Money transfer systems and methods for travelers

• US 20030024979A1
• Filed: 07/26/2002
• Published: 02/06/2003
• Est. Priority Date: 10/26/1999
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Thompson, Mark, Seifert, Dean A., Hansen, Kurt, Michelsen, Mike
• Granted Patent: US 7,104,440 B2
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

One method involves payment of money to a recipient traveling to one or more foreign countries by entering into a remote computer money transfer information from a sender. The money transfer information comprises recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency. The money transfer information is transmitted to a host computer system. When ready to receive payment in the designated country, recipient identification information along with a request to withdraw a portion of a possible payment amount is entered into a payout computer. The recipient identification information and the request to withdraw is transmitted to a host computer system, and the requested withdrawal is provided to the recipient in the local currency.

Claims

1. A method for transferring money to a location having a different currency, the method comprising:

receiving and storing at a host computer system money transfer information comprising recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency;

receiving at the host computer system a request to withdraw a portion of the payment amount in a local currency from the country where the request was transmitted; and

storing a record at the host computer system of the amount withdrawn and an exchange rate used to convert the payment to the local currency.

2. A method as in claim 1, further comprising storing at the host computer system a record of any fees charged on the amount withdrawn.

3. A method as in claim 1, wherein the recipient information comprises the recipient'"'"'s name and an identification number, and wherein the request includes an identification number from the recipient, and further comprising comparing the identification numbers to authorize the withdrawal.

4. A method as in claim 1, wherein the request includes the name of a sender, and wherein the sender and the recipient are the same.

5. A method as in claim 1, further comprising transmitting from the host computer system to a remote payout computer receipt information needed to provide a receipt to the recipient.

6. A method as in claim 5, wherein the receipt information comprises an amount paid to the recipient, any fees, and a remaining balance of the payment amount.

7. A method as in claim 1, further comprising receiving and storing at the host computer system multiple countries where the money may be received.

8. A method for transferring money to a location having a different currency, the method comprising:

entering into a remote computer money transfer information from a sender, wherein the money transfer information comprises recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency;

transmitting from the remote computer to a host computer system the money transfer information; and

providing a receipt to the sender that includes at least some of the money transfer information and payout information that may be used to identify potential payout locations in the identified country.

9. A method as in claim 8, wherein the recipient information comprises the recipient'"'"'s name and an identification number that is usable to receive a payout from the identified country.

10. A method for receiving money at a location having a currency different from a sending currency, the method comprising:

entering into a payout computer recipient identification information along with a request to withdraw a portion of a possible payment amount;

transmitting the recipient identification information and the request to withdraw to a host computer system;

manually presenting the requested withdrawal to the recipient in a local currency.

11. A method as in claim 10, further comprising receiving at the payout computer a confirmation of the recipient identification information.

12. A method as in claim 10, further comprising receiving at the payout computer information on a currency exchange rate, any fees charged and any remaining balance of the payment amount.

13. A method as in claim 10, further comprising displaying at the payout computer information prompting the entry of the recipient identification information.

14. A method for transferring money to a location having a different currency, the method comprising:

entering into a remote computer money transfer information from a sender, wherein the money transfer information comprises recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency;

transmitting the money transfer information to a host computer system;

entering into a payout computer that is located in the designated country recipient identification information along with a request to withdraw a portion of a possible payment amount;

transmitting the recipient identification information and the request to withdraw to a host computer system; and

providing the requested withdrawal to the recipient in the local currency.

15. A method as in claim 14, further comprising adjusting an account associated with the recipient to indicated the amount of withdrawal along with any fees.

16. A money transfer system comprising:

a host computer system that is configured to receive and store money transfer information comprising recipient identification information, at least one country where the money is to be received, and a payment amount in an originating currency; and

wherein the host computer system is further configured to receive a request to withdraw a portion of the payment amount in a local currency from the country where the request was transmitted, to deduct the requested portion from the payment amount along with any fees, and to convert the requested portion to the local currency.

17. A system as in claim 16, wherein the host computer system is further configured to receive recipient identification information from the recipient and to compare the received recipient identification information with the stored recipient identification information.

18. A system as in claim 16, wherein the host computer system is further configured to transmit to a remote payout computer receipt information needed to provide a receipt to the recipient indicating the withdrawal.

19. A system as in claim 16, wherein the host computer system is further configured to transmit to a remote payment computer contact information for contacting payout locations in the designated country.