GB2435537A

GB2435537A - Currency exchange method and system

Info

Publication number: GB2435537A
Application number: GB0603582A
Authority: GB
Inventors: Simon James Mills
Original assignee: Individual
Current assignee: Individual
Priority date: 2006-02-23
Filing date: 2006-02-23
Publication date: 2007-08-29
Also published as: GB0603582D0

Abstract

Money consisting of one or more denominations and of one or more currencies can be placed into the described machine 1. The sum of the currency is calculated and converted into an exchange value. This exchange value can be paid out in money, or withheld within the described machine for a charitable donation.

Description

EXCHANGE METHOD AND SYSTEM.

The invention relates to a multi-denomination and multi-currency cash exchange method and machine.

When a person travels abroad they will generally take various methods of funds with them including cash, traveler's cheques, and credit and debit cards for cash machine withdrawal. When using these forms of payment they will usually receive an amount of cash as change. An amount of cash received is not usually fully utilised and inevitably returns with the traveller outside of the country of origin.

If a person holds currency of small denomination, typically coinage, that is of value in another country or region, which could also he known as foreign currency, there is no way of receiving value or exchanging that currency, other than visiting the country of origin or a region that accepts that currency as value. Also, small value bank-notes in insufficient quantity are un-economical to exchange within a bureau de change due to a commission structure or minimum price to exchange charge.

Accordingly, the invented machine and exchange method can receive multi-denomination and multi-currency cash and through the exchange method calculate an exchange value.

This exchange value could be paid out in cash, or donated to charity,

for example;

A user who is a resident of the United Kingdom, using the machine in the United Kingdom, could insert an amount of cash in foreign currency, perhaps US Dollars, Euros Canadian Dollars and the like. The machine adds up the native value and calculates an exchange value in UK Sterling. This exchange value could be paid out to the user in UK Sterling in cash or donated to a charity.

The machine would be set with a default resident currency depending on the location of the machine,

for example;

A user who is a resident of Australia, using the machine in Australia, could insert an amount of cash in foreign currency, perhaps US Dollars, Euros, UK Sterling and the like.

The machine adds up the native value and calculates an exchange value in Australian Dollars. This exchange value could be paid out to the user in Australian Dollars in cash or donated to a charity.

In a further embodiment of the invention the cash could be paid out in a currency of the user's choice and not necessarily the native currency.

Cash of multiple denominations are stored within the machine for repayment, equally in another embodiment of the invention cash of more than one currency could be stored within the machine for repayment.

The machine could equally be housed within an immovable type structure, i.e. built in (but not limited to) a wall or building.

The user interface is preferably provided by means of a touch screen unit, although the means could be provided by a display screen such as a CRT, LCD or Plasma screen and have associated push buttons and or a key pad.

The coin receiving device preferably consists of a bucket type device and chute, although the means could be provided by a coin slot device and chute.

The communication means could also be provided by; a radio frequency communications link e.g. wireless communications link, a computer network LAN, an intranet system, the internet, or a direct cable connection to a computer.

The described method and process describes the exchange of cash, the preferred embodiment describes cash as coinage, in further embodiments cash could consist of either/or coinage and/or bank-notes.

Fig I shows the preferred embodiment of the invented machine.

Fig 2 shows an embodiment of the machine housed within a permanent type structure i.e. within a wall or building 13.

Fig 3 shows an embodiment of the machine housed II.

Fig 3 shows an embodiment of the machine housed II with the addition of a bank-note receiving device 12.

Fig 4 A flow-chart showing how a user would ideally operate the machine.

A preferred embodiment of the invention will now be described with reference to the accompanying drawings; The machine I shown is the preferred embodiment of the invention; however is not limited to this preferred embodiment. Because vending/exchange machine protocol and sorting and counting technologies are well known in prior art the machine is described here only in the degree of detail considered necessary to illustrate the method of the invention. The machine is broadly composed of the following parts; A coin receiving device 2, a coin treatment device 3, a control unit 6, a user interface 8, coin storage parts for dispensing 7, coin storage enclosure 4, a collection part 5, a receipt device 7. a machine housingi I. The coin receiving device 2 is preferably provided by means of a bucket type structure attached to the body of the machine II providing a method of entry for the coins in to the machine. The bucket type structure enables placing multiple coins in the machine and alleviates the need fbr the user to separate the coins and have to insert them individually.

Inserting coins into the machine triggers a start sequence and introduces the coins via a chute into the coin treatment device 3. The coin treatment device 3 consists of a coin sorter, identifier, verifier, counter and calculator. The coin treatment device 3 is not limited to a single coin sorter, identifier, verifier, counter and calculator but can consist of multiple coin sorters, identifiers, verifiers, counters and calculators as to accommodate multiple coin denominations and currency permutations. The coin treatment device, identifies, verifies, sorts and counts the face value (native value) of the currencies.

The control unit 6, preferably consists of general purpose computer hardware and computer software, outputs a total exchange value of the coins through the user interface 8. The control unit 6 can be connected to an external communication source and can send and receive communications. The communication means, preferably provided via a modem to a remote computer for the purpose of recording, journals, accounting, reporting, updating, including rates and commission values. The basic computer structures and functions and corresponding implementations are already known, they have not been shown or described in full detail.

The user interface 8 allows the user to communicate with the machine and is provided by means of a touch type screen. Information is delivered to the user, such as, but not limited to; exchange values and repayment methods or how to use the machine, wherein the user can input information or respond to communications by means of touching the screen.

Coins of multiple denominations for repayment are stored within the coin storage part for dispensing 9 and in this embodiment of the invention will need to be replenished when required. The exchange value is paid out and collected from a collection tray 5.

The coin storage enclosure 4 receives the imputed coins for safe keeping. The enclosure 4 may consist of one storage part or segregated parts for various denominations and currencies.

A receipt for the transaction is provided through the receipt device 7 consisting of a printer and receipt feeder.

The machine is preferably provided within an independent machine housing type structure like a framed and paneled type box II although the design and construction are not limited to a particular design or size but to provide safe enclosure for the system.

The following is a description of a flow-chart, Fig 6, how a user would ideally operate the invented machine; 1. A user inserts one or more coins into the machine, via the coin receiving device 2.

2. The money is received into the coin treatment devices 3 to be verified and counted. The exchange value is calculated by means of the control unit 6. Any non-conforming material is expelled to the collection part 5. The exchange value is displayed through the user interface 8. The user is asked how he would like the transaction to proceed through the user interface 8.

3. The user accepts the cash exchange value, communicating through the user interface 8.

4. The user accepts the exchange value and elects to donate the amount to charity, communicating through the user interface 8.

5. The user declines the exchange amount by communicating through the user interface 8 and elects to have the deposited cash returned through to the collection part 5.

6. The user collects cash through the collection device 5.

7. The user takes a receipt of the operation, whether the exchange amount has been accepted or declined, from the receipt device 7.

Claims

CLAIMS

1. A method of exchanging money of one or more denominations of one or more currencies into an exchange value to be paid out in money, the method consisting of providing a currency exchange machine, a money receiving device, a money treatment device, an internal control unit, a user interface, money storage parts for dispensing, money secure storage enclosures, a money dispensing part, a receipt device, a machine housing.

2. A method of exchanging money as claimed in claim 1, providing a currency exchange machine including a coin receiving device, one or more coin treatment parts for identifying, counting, sorting, calculating, coin storage parts for dispensing, coin secure storage enclosures, a coin dispensing part.

3. A method of exchanging money as claimed in claim I or claim 2 providing a currency exchange machine including a bank-note receiving part, one or more bank-note treatment parts for, identifying, counting, sorting, calculating, bank-note storage parts for dispensing, bank-note safe storage areas, a bank-note dispensing part.

4. A method of exchanging money as claimed in claim I providing a currency exchange machine with the option to donate the exchanged value to a charitable cause.

5. A method of exchanging money as claimed in claim I providing a currency exchange machine in which the user interface is provided by means of a touch screen.

6. A method of exchange as claimed in claim 1 providing a currency exchange machine which an internal control unit can be connected to a communication source and can send and receive communications.