FIELD OF THE INVENTION

The present invention relates to a computer-implemented method to facilitate location- based currency exchange rate comparison and to provide other information relating to the exchanging of currency.

BACKGROUND OF THE INVENTION

Currency exchange or conversion rates can differ by 100% or more between money changing service providers - i.e. money changers. The conversion rates can also fluctuate throughout the day.

So, it is in the best interest of consumers to know which money changer is offering the best rate for a given currency conversion, at a given time and at a given geographical location. Traditionally this is done by the customer visiting as many money changers as possible to compare rates. This approach is obviously very tedious, time consuming and primitive.

There is therefore a need in the art for a more efficient means of comparing currency exchange rates between different money changers, especially in a given geographical area. It would also be advantageous for consumers to know related information such as stock availability of currency notes at a given money exchanger, whether a given money changer is open or closed, money changers' willingness to match rates to competitors, special deals for specific currencies, latest tip and tricks, the queue at a given money exchanger, as well as travel, weather and other local information pertaining to what customers may wish to do with their exchanged money. SUMMARY OF THE INVENTION

It is an objective of the present invention to provide a method to facilitate currency exchange rate comparison for users/customers so that they have knowledge of the best currency exchange rates in a given geographical location, where all pertinent variables have been factored in which include but are not limited to, distance, stock availability, operation hours, rate matching, quality of service, available deal and user feedback.

To this end, the present invention, according to one aspect, is a computer-implemented method for providing location-based currency exchange rate information, comprising the steps of: a) gathering information relating to the exchanging of currency; b) processing electronically in a computer system the said information relating to the exchanging of currency to generate processed information; and c) presenting the said processed information to a user on a location basis. According to another aspect of the invention, the computer-implemented method further comprises the step of the user providing the said information, relating to the exchanging of currency, back to the computer system in a feedback loop. This further step may be effected via a dedicated app that may reside in a mobile communication device such as a mobile telephone like a smartphone. Via this dedicated app, users themselves can conveniently and actively contribute information, with respect to the initial step of the invention as mentioned hereinbefore of gathering information relating to exchanging of currency, and in particular to the additional step of the feedback loop. In this regard, the app may have means that allows a user who is at a money changer to take a photograph of the currency rates board of a money changer or manually enter the currency rates data, into his/her mobile device. The app then processes the information or relays it to the central computer system for processing. According to yet another aspect of the invention, the step of gathering information relating to exchanging of currency may be effected by any means including but not limited to taking of pictures, phone calls, web scraping, money changer input, or a combination thereof. This step may be effected via a dedicated app that may reside in a mobile communication device such as a mobile telephone like a smartphone.

According to still yet another aspect of the invention, the step of presenting the processed information to a user on location basis may be effected via a dedicated app that may reside in a mobile communication device such as a mobile telephone like a smartphone.

According to still yet another aspect of the invention, the processed information is presented in a geospatial format.

According to still yet another aspect of the invention, the computer system may be configured for peer-to-peer exchanging of currency or assets.

According to still yet another aspect of the invention, the computer system may be configured for bidding by participating money changers for potential customers identified by the computer system.

It has thus been broadly outlined the features of the invention in order that the detailed description thereof of the preferred embodiment that follows may be better understood, and in order that the present contribution to the art may be better appreciated.

BRIEF DESCRIPTION OF DRAWINGS

Figure 1 shows a schematic diagram of the present invention. Figure 2 illustrates one feature of the invention, being a mobile phone screenshot where the app prompts him/her to take a photograph relating to the exchanging of currency.

Figure 3 illustrates another feature of the invention, being a mobile phone screenshot where the app generates a map showing the location of various money changers in a given geographical area.

Figure 4 illustrates yet another feature of the invention, being a mobile phone screenshot where the app displays the currency exchange rates of various money changers relative to their locations in a given area.

Figure 5 illustrates still yet another feature of the invention, being a mobile phone screenshot where the app provides the facility for users to write reviews and ratings. Figure 6 illustrates still yet another feature of the invention, being a mobile phone screenshot where the app provides a facility for users to share views and information on a given money changer outlet.

Figure 7 illustrates still yet another feature of the invention, being a mobile phone screenshot where the app provides a facility for users to provide various feedback on a given money changer outlet.

Figure 8 illustrates still yet another feature of the invention, being a mobile phone screenshot where the app provides a link-up facility with Google Maps™ to facilitate travel to a chosen money changer outlet.

In describing the preferred embodiments of the invention, which is illustrated in the drawings, specific terminology will be resorted to for the sake of clarity. However, it is not intended that the invention be limited to the specific terms so selected and it is to be understood that each specific term includes all technical equivalents which operate in a similar manner to accomplish a similar purpose. DESCRIPTION OF THE PREFERRED EMBODIMENTS

Referring to Figure 1 there is shown schematic diagram of the present invention according to a preferred embodiment, which is commercially available as the CurrenSeek™ app. According to the invention, there is provided a computer- implemented method to provide location-based currency exchange rate information. The method involves gathering information (10) relating to the exchanging of currency, electronically processing the information (12), presenting (14) the processed information to a user, and, optionally, obtaining information from the user in a feedback loop (16) as a gathering information (10) step.

The term "gathering information" is used here in a very wide sense. It includes, but is not limited to, the receipt of information from users, from money changers, from dedicated workers employed to gather information, etc.

The term "information relating to the exchanging of currency" is also used here in a very wide sense. It includes, but is not limited to, currency conversion rates, stock of currency notes, whether a given money changer is open or closed, the queue at a given money exchanger, service quality, user ratings as well as travel, weather and other local information pertaining to what customers may wish to do with their exchanged money.

The term "processing electronically in a computer system" is also used here in a very wide sense. It includes, but is not limited to, aggregates information, cleansing information, organizing information, etc., in a computer system that includes, but is not limited to, a server, an app on a computer or mobile device, etc.

The term "processed information" is also used here in a very wide sense. It includes, but is not limited to, comparison of currency conversion rates of various money exchangers in a given geographical area, comparison of average currency conversion rates from various money exchangers in in different geographical areas, stock availability of currency notes at a given money exchanger, money changers who are open for business, money changers' willingness to match rates to competitors, special deals for specific currencies, latest tip and tricks, the queue at a given money exchanger, as well as travel, weather and other local information pertaining to what customers may wish to do with their exchanged money.

The term "presenting the processed information" is also used here in a very wide sense. It includes, but is not limited to, presenting the information on a computer monitor, mobile phone display, advertisement display surface, etc. The terms "location-based" and "a location basis" are also used here in very wide sense. They include, but are not limited to, information relating to the exchanging of currency in a given geographical area, information relating to the exchanging of currency between or among different geographical areas, etc. As an example of how the present invention works, information is gathered from various sources and fed into the computer system for processing. This may just be an app on a mobile phone that communicates with a central server. The information is then processed. The information is then provided to users, who may be consumers or the money exchangers themselves, in a geospatial format on their mobile phones. A user then has the option of providing feedback information to the computer system, facilitated by the app on their phone. Referring to Figure 2, the app on the user's mobile phone may prompt Mm/her to take a photograph of the currency rates board of a money changer he/she is near and the app will feed the information to the computer system for processing. The app is designed to geotag information and timestamp the photographs prior to the processing by the computer system of the information in the photograph.

As mentioned hereinbefore, the processed information is provided in a geospatial format. Referring to Figure 3, this may be in form of a map, generated by the app on the user's device, showing the location of various money changers in a given geographical area of the user's choice. Information on the distance and time to a given money changer may also be provided using GPS or other means. Money changers can be sorted based on distance from a user-specified location, rates and also last updated time of the rate.

Referring to Figure 4, the app may display the currency exchange rates of various money changers relative to their locations in a given area. The user may then conveniently know the lowest rate. The app may color code the lowest and highest rates, and may indicate the percentage difference therebetween. That is, the app may indicate the best and worst currency conversion rates being offered by money changers and the disparity in percentage for a given currency and within a user-selected geographical area, and the information is presented to users or customers.

Referring to Figure 5, the app may provide various further features to the user, such as writing of reviews and ratings. Referring to Figure 6, the app may provide a facility for users to share views and information.

Referring to Figure 7, the app may provide various other facilities for feedback from users with respect to a given money changer outlet, such as whether it is operational, the commission it charges, whether there's a fixed charge, whether they entertain negotiation, deals for specific currencies, rate matching to competitors nearby, etc.

For the user's convenience, the app may have a link-up facility to other services provided by other parties. For example, referring to Figure 8, the app provides a link-up facility with Google Maps™ to facilitate travel by the user to a chosen money changer outlet.

The computer system may advantageously be configured for peer-to-peer exchanging of currency or assets.

The computer system may also advantageously be configured to provide a platform for participating money changers to bid for potential customers identified by the computer system.

INDUSTRIAL APPLICABILITY The method of the present invention finds ready industrial application in various and interrelated industries such as the travel industry since a majority of users will be travellers and tourists, the financial services industry since it involves funds and currency exchange, and the ITC industry since the internet, social media, dedicated app, computer database, etc. are involved. The present invention in particular facilitates users in obtaining the best location-based currency rates possible. The present invention has great potential in the tourism industry as it provides an essential tool to tourists.