System and method for transferring money from one country to a stored value account in a different country
First Claim
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storing a record at the host computer system of the amount withdrawn and an exchange rate used to convert the withdrawn payment amount to the local currency.
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.
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Citations
19 Claims
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1. A method for transferring money to a location having a different currency, the method comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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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:
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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. - View Dependent Claims (11, 12, 13, 14)
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15. A money transfer system comprising:
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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. - View Dependent Claims (16, 17, 18, 19)
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Specification