Patent ID: 7578434
Filing Date: 2009-08-25
Classification: G06Q,G07F

Abstract:
1. A method for transferring money to a location having a different currency, the method comprising: in response to a money transfer request, receiving and storing in a first country at a host computer system money transfer information comprising recipient identification information, country identification for a second country where the money is to be transferred, and a payment amount in an originating currency of the first country; establishing a stored value account in the second country for the recipient to receive the money to be transferred, wherein the stored value account is created in response to and after the money transfer request; receiving at the host computer system a request to withdraw some or all of the payment amount in the local currency of the second country where the request was transmitted; and storing a record at the host computer system of the amount withdrawn and an exchange rate used to convert the withdrawn payment amount to the local currency.