System, method, and program product for foreign currency travel account

• US 8,266,047 B2
• Filed: 02/24/2012
• Issued: 09/11/2012
• Est. Priority Date: 09/04/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott
• Primary Examiner(s): RANKINS, WILLIAM E
• Application Number:
  US13/405,079
• Publication Number:
  US 20120150719A1
• Time in Patent Office: 200 Days
• Field of Search: 705 35- 39
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H01R 12/716 Coupling device provided on the PCB
• CPC Class Codes: H01R 13/506 assembled by snap action of the parts
• CPC Class Codes: H01R 13/5202 Sealing means between parts of housing or between housing part and a wall, e.g. sealing rings
• CPC Class Codes: H01R 13/5208 having at least two cable receiving openings
• CPC Class Codes: H01R 13/5216 characterised by the sealing material, e.g. gels or resins

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 funds including both principal and accrued interest.

Claims

1. A computer for securing foreign destination currency funds for a traveler for prospective travel in a selected foreign destination country commencing on a preselected travel date thereby defining a domestic financial institution computer, the computer comprising:

one or more processors;

one or more input/output units for communicating with one or more remote computers; and

non-transitory computer memory encoded with computer program operable by the one or more processors so that during operations thereof a domestic financial institution computer performs the following steps;

determining a foreign exchange rate for a selected foreign destination country and substantially all fees associated therewith responsive to receipt of data on a first date, the data including;

a future travel date being substantially later than the first date and being established by a traveler or a representative thereof to thereby define a preselected travel date, indicia of the selected foreign destination country, and indicia of an amount of desired foreign destination currency funds;

determining an amount of domestic currency funds needed so that an interest-bearing foreign destination currency transaction account has at least the desired amount of foreign destination currency funds indicated in the data by the preselected travel date, the determination being based on the foreign exchange rate and anticipated interest accrual of foreign destination currency funds from an origination date to a maturity date; and

indicating, via the one or more input/output units, to the traveler or the representative thereof the amount of domestic currency funds needed to open the interest-bearing foreign destination currency transaction account so that the transaction account will have at least the desired amount of foreign destination currency funds by the preselected travel date.

2. A domestic financial institution computer of claim 1, wherein the domestic financial institution computer is further configured to perform the step of:

establishing, responsive to receiving indicia of a traveler selected domestic currency funds payment method, the interest-bearing foreign destination currency transaction account to thereby procure foreign destination currency funds for the traveler, the transaction account configured to accrue interest at an interest rate from the origination date of the transaction account to the maturity date.

3. A domestic financial institution computer of claim 2, wherein the domestic financial institution computer is further configured to perform the step of:

converting, by the domestic financial institution computer, domestic currency funds to foreign destination currency funds at the foreign exchange rate responsive to receiving domestic currency funds from the traveler or the representative thereof.

4. A domestic financial institution computer of claim 2, wherein the domestic financial institution computer is further configured to perform the steps of:

initiating, by the domestic financial institution computer, one or more travel debit cards to have access to the foreign destination currency funds on and after the maturity date, a value of a balance of the destination currency transaction account at the maturity date to include interest accrued on the transaction account from the origination date to the maturity date.

5. A domestic financial institution computer of claim 4, wherein one or more travel debit cards includes a storage medium configured to store an account indicator provided to enable access to the interest-bearing foreign destination currency transaction account;

and

wherein the domestic financial institution computer is further configured to perform the steps of;

initiating storing of the account access indicator in the storage medium of one or more debit cards responsive to receiving indicia of receipt of the domestic currency funds provided by the traveler or the representative thereof and passage of the preselected travel date to thereby activate the one or more debit cards.

6. A domestic financial institution computer of claim 3, wherein the domestic financial institution computer is further configured to perform the steps of:

transferring remaining unspent foreign currency funds associated with the interest-bearing foreign destination currency transaction account into a foreign destination currency rollover account responsive to an indication of travel completion and an indication of desired funds disposition by the traveler or the representative thereof.

7. A domestic financial institution computer of claim 1, wherein the domestic financial institution computer is further configured to perform the steps of:

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

at least one field indicating current foreign destination currency 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 foreign destination currency transaction account, the value provided in at least one of the following formats;

domestic currency funds format and foreign destination currency funds format.

8. A computer-implemented method 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 method comprising:

determining, by a financial institution computer, a foreign exchange rate for a selected foreign destination country and substantially all fees associated therewith responsive to receipt of data on a first date, the data including;

a future travel date being substantially later than the first date and being established by a traveler or a representative thereof to thereby define a preselected travel date, indicia of the selected foreign destination country, and indicia of an amount of desired foreign destination currency funds;

determining, by the financial institution computer, an amount of domestic currency funds needed so that an interest-bearing foreign destination currency transaction account has at least the desired amount of foreign destination currency funds indicated in the data by the preselected travel date, the determination being based on the foreign exchange rate and anticipated interest accrual of foreign destination currency funds from an origination date to a maturity date; and

indicating, via a communication network, to the traveler or the representative thereof the amount of domestic currency funds needed to open the interest-bearing foreign destination currency transaction account so that the transaction account will have at least the desired amount of foreign destination currency funds by the preselected travel date.

9. A computer-implemented method of claim 8, wherein the method further comprises:

establishing, by the financial institution computer responsive to receiving indicia of a traveler selected domestic currency funds payment method, the interest-bearing foreign destination currency transaction account to thereby procure foreign destination currency funds for the traveler, the transaction account configured to accrue interest at an interest rate from the origination date of the transaction account to the maturity date.

10. A computer-implemented method of claim 9, wherein the method further includes the step of:

converting, by the financial institution computer, domestic currency funds to foreign destination currency funds at the foreign exchange rate responsive to receiving domestic currency funds from the traveler or the representative thereof.

11. A computer-implemented method of claim 9, wherein the method further comprises:

transferring, electronically by the financial institution computer, remaining unspent foreign currency funds associated with the interest-bearing foreign destination currency transaction account into a foreign destination currency rollover account responsive to an indication of travel completion and an indication of desired funds disposition by the traveler or the representative thereof.