Patent ID: 11915229
Assignee: nan
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A method of facilitating the dispensing of destination currency from a destination ATM to a user traveling to a destination country, comprising the steps of:
establishing a currency exchange system controlled by a system provider;
wherein the currency exchange system comprises a plurality of users, each of the users residing in a home country and traveling to a destination country;
wherein the currency exchange system comprises at least two system accounts established for the system provider in at least one financial institution in a respective country; wherein each of the system accounts is funded by the users residing in the respective country with deposits of home currency, the system accounts being controlled by the system provider;

providing a mobile app to each of the users accessible by a smartphone, the mobile app in communication with the financial institution in the home country, the mobile app enabling each of the users to transfer home currency to the system account in the home country;
each of the users transferring an amount of home currency to the system account in the home country;
the system provider creating a user token account to each of the users, wherein the user token account has an amount of virtual home tokens equal in value to the amount of home currency deposited to the system account of the home country by each of the users;
the system provider creating a user sub-account to each of the users and crediting the user sub-account with the requested amount of destination currency and debiting from the user token account the amount of virtual tokens equal in value to the amount of destination currency calculated at the prevailing rate of exchange at the time of creating the user sub-account;
the system provider delivering to each of the users a virtual debit card crediting in the amount of destination currency requested by each of the user, the virtual debit card accessible and operational through the mobile app;
each of the user, once in the destination country, requesting an amount of destination currency, the mobile app being adapted to communicate electronically with the destination ATM;
the financial institution in the destination country verifying the presence of sufficient funds in the user sub-account;
the financial institution in the destination country dispensing the destination currency from the destination ATM to each of the user only after the presence of sufficient funds in the home user sub-account has been verified; and
debiting the destination currency from the system account in the destination country.