System and method for transferring money from one country to a stored value account in a different country
3 Assignments
0 Petitions
Accused Products
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.
254 Citations
34 Claims
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1-16. -16. (canceled)
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17. A method for transferring money to a location having a different currency, the method comprising:
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receiving and storing in a first country at a host computer system money transfer information comprising recipient identification information, country identification for a second country where the money is to be transferred, and a payment amount in an originating currency of the first country;
establishing a stored value account in the second country for the recipient to receive the money to be transferred;
receiving at the host computer system a request to withdraw some or all of the payment amount in the local currency of the second 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storing a record at the host computer system of the amount withdrawn and an exchange rate used to convert the withdrawn payment amount to the local currency. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25)
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26. A method for transferring money from a first country to a second country, wherein the second country has a different currency that the first country, the method comprising:
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receiving and storing in the first country at a host computer system money transfer information comprising recipient identification information, country identification for the second country where the money is to be transferred, and a payment amount in the currency of the first country;
receiving at the host computer system a request to withdraw the payment amount in the local currency from the second country;
transferring the payment amount to a stored value account established in the second country; 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 - View Dependent Claims (27, 28, 29, 30)
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31. A money transfer system comprising:
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a host computer system in a first country that is configured to receive and store money transfer information comprising recipient identification information, at least one second 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 at least a portion of the payment amount in a local currency from the second country, to transfer the requested portion from the payment amount along with any fees to a stored value account that has been established in the second country, and to convert the requested withdrawal to the local currency. - View Dependent Claims (32, 33, 34)
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Specification