Virtual Wallet Foreign Currency Exchange System
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Solution Overview
Problem
Travelers face high fees and limited options for foreign currency exchange due to the need for a local bank account, and existing services are inflexible with regards to time and location for withdrawals.
Innovation Solution
A method and system that allows foreign currency exchange and withdrawal through a virtual wallet linked to both a first and second country's bank accounts, enabling users to perform transactions without a local bank account, using various payment methods and allowing withdrawals at affiliated stores or ATMs in the second country, thus reducing exchange fees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If travelers exchange large amounts of foreign currency in advance to avoid cash shortages, then they can ensure sufficient cash availability during travel, but they incur high exchange fees and are left with unused foreign currency after travel
Solution Approach 1:
The system performs preliminary currency exchange before departure by transferring home currency to a foreign currency account through a virtual wallet. This allows travelers to exchange only the necessary amount in advance at favorable rates, avoiding the need to exchange large sums that would remain unused after travel.
Solution Approach 2:
A virtual wallet system acts as an intermediary between the traveler's home bank account and foreign currency needs. This virtual wallet enables currency conversion and holds foreign currency, serving as a bridge that eliminates the need for traditional foreign currency exchange services and their associated high fees.
2Reliability
If travelers need additional foreign currency exchange during travel, then they can address cash shortages, but they are limited in options and must pay high fees at global ATMs or hotels
Solution Approach 1:
The virtual wallet system provides universal access to foreign currency through multiple channels: affiliated stores, ATMs, and convenience stores in the foreign country. This multi-functional approach allows travelers to access their foreign currency through various convenient locations rather than being restricted to traditional bank exchanges or high-fee ATMs.
Solution Approach 2:
The system enables travelers to perform currency withdrawals themselves at affiliated stores and ATMs using their mobile devices. The virtual wallet automatically manages the foreign currency balance and facilitates withdrawals without requiring intervention from bank staff or traditional exchange services, making the process convenient and accessible during travel.
3Adaptability or versatility
If traditional foreign currency exchange services are used, then currency conversion can be performed, but the services are limited to specific banks and require a local bank account
Solution Approach 1:
The virtual wallet serves as an intermediary layer between the traveler's home bank account and the foreign currency system. This intermediary enables currency conversion and foreign transactions without requiring the traveler to open or manage a local bank account, simplifying the system requirements while expanding service availability.
Solution Approach 2:
The system is designed to work with multiple banks and telecommunication companies, providing universal access to foreign currency exchange services. The virtual wallet can be linked to various home bank accounts and enables withdrawals at multiple types of locations including affiliated stores, ATMs, and convenience stores, making the service highly adaptable and accessible.
Data Source
AI summary
Provided is a method for providing foreign currency exchange services performed by a main server. The present invention is characterized in that a method for depositing money is provided in a variety of methods, such as direct deposit, card payment, and firm banking, and withdrawal can be performed from abroad through a method (ATM terminal, affiliated store, or the like abroad) which is different from the method for depositing money. In this process, the exchange fee of the bank is eliminated, and the service operator of the present invention can establish an operation policy for the fee or the like. In addition, there is a great effect in that the service operator provides the users with the foreign currency exchange services with a lower fee than that of the commercial bank.