System and method for multi-currency transactions

• US RE44,502 E1
• Filed: 08/12/2010
• Issued: 09/17/2013
• Est. Priority Date: 06/14/1996
• Status: Expired due to Term

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.), Paypal International Limited (PayPal Holdings, Inc.)
• Inventors: Boesch, Brian Paul, Crocker, Stephen David, Eastlake, Donald Eggleston III, Hart, Alden Sherburne Jr., Jackson, Andrew, Lindenberg, Robert A., Paredes, Denise Marie
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US12/855,603
• Time in Patent Office: 1,132 Days
• Field of Search: 705/26.1, 705/37, 705/39, 705/42, 705/26.82, 705/38, 705/43, 235/379, 235/380
• US Class Current: 705/27.1
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/0637 Approvals
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/025 Credit processing or loan processing, e.g. risk analysis for mortgages
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for determining approval of a multi-currency transaction between a customer and a merchant over a network. The system includes a customer computer which is connected to a communication network, a merchant computer which is connected to the communication network, and a server connected to both the customer computer via the communication network and to the merchant computer via the communication network. The customer computer includes a first set of data which contains an amount the customer is willing to pay the merchant for a product in a first currency. The merchant computer includes a second set of data which contains a product price at which the merchant agrees to sell the product in a second currency. The server receives the first set of data and the second set of data. The server then converts the amount in the first currency into a converted amount in the second currency. The server approves the transaction if the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates. Once the transaction is approved, the approving entity may settle the transaction at its discretion thereby bearing the risk associated with currency exchange. The parties, however, incur no risk. The customer will pay the amount in the first currency and the merchant will receive the price in the second currency. These are values known and agreed to by the parties at the time of the transaction.

Claims

1. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates.

2. The system of claim 1, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

3. The system of claim 1, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

4. The system of claim 1, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

5. The system of claim 1, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

6. The system of claim 1, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

7. The system of claim 6, wherein the customer selects the first currency from the plurality of currencies.

8. The system of claim 6, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

9. The system of claim 6, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

10. The system of claim 6, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

11. The system of claim 1, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

12. The system of claim 1, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

13. The system of claim 1, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

14. The system of claim 1, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

15. The system of claim 1, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

16. The system of claim 1, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

17. The system of claim 1, wherein the merchant sets the exchange rate.

18. The system of claim 1, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

19. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

20. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

21. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

22. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

23. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

24. The system of claim 23, wherein the customer selects the first currency from the plurality of currencies.

25. The system of claim 23, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

26. The system of claim 23, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

27. The system of claim 23, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

28. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

29. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

30. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

31. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the merchant sets the exchange rate.

32. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

33. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a payment range of the product price in the second currency in accordance with current exchange rates.

34. The system of claim 33, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

35. The system of claim 33, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

36. The system of claim 33, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

37. The system of claim 33, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

38. The system of claim 33, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

39. The system of claim 38, wherein the customer selects the first currency from the plurality of currencies.

40. The system of claim 38, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

41. The system of claim 38, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

42. The system of claim 38, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

43. The system of claim 33, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

44. The system of claim 33, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

45. The system of claim 33, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

46. The system of claim 33, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

47. The system of claim 33, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

48. The system of claim 33, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

49. The system of claim 33, wherein the merchant sets the exchange rate.

50. The system of claim 33, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

51. The system of claim 33, wherein if the converted amount in the second currency is less than the product price in the second currency and the difference between the converted amount in the second currency and the product price in the second currency is within a predetermined range, then the server records the difference.

52. The system of claim 51, wherein the server collects the recorded difference from the customer.

53. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in the second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for approving the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates.

54. The system of claim 53, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

55. The system of claim 53, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

56. The system of claim 53, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

57. The system of claim 53, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

58. The system of claim 53, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

59. The system of claim 58, wherein the customer selects the first currency from the plurality of currencies.

60. The system of claim 58, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

61. The system of claim 58, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

62. The system of claim 58, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

63. The system of claim 53, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

64. The system of claim 53, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

65. The system of claim 53, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

66. The system of claim 53, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

67. The system of claim 53, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

68. The system of claim 53, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

69. The system of claim 53, wherein the merchant sets the exchange rate.

70. The system of claim 53, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

71. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates.

72. The system of claim 71, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

73. The system of claim 71, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

74. The system of claim 71, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

75. The system of claim 71, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

76. The system of claim 71, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

77. The system of claim 76, wherein the customer selects the first currency from the plurality of currencies.

78. The system of claim 76, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

79. The system of claim 76, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

80. The system of claim 76, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

81. The system of claim 71, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

82. The system of claim 71, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

83. The system of claim 71, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

84. The system of claim 71, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

85. The system of claim 71, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

86. The system of claim 71, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

87. The system of claim 71, wherein the merchant sets the exchange rate.

88. The system of claim 71, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

89. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept;

a merchant computer associated with a merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and

a server connected to both the customer computer via the network and the merchant computer via the network, for receiving the first set of data, the second set of data, and for approving the transaction when the converted amount in the second currency is within a payment range of the product price in the second currency in accordance with current exchange rates.

90. The system of claim 89, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

91. The system of claim 89, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

92. The system of claim 89, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

93. The system of claim 89, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

94. The system of claim 89, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

95. The system of claim 94, wherein the customer selects the first currency from the plurality of currencies.

96. The system of claim 94, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

97. The system of claim 94, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

98. The system of claim 94, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

99. The system of claim 89, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

100. The system of claim 89, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

101. The system of claim 89, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

102. The system of claim 89, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

103. The system of claim 89, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

104. The system of claim 89, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

105. The system of claim 89, wherein the merchant sets the exchange rate.

106. The system of claim 89, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

107. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates.

108. The system of claim 107, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

109. The system of claim 107, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

110. The system of claim 107, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

111. The system of claim 107, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

112. The system of claim 107, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

113. The system of claim 112, wherein the customer selects the first currency from the plurality of currencies.

114. The system of claim 112, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

115. The system of claim 112, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

116. The system of claim 112, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

117. The system of claim 107, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

118. The system of claim 107, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

119. The system of claim 107, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance ha the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

120. The system of claim 107, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

121. The system of claim 107, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

122. The system of claim 107, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

123. The system of claim 107, wherein the merchant sets the exchange rate.

124. The system of claim 107, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

125. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates.

126. The system of claim 125, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

127. The system of claim 125, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

128. The system of claim 125, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

129. The system of claim 125, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

130. The system of claim 125, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

131. The system of claim 130, wherein the customer selects the first currency from the plurality of currencies.

132. The system of claim 130, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

133. The system of claim 130, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

134. The system of claim 130, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

135. The system of claim 125, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

136. The system of claim 125, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

137. The system of claim 125, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

138. The system of claim 125, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

139. The system of claim 125, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

140. The system of claim 125, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

141. The system of claim 125, wherein the merchant sets the exchange rate.

142. The system of claim 125, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

143. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay for the a product in a first currency; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a payment range of the product price in the second currency in accordance with current exchange rates.

144. The system of claim 143, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

145. The system of claim 143, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

146. The system of claim 143, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

147. The system of claim 143, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

148. The system of claim 143, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

149. The system of claim 148, wherein the customer selects the first currency from the plurality of currencies.

150. The system of claim 148, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

151. The system of claim 148, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

152. The system of claim 148, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

153. The system of claim 143, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

154. The system of claim 143, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

155. The system of claim 143, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

156. The system of claim 143, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

157. The system of claim 143, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

158. The system of claim 143, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

159. The system of claim 143, wherein the merchant sets the exchange rate.

160. The system of claim 143, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

161. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, and for approving the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates.

162. The system of claim 161, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

163. The system of claim 161, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

164. The system of claim 161, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

165. The system of claim 161, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

166. The system of claim 161, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

167. The system of claim 166, wherein the customer selects the first currency from the plurality of currencies.

168. The system of claim 166, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

169. The system of claim 166, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

170. The system of claim 166, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

171. The system of claim 161, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

172. The system of claim 161, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

173. The system of claim 161, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

174. The system of claim 161, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

175. The system of claim 161, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

176. The system of claim 161, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

177. The system of claim 161, wherein the merchant sets the exchange rate.

178. The system of claim 161, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

179. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates.

180. The system of claim 179, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

181. The system of claim 179, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

182. The system of claim 179, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

183. The system of claim 179, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

184. The system of claim 179, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

185. The system of claim 184, wherein the customer selects the first currency from the plurality of currencies.

186. The system of claim 184, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

187. The system of claim 184, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

188. The system of claim 184, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

189. The system of claim 179, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

190. The system of claim 179, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

191. The system of claim 179, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

192. The system of claim 179, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

193. The system of claim 179, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

194. The system of claim 179, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

195. The system of claim 179, wherein the merchant sets the exchange rate.

196. The system of claim 179, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

197. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the transaction includes the merchant providing a product to the customer at a product price in a second currency, wherein the product price in the second currency is known by the customer, wherein the system comprises:

a network;

a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including a converted amount in a second currency, wherein the customer computer generates the converted amount in the second currency by converting the amount the customer agrees to pay for a product in a first amount into the converted amount in the second currency using current exchange rates, wherein the second currency is a currency the merchant is willing to accept; and

a server connected to the customer computer via the network and having the product price in a second currency, for receiving the first set of data, and for approving the transaction when the converted amount in the second currency is within a payment range of the product price in the second currency in accordance with current exchange rates.

198. The system of claim 197, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

199. The system of claim 197, wherein the server selects the first currency from the plurality of currencies in which the customer has an account for each currency, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

200. The system of claim 197, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

201. The system of claim 197, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

202. The system of claim 197, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

203. The system of claim 202, wherein the customer selects the first currency from the plurality of currencies.

204. The system of claim 202, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

205. The system of claim 202, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

206. The system of claim 202, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

207. The system of claim 197, wherein the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

208. The system of claim 197, wherein a party other than the server further comprises a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the party other than the server deducts the amount in the first currency from the balance in the customer balance account based on information provided by the server.

209. The system of claim 197, wherein the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.

210. The system of claim 197, wherein a party other than the server further comprises a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the party other than the server adds the converted amount in the second currency to the balance in the merchant balance account based on information provided by the server.

211. The system of claim 197, wherein the network is selected from the group consisting of the Internet, an intranet, and a Local Area Network (LAN).

212. The system of claim 197, wherein the current exchange rate is selected from the group consisting of a currency broker and a bank.

213. The system of claim 197, wherein the merchant sets the exchange rate.

214. The system of claim 197, wherein the customer computer sends a copy of the agreed price in the second currency to the server.

215. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

transmitting a first set of data from a customer computer to a server, wherein the first set of data includes an amount in a first currency;

transmitting a second set of data by a merchant computer to the server;

wherein the second set of data includes a product price in a second currency;

receiving the first set of data and the second set of data by the server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is at least equal to the product price in the second currency.

216. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

transmitting a first set of data from a customer computer to a server, wherein the first set of data includes an amount in a first currency;

transmitting a second set of data by a merchant computer to the server;

wherein the second set of data includes a product price in a second currency;

receiving the first set of data and the second set of data by the server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is within a payment range of the product price in the second currency.

217. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

transmitting a second set of data from a merchant computer to a customer computer, wherein the second set of data includes a product price in a second currency;

receiving the second set of data by the customer computer, wherein the customer computer has a first set of data including an amount in a first currency;

transmitting the first set of data and the second set of data by the customer computer to a server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is at least equal to the product price in the second currency.

218. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant

computer are connected to a server via the network, wherein the method comprises:

transmitting a second set of data from a merchant computer to a customer computer, wherein the second set of data includes a product price in a second currency;

receiving the second set of data by the customer computer, wherein the customer computer has a first set of data including an amount in a first currency;

transmitting the first set of data and the second set of data by the customer computer to a server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is within a payment range of the product price in the second currency.

219. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

transmitting a first set of data from a customer computer to a merchant computer, wherein the first set of data includes an amount in a first currency;

receiving the first set of data by the merchant computer, wherein the merchant computer has a second set of data including a product price in a second currency;

transmitting the first set of data and second set of data by the merchant computer to a server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is at least equal to the product price in the second currency.

220. A method for determining approval of a transaction over a network between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

transmitting a first set of data from a customer computer to a merchant computer, wherein the first set of data includes an amount in a first currency;

receiving the first set of data by the merchant computer, wherein the merchant computer has a second set of data including a product price in a second currency;

transmitting the first set of data and second set of data by the merchant computer to a server;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server when the converted amount in the second currency is within a payment range of the product price in the second currency.

221. A system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises:

a server configured to receive over the network a first set of data and a second set of data, the first set of data including an amount a customer agrees to pay for a product in a first currency, the second set of data including a product price at which a merchant agrees to sell the product in a second currency; and

to convert the amount in the first currency into a converted amount in the second currency, and to approve the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates.

222. The system of claim 221, wherein the server is further configured to select the first currency from a plurality of currencies, wherein the merchant price is the least expensive for the selected first currency when converted into the second currency.

223. The system of claim 221, wherein the server is further configured to select the second currency from a plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

224. The system of claim 221, wherein the server is further configured to select the first currency from a plurality of currencies in which the customer has an account for each currency and to select the second currency from a plurality of currencies the merchant is willing to accept.

225. The system of claim 221, wherein the server is further configured to store a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server is configured to deducts the amount in the first currency from the balance in the customer balance account.

226. The system of claim 221, wherein the server is further configured to store a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server is configured to add the converted amount in the second currency to the balance in the merchant balance account.

227. The system of claim 221, wherein the server is further configured to select the current exchange rate from the group consisting of a currency broker and a bank.

228. The system of claim 221 wherein the server is further configured to calculate a session total in the first currency and a session limit for the customer in the first currency, wherein the server is further configured to approve the transaction when the converted amount in the second currency is at least equal to the product price in the second currency in accordance with current exchange rates and when the customer amount in the first currency is added to the session total, the session total is less than or equal to the session limit.

229. The system of claim 228 wherein the session limit is set by the customer.

230. The system of claim 228 wherein the session limit is set by the server.

231. A method for determining approval of a transaction over a network connection between a customer having a customer computer connected to the network and a merchant having a merchant computer connected to the network, wherein the customer computer and the merchant computer are connected to a server via the network, wherein the method comprises:

receiving a first set of data from the customer computer to the server, the first set of data including an amount in a first currency;

receiving a second set of data from the merchant computer to the server, the second set of data including a product price in a second currency;

converting the amount in the first currency into a converted amount in the second currency using current exchange rates; and

approving the transaction by the server if the converted amount in the second currency is within a payment range of the product price in the second currency and if the amount in the first currency added to a session total for the customer is less than or equal to a session limit for the customer.

232. The method of claim 231 wherein the session limit is set by the customer.

233. The method of claim 231 wherein the session limit is set by the server.

234. The method of claim 231, wherein the customer selects the first currency from the plurality of currencies in which the customer has an account for each currency.

235. The method of claim 231, wherein the first currency is selected from a plurality of currencies in which the customer has an account for each currency and the second currency is selected from a plurality of currencies the merchant is willing to accept.

236. The method of claim 235, wherein the server selects the first currency from the plurality of currencies, wherein the selected first currency when converted into the second currency, the merchant price is the least expensive.

237. The method of claim 235, wherein the customer selects the second currency from the plurality of currencies the merchant is willing to accept.

238. The method of claim 235, wherein the server selects the second currency from the plurality of currencies, wherein the merchant price is the least expensive for the selected second currency when the first currency is converted into the second currency.

239. The method of claim 231, wherein the server stores a customer balance account associated with the customer, wherein the customer balance account comprises a customer balance in the first currency and wherein the server deducts the amount in the first currency from the balance in the customer balance account.

240. The method of claim 231, wherein the server stores a merchant balance account associated with the merchant, wherein the merchant balance account comprises a merchant balance in the second currency and wherein the server adds the converted amount in the second currency to the balance in the merchant balance account.