Patent ID: 7549575

Claim:
A method for transferring money from a sender to a recipient, wherein a transfer amount is to be paid to the recipient in one or more payment amounts by the recipient, and wherein a transfer fee is to be paid in connection with a transfer, the method comprising: providing a sender presentation instrument for use by the sender in accessing a sender account at a sending terminal in order to provide the transfer amount, wherein the sender account is a loyalty program account having value other than monetary value; converting loyalty program value at a value translator to monetary value for use as at least a portion of the transfer amount or a transfer fee; receiving and storing at a host computer system money transfer information comprising recipient identification information and the transfer amount; providing a recipient presentation instrument for use in paying the recipient a payment amount; receiving at the host computer system a request to pay the recipient at least a portion of the transfer amount in response to use of the recipient presentation instrument at a receiving terminal; and storing a record at the host computer system of the payment amount.