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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
First Claim
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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, andresponsive 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.

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