How to Change Currency on GoFundMe: A Comprehensive Guide

The short answer: You cannot directly change the currency of an active GoFundMe campaign. Once a campaign is launched, the currency is locked. The solution is to end the current campaign and start a new one with the desired currency. This isn’t ideal, but it’s the only way to make the switch.

Now, before you resign yourself to restarting, let’s delve into the nuances. We’ll explore why this limitation exists, how to mitigate the disruption, and provide some crucial FAQs to smooth the transition.

The GoFundMe Currency Conundrum: Why Can’t I Just Switch?

GoFundMe’s system, while robust, has certain limitations when it comes to currency handling. Imagine the chaos if backers donated in US Dollars, and the organizer suddenly switched to Euros! It would create accounting nightmares, fluctuate donation amounts unpredictably, and frankly, erode trust.

Here’s the breakdown of the key reasons:

• Payment Processing Complexity: GoFundMe utilizes various payment processors globally, each with specific currency handling capabilities and associated fees. Switching mid-campaign would involve renegotiating these agreements and managing complex exchange rate conversions retroactively.
• Tax and Legal Compliance: Different countries have different tax laws and regulations related to fundraising. Changing the currency could introduce unforeseen legal complications and reporting requirements.
• Transparency and Trust: Backers donate with the understanding that their money will be used in the specified currency. Changing it would undermine this trust and could lead to disputes.

Therefore, the “locked currency” policy, while inconvenient, is in place to ensure a fair, legally compliant, and transparent fundraising experience.

Navigating the Restart: Minimizing the Disruption

Okay, you know you have to restart. Here’s how to minimize the disruption and ensure a smooth transition:

1. End the Current Campaign Gracefully

• Communicate Clearly: The most important thing is to be transparent with your existing donors. Explain why you need to restart the campaign and reassure them that the cause remains the same. A well-crafted update explaining the situation is crucial.
• Acknowledge Contributions: Express sincere gratitude to everyone who has already donated. Let them know their contributions are valued and will still be used for the intended purpose.
• Offer Alternatives (Optional): If possible, provide alternative ways for people to continue supporting you while the new campaign is being set up, such as offline donations or other fundraising platforms.

2. Prepare for the New Campaign Meticulously

• Choose the Right Currency: Double-check that you’ve selected the desired currency before launching the new campaign. This is the most crucial step!
• Replicate Your Story: Don’t start from scratch! Copy and paste the compelling story and images from your previous campaign. Tweak it slightly to explain the reason for the restart.
• Set a Realistic Goal: Consider the progress you made in the previous campaign when setting the new fundraising goal.
• Update your Social Media: Plan social media posts to notify your audience about the new campaign and explain the change of currency.

3. Proactively Reach Out to Previous Donors

• Personalized Messages: Where possible, send personalized messages to previous donors, informing them about the new campaign and inviting them to donate again. This shows that you value their support.
• Highlight the Continuity: Emphasize that the cause remains the same, only the fundraising platform had to be restarted due to the currency issue.
• Offer Incentives (Optional): Consider offering small incentives, such as a shout-out on social media or a special thank-you gift, to encourage repeat donations.

4. Monitor and Adapt

• Track Donation Patterns: Keep a close eye on the donation patterns in the new campaign. Are people donating at the same rate as before? If not, adjust your strategy accordingly.
• Respond to Questions: Be prepared to answer questions from donors about the currency change and the reasons behind it.
• Stay Positive: Maintain a positive attitude throughout the transition. Your enthusiasm and dedication will inspire others to support your cause.

Frequently Asked Questions (FAQs)

Here are answers to common questions about GoFundMe currency and related issues:

1. Can I change the country associated with my GoFundMe campaign?

Similar to currency, you cannot directly change the country associated with an active GoFundMe campaign. The country is determined during the initial setup and impacts factors like tax regulations and payment processing. You would need to end the current campaign and start a new one in the correct country.

2. What happens to the money raised in my old campaign if I restart?

The money raised in your old campaign is yours. GoFundMe will transfer the funds to you according to their standard payout schedule, minus any applicable fees. You can then use those funds for the intended purpose, as outlined in your campaign story.

3. How long does it take to get paid out from a GoFundMe campaign?

The payout timeframe varies depending on your location and payment processor. Typically, it takes 2-5 business days for the funds to be transferred to your bank account after you initiate a withdrawal. Review GoFundMe’s specific payout policies for your region.

4. Are there fees associated with GoFundMe?

Yes, GoFundMe charges transaction fees on each donation. The exact fee percentage varies by country. Be sure to factor these fees into your fundraising goal. In many cases, donors have the option to cover the fees, which would provide you with a better return on your fundraising efforts.

5. Can I donate to a GoFundMe campaign in a currency different from my own?

Yes, you can typically donate to a GoFundMe campaign regardless of the currency. However, your bank or payment processor may charge you a conversion fee. You’ll see the converted amount before completing the transaction.

6. What is the best currency to choose for my GoFundMe campaign?

The best currency to choose is the primary currency of your target audience. This will make it easier for people to donate and avoid unnecessary conversion fees. If your audience is global, choose the currency that is most familiar and trusted in your region.

7. What are the alternatives to using GoFundMe for international fundraising?

Consider platforms like GlobalGiving, FundRazr, or even setting up direct bank transfers (with appropriate disclosures). These platforms may offer different currency options and fee structures. Thoroughly research each option to determine which best suits your needs.

8. How do I close my GoFundMe campaign properly?

To close your GoFundMe campaign, go to your dashboard, click on “Edit,” then scroll to the bottom and select “Close Campaign.” You’ll be prompted to confirm your decision. Once closed, no further donations can be accepted.

9. Can I run multiple GoFundMe campaigns simultaneously?

Yes, you can run multiple GoFundMe campaigns simultaneously. However, it’s crucial to manage them effectively and avoid confusing your donors. Clearly differentiate each campaign and its purpose.

10. How do I prevent currency issues from arising in the first place?

Before launching your campaign, carefully consider your target audience and the currency most relevant to them. Double-check your currency selection during the setup process. If you’re unsure, reach out to GoFundMe’s support team for guidance.

11. What if I accidentally chose the wrong currency when setting up my campaign?

Unfortunately, as we’ve established, you can’t change it. Your only recourse is to end the campaign and start a new one with the correct currency. Act quickly to minimize any potential impact.

12. Does GoFundMe offer any tools to help with currency conversion calculations?

GoFundMe doesn’t provide a built-in currency converter. You’ll need to use external tools like Google Currency Converter or xe.com to estimate the equivalent value in different currencies. This is useful for communicating the impact of donations to backers in various countries.

The Bottom Line

Changing the currency on GoFundMe requires a restart, but with careful planning, clear communication, and proactive outreach, you can minimize the disruption and continue your fundraising efforts successfully. Remember, transparency and genuine gratitude towards your donors are key to building trust and securing their continued support.