System, Method, And Program Product For Foreign Currency Travel Account

• US 20100057607A1
• Filed: 09/04/2009
• Published: 03/04/2010
• Est. Priority Date: 09/04/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott
• Granted Patent: US 8,024,242 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/354 Card activation or deactivation
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Systems, program product, and methods for securing or procuring destination currency funds for a traveler to be used for travel in a destination country commencing at a scheduled future travel date, are provided. A system can include a domestic financial institution server including foreign destination currency transaction account program product. The system provides for establishing an interest-bearing foreign destination currency transaction account having a user-selected maturity date coinciding with a preselected travel date, and near, but prior to the preselected travel date, providing to the traveler a travel debit card having access to the balance of foreign destination currency finds including both principal and accrued interest.

Claims

1. A system for securing foreign destination currency funds for a traveler for prospective travel in a selected foreign destination country commencing on a preselected travel date, the system comprising:

a domestic financial institution computer positioned at a domestic financial institution site to define a domestic financial institution server, the domestic financial institution server having a processor and memory operably coupled thereto;

a remote user computer positioned remote from both the domestic financial institution server and a foreign destination country financial institution computer and in communication with the domestic financial institution server through a communication network, the foreign destination country financial institution computer positioned at a foreign financial institution site located in the selected foreign destination country in communication with the domestic financial institution server through the communication network;

the domestic financial institution server configured to perform the operations of;

receiving traveler personnel identification data for a traveler, a travel date established by the traveler defining a preselected travel date, and indicia of the selected foreign destination country collectively defining travel arrangement data from the remote user computer through the communication network, to establish an interest-bearing foreign destination currency transaction account to thereby secure foreign destination currency funds for the traveler at a substantially current foreign exchange rate for use by the traveler in the selected foreign destination country on and after the preselected travel date, the preselected travel date being substantially later than a date the travel arrangement data is received and used to establish a transaction account maturity date,

determining the foreign exchange rate for conversion of domestic currency funds to the foreign destination currency funds for the foreign destination country and substantially all fees associated therewith responsive to the receiving of the indicia of the selected foreign destination country,

presenting the determined foreign exchange rate and associated exchange fees to the remote user computer through the communication network,

receiving an indication of an amount of traveler desired foreign destination currency funds to open the interest-bearing foreign destination currency transaction account and at least indicia of a traveler selected domestic currency funds payment method from the remote user computer through the communication network,

establishing the interest-bearing foreign destination currency transaction account responsive to one or more of the following;

the receiving of the amount of traveler desired foreign destination currency funds to open the interest-bearing foreign destination currency transaction account and the receiving of the at least indicia of the traveler selected domestic currency funds payment method, the interest-bearing foreign destination currency transaction account funded by the domestic currency funds provided by the traveler,

establishing a maturity date for the interest-bearing foreign destination currency transaction account responsive to the preselected travel date, and

responsive to passage of a date associated with the preselected travel date, providing the traveler fund access to the foreign destination currency funds via a debit card.

2. A system as defined in claim 1,

wherein the operation of providing fund access via a debit card includes the operations of:

initiating the provision of the debit card to the traveler on a date immediately prior to the selected travel date, the debit card having access to foreign destination currency funds on and after the maturity date,

providing an indication of activation of the debit card, and

providing an indication of a current transaction account balance assessable to the debit card, the account balance including one or more of the following;

currently accrued interest and interest at maturity;

wherein the debit card includes a storage medium configured to store an account indicator provided to enable access to the foreign destination currency transaction account; and

wherein the operations further comprise;

initiating storing of the account access indicator in the storage medium of the debit card responsive to the receiving of indicia of receipt of the domestic currency funds provided by the traveler and passage of the date associated with the preselected travel date to thereby activate the debit card.

3. A system as defined in claim 1, further comprising:

at least one travel debit card provided to the traveler prior to the preselected travel date, the debit card having access to the foreign destination currency funds, the foreign destination currency funds having a value substantially equal to a value of a balance of the destination currency transaction account at the maturity date, the value of the balance including interest accrued on the transaction account between an origination date of the transaction account and the maturity date.

4. A system as defined in claim 1, wherein the operation of establishing an interest-bearing foreign destination currency transaction account includes the operation of:

determining an amount of interest on the foreign destination currency funds to be provided at a predetermined specified rate between an origination date of the transaction account and the maturity date.

5. A system as defined in claim 1, wherein the foreign exchange rate for conversion of the domestic currency funds to the foreign destination currency funds is established at an origination date of the foreign destination currency transaction account.

6. A system as defined in claim 1, wherein the operations further comprise:

initiating converting the domestic currency funds received from the traveler into the foreign destination currency funds substantially immediately responsive to receipt thereof.

7. A system as defined in claim 6, wherein the operation of establishing the interest-bearing foreign destination currency transaction account includes:

initiating establishment of a foreign currency certificate of deposit account.

8. A system as defined in claim 6, wherein the operation of establishing the interest-bearing foreign destination currency transaction account includes one of the following:

initiating establishment of a Loro fund for the foreign financial institution; and

verifying sufficient foreign currency funds in a domestic financial institution Nostro account held in the foreign financial institution.

9. A system as defined in claim 1,

wherein the operations further comprise:

providing an on-line enrollment site configured to allow the traveler or a representative thereof to provide the traveler personnel identification data to thereby originate the transaction account, and

presenting a traveler information collection webpage form to the remote user computer through the communication network, the traveler information collection webpage form including a travel date entry field configured to receive the selected travel date; and

wherein the operation of presenting the determined foreign exchange rate and fees includes the operation of presenting an on-line acceptance webpage form to the remote user computer through the communication network, the on-line acceptance webpage form including;

a foreign exchange rate display field configured to provide indicia of the foreign exchange rate for conversion of the domestic currency funds to the foreign destination currency funds and the substantially all fees associated therewith, and

a foreign destination travel funds entry field configured to receive the amount or value of traveler desired foreign destination currency in either domestic or foreign destination currency format.

10. A system as defined in claim 1, wherein the operations further comprise:

providing an on-line balance and replenishment web page form including;

at least one field indicating current transaction account balance, and

at least one field configured to receive an amount or value of foreign destination currency funds requested by the traveler to replenish the transaction account, the value provided in at least one of the following formats;

domestic currency funds format and foreign destination currency funds format.

11. Foreign destination currency transaction account computer program product to secure foreign destination currency funds for the traveler for use in a selected foreign destination country, the computer program product stored in a tangible computer readable medium and comprising a set of instructions that, when executed by a financial institution computer configured to access and execute the set of instructions, cause the financial institution computer to perform the operations of:

receiving traveler personnel identification data for a traveler, a travel date established by the traveler defining a preselected travel date, and indicia of the selected foreign destination country collectively defining travel arrangement data, from a remote user computer through a communication network to establish an interest-bearing foreign destination currency transaction account to thereby secure foreign destination currency funds for the traveler at a substantially current foreign exchange rate for use by the traveler in the selected foreign destination country on and after the preselected travel date, the preselected travel date being substantially later than a date the travel arrangement data is received and used by the financial institution computer to establish a transaction account maturity date;

determining the foreign exchange rate for conversion of domestic currency funds to the foreign destination currency funds for the foreign destination country and substantially all fees associated therewith responsive to the receiving of the indicia of the selected foreign destination country;

providing the determined foreign exchange rate and associated exchange fees to the remote user computer through the communication network;

receiving an indication of an amount of traveler desired foreign destination currency funds to open the interest-bearing foreign destination currency transaction account and at least indicia of a traveler selected domestic currency funds payment method from the remote user computer through the communication network;

establishing the interest-bearing foreign destination currency transaction account responsive to one or more of the following;

the receiving of the amount of traveler desired foreign destination currency funds to open the interest-bearing foreign destination currency transaction account and the receiving of the at least indicia of the traveler selected domestic currency funds payment method, the interest-bearing foreign destination currency transaction account funded by the domestic currency funds provided by the traveler;

establishing a maturity date for the interest-bearing foreign destination currency transaction account responsive to the preselected travel date; and

responsive to passage of a date associated with the preselected travel date, providing the traveler fund access to the foreign destination currency funds via a debit card.

12. Program product as defined in claim 11,

wherein the operation of providing fund access via a debit card includes the operations of:

initiating the provision of the debit card to the traveler on a date immediately prior to the selected travel date, the debit card having access to foreign destination currency funds on and after the maturity date,

providing an indication of activation of the debit card, and

providing an indication of a current transaction account balance assessable to the debit card, the account balance including one or more of the following;

currently accrued interest and interest at maturity;

wherein the debit card includes a storage medium configured to store an account indicator provided to enable access to the foreign destination currency transaction account; and

wherein the operations further comprise;

initiating storing of the account access indicator in the storage medium of the debit card responsive to the receiving of indicia of receipt of the domestic currency funds provided by the traveler and passage of the date associated with the preselected travel date to thereby activate the debit card.

13. Program product as defined in claim 11, wherein the operations further comprise:

activating at least one travel debit card provided to the traveler prior to the preselected travel date, the debit card having access to the foreign destination currency funds, the foreign destination currency funds having a value substantially equal to a value of a balance of the destination currency transaction account at the maturity date, the value of the balance including interest accrued on the transaction account between an origination date of the transaction account and the maturity date.

14. Program product as defined in claim 11, wherein the operation of establishing an interest-bearing foreign destination currency transaction account includes the operation of:

determining an amount of interest on the foreign destination currency funds to be provided at a predetermined specified rate between an origination date of the transaction account and the maturity date.

15. Program product as defined in claim 11, wherein the foreign exchange rate for conversion of the domestic currency finds to the foreign destination currency funds is established at an origination date of the foreign destination currency transaction account.

16. Program product as defined in claim 11, wherein the operations further comprise:

initiating converting the domestic currency funds received from the traveler into the foreign destination currency funds substantially immediately responsive to receipt thereof.

17. Program product as defined in claim 16, wherein the operation of establishing the interest-bearing foreign destination currency transaction account includes:

initiating establishment of a foreign currency certificate of deposit account.

18. Program product as defined in claim 16, wherein the operation of establishing the interest-bearing foreign destination currency transaction account includes:

initiating establishment of a Loro fund for a foreign financial institution; and

verifying sufficient foreign currency funds in a domestic financial institution Nostro account held in a foreign financial institution.

19. Program product as defined in claim 11,

wherein the operations further comprise:

providing an on-line enrollment site configured to allow the traveler or a representative thereof to provide the traveler personnel identification data to thereby originate the transaction account, and

presenting a traveler information collection webpage form to the remote user computer through the communication network, the traveler information collection webpage form including a travel date entry field configured to receive the selected travel date; and

wherein the operation of presenting the determined foreign exchange rate and fees includes the operation of presenting an on-line acceptance webpage form to the remote user computer through the communication network, the on-line acceptance webpage form including;

a foreign exchange rate display field configured to provide indicia of the foreign exchange rate for conversion of the domestic currency funds to the foreign destination currency funds and the substantially all fees associated therewith, and

a foreign destination travel funds entry field configured to receive the amount or value of traveler desired foreign destination currency in either domestic or foreign destination currency format.

20. Program product as defined in claim 11, wherein the operations further comprise:

providing an on-line balance and replenishment web page form including;

at least one field indicating current transaction account balance, and

at least one field configured to receive an amount or value of foreign destination currency funds requested by the traveler to replenish the transaction account, the value provided in at least one of the following formats;

domestic currency funds format and foreign destination currency funds format.

21. A method of securing foreign destination currency funds for a traveler for prospective travel in a selected foreign destination country commencing on a preselected travel date, the method comprising the steps of:

receiving by a domestic financial institution computer, an indication of provision of domestic currency funds from a traveler to be used to fund a foreign destination currency transaction account;

responsive to the receiving of the indication of domestic currency funds from the traveler, the domestic financial institution computer establishing an interest-bearing foreign destination currency transaction account to secure foreign destination currency funds for the traveler at an at least substantially current foreign exchange rate for use in a traveler selected foreign destination country at a substantially later travel date established by the traveler defining a preselected travel date, the foreign destination currency transaction account having an origination date, a maturity date at or near the preselected travel date, and an interest rate to be applied to the foreign destination currency funds at a specified rate for a period between the origination date of the transaction account and the maturity date, the preselected travel date being substantially after the origination date, the transaction account funded by the domestic currency funds provided by the traveler;

converting the domestic currency funds to the foreign destination currency funds responsive to one or more of the following;

the receiving of the indication of provision of the domestic currency funds from the traveler and the establishing of the interest-bearing foreign destination currency transaction account, a foreign exchange rate for conversion of the domestic currency funds to the foreign destination currency funds established at a date at or near the origination date of the foreign destination currency transaction account; and

providing a travel debit card to the traveler on a delivery date immediately prior to the preselected travel date and substantially after the origination date, the debit card having access to foreign destination currency finds on and after the maturity date, the foreign destination currency funds accessible to the travel debit card and having a value substantially equal to a value of a balance of the destination currency transaction account at the maturity date, the value of the balance of the destination currency transaction account at the maturity date including interest accrued on the transaction account between the origination date and the maturity date.

22. A method as defined in claim 21,

wherein the travel date is at least approximately three months later than the origination date to thereby enhance ancillary transaction cost recovery;

and

wherein the delivery date of the travel debit card is no more than approximately two weeks prior to the travel date to thereby reduce occurrences of lost or misplaced travel cards.

23. A method as defined in claim 21, further comprising the step of:

converting remaining unspent foreign currency funds associated with the travel debit card into domestic currency funds for return to the traveler after completion of travel in the foreign destination country responsive to an indication of travel completion and an indication of desired funds disposition by the traveler.

24. A method as defined in claim 21, further comprising the step of:

transferring remaining unspent foreign currency funds associated with the debit card into a foreign destination currency rollover account responsive to an indication of travel completion and an indication of desired finds disposition by the traveler.

25. A method as defined in claim 21, further comprising the step of:

providing an on-line enrollment site to allow the traveler or a representative thereof to provide traveler information to a domestic financial institution to originate the transaction account;

receiving the preselected travel date and an amount or relative value of traveler desired foreign destination currency funds to establish the transaction account through the on-line enrollment site;

providing a real-time foreign exchange quote through the on-line enrollment site, the foreign exchange quote including an amount of domestic currency funds needed to provide a desired amount of the traveler desired foreign destination currency finds and substantially all fees associated therewith;

establishing the origination date based upon a date the indication of domestic currency finds was received;

establishing the maturity date based upon the preselected travel date; and

establishing the interest rate to be applied to the foreign destination currency funds responsive to receiving the real-time quote based upon the amount or relative value of the traveler desired foreign destination currency funds.

26. A method as defined in claim 21, further comprising the steps of:

providing an on-line enrollment site to allow the traveler or a representative thereof to provide traveler information to establish the transaction account;

presenting a traveler information collection webpage form through a communication network, the traveler information collection webpage form including a travel date entry field configured to receive the preselected travel date; and

presenting an on-line acceptance webpage form through the communication network, the acceptance webpage form including;

a foreign exchange rate display field configured to provide indicia of the foreign exchange rate for conversion of the domestic currency funds to the foreign destination currency funds and substantially all fees associated therewith, and

a foreign destination travel funds entry field configured to receive a value of traveler desired foreign destination currency in either domestic or foreign destination currency format.

27. A method as defined in claim 21, wherein the step of converting the domestic currency funds to the foreign destination currency funds includes the step of:

converting the domestic currency funds to foreign destination currency funds substantially immediately responsive to receipt of the domestic currency funds funding the transaction account.

28. A method as defined in claim 21, wherein the step of establishing an interest-bearing foreign destination currency transaction account includes the step of:

acquiring a bank deposit in a foreign destination country bank located in the foreign destination country defining a foreign exchange transaction by a domestic financial institution to thereby convert the domestic currency funds into the foreign destination currency funds associated with the selected foreign destination country, the bank deposit having a value of at least an amount of foreign destination currency estimated by the traveler to be required during travel in the selected foreign destination country and having an interest rate pre-established by the foreign destination country bank.

29. A method as defined in claim 21,

wherein the step of providing a travel debit card to the traveler prior to the preselected travel date includes mailing at least two activated travel debit cards to the traveler prior to the preselected travel date;

wherein each debit card includes a storage medium configured to store an account indicator provided to enable access to the foreign destination currency transaction account; and

wherein the method further comprises the step of storing the account access indicator in the storage medium of each debit card responsive to receiving indicia of receipt of the domestic currency funds provided by the traveler and passage of a travel card preparation date immediately prior to the preselected travel date to thereby form the at least two activated travel debit cards.

30. A method as defined in claim 21, further comprising the step of:

enclosing a portion of the foreign destination currency funds in a form of foreign destination hard-currency with the at least two debit cards.

31. A method as defined in claim 21, wherein provided debit card usage characteristics of the travel debit card include foreign destination hard-currency access at a foreign exchange facility in the foreign destination country without incurring foreign exchange fees.