System, method, and program product for foreign currency travel account
First Claim
1. A computer-implemented 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:
- establishing, by a domestic financial institution computer responsive to receipt of an indication of provision of domestic currency funds, an interest-bearing foreign destination currency transaction account to procure foreign destination currency funds for a traveler at a foreign exchange rate for use in a traveler selected foreign destination country at a later travel date selected by the traveler or a representative thereof to define a preselected travel date, the transaction account having an origination date, a maturity date on or within a first predetermined amount of days of the preselected travel date, and one or more interest rates to be applied to the foreign destination currency funds from the origination date of the transaction account to the maturity date, the preselected travel date being after the origination date;
converting, by the domestic financial institution computer, domestic currency funds provided by the traveler or one or more representatives thereof to the foreign destination currency funds responsive to the establishing of the interest-bearing foreign destination currency transaction account, the foreign exchange rate being established on or within a second predetermined amount of days of the origination date of the foreign destination currency transaction account; and
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.
2 Assignments
0 Petitions
Accused Products
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.
314 Citations
7 Claims
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1. A computer-implemented 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:
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establishing, by a domestic financial institution computer responsive to receipt of an indication of provision of domestic currency funds, an interest-bearing foreign destination currency transaction account to procure foreign destination currency funds for a traveler at a foreign exchange rate for use in a traveler selected foreign destination country at a later travel date selected by the traveler or a representative thereof to define a preselected travel date, the transaction account having an origination date, a maturity date on or within a first predetermined amount of days of the preselected travel date, and one or more interest rates to be applied to the foreign destination currency funds from the origination date of the transaction account to the maturity date, the preselected travel date being after the origination date; converting, by the domestic financial institution computer, domestic currency funds provided by the traveler or one or more representatives thereof to the foreign destination currency funds responsive to the establishing of the interest-bearing foreign destination currency transaction account, the foreign exchange rate being established on or within a second predetermined amount of days of the origination date of the foreign destination currency transaction account; and 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. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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Specification