they forget or the quantity and corresponding weight becomes too much to carry,” observes Mitteldorf.

Mitteldorf was one of those travelers when he came back from a vacation in Ireland in 2005 with 20-30 in Euro coins in his pocket. Figuring that there might be other people in the same boat, he first started looking for a way to build these coins into a collection before realizing the business opportunity in operating an exchange.

Euro Coin Exchange also purchases bulk coins which come from transit authorities and subway systems that end up with foreign coins in their collection, from companies that operate vending machines and even some armored car companies who end up with a lot of foreign coins in their cash management facilities. However, the largest part of their business remains in the importing of U.S. coins from overseas.

Because Euro Coin Exchange is an entirely web-based business – with customers from around the world finding and doing business with Mitteldorf online at www.webuyeuros.com – he doesn’t have a permanent business office outside of his home or a place for customers to visit.

This doesn’t prove much of a problem except when important deliveries need to be made.

“The U.S. coins go right to the bank so we don’t touch them, but when someone sends a shipment of foreign coins which requires a live signature, and if I can’t be certain that I will be around to receive it, I want to have an address where I know it can be sent and someone will always be available,” continues Mitteldorf.

Intelligent Office is proving to be a win all around for Mitteldorf who also makes use of the office space to meet with local customers who prefer not to do business through the mail. “It sounds so much better inviting them to meet me at my office instead of my living room.”

For additional information about Euro Coins Exchange, contact Ken Mitteldorf at 678-559-6796, via email at eurocoins@charter.net or visit www.webuyeuros.com.