System and method for transferring money from one country to a stored value account in a different country

• US 7,578,434 B2
• Filed: 03/28/2005
• Issued: 08/25/2009
• Est. Priority Date: 10/26/1999
• Status: Expired due to Fees

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Thompson, Mark, Seifert, Dean A., Hansen, Kurt, Michelsen, Mike
• Primary Examiner(s): ST CYR, DANIEL
• Application Number:
  US11/092,312
• Publication Number:
  US 20050167481A1
• Time in Patent Office: 1,611 Days
• Field of Search: 235/379, 235/380, 235/382, 902/8, 902/20, 705/17, 705/39, 705/43, 705/64
• 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:

in response to a money transfer request, 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, wherein the stored value account is created in response to and after the money transfer request;

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.

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 as in claim 1, wherein the stored payment amount is to be withdrawn in portions in the second country, and the record of the amount withdrawn and the exchange rate used is made for each portion withdrawn.

9. A method as in claim 1, wherein the requested withdrawal is made through a money transfer agent at a money transfer office in the second country.

10. 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:

receiving and storing in the first country at a host computer system money transfer information comprising recipient identification information of a recipient in the second country, 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 from the recipient to withdraw the payment amount from the second country, wherein the recipient in the second country requests the type of local currency to be withdrawn;

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.

11. A method as in claim 10, further comprising:

entering into a payout computer in the second 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 the host computer system;

manually presenting the requested withdrawal to the recipient in a local currency in the second country upon presentation of the stored value card associated with the stored value account.

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

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

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

15. A money transfer system comprising:

a host computer system in a first country that is configured to receive and store in response to a money transfer request, money transfer information comprising personal 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, wherein the stored value account is established in response to the money transfer request.

16. A system as in claim 15, 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.

17. 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.

18. A system as in claim 17, 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.

19. The system as in claim 15, wherein the personal, recipient identification information comprises the name of the recipient.