Tuesday, 12 June 2012

Money Transfer & Its History

Both individuals and business houses need money transfer far and wide for a variety of purposes. Whereas the business houses need overseas or local transaction more often, the individuals require the same either once in a blue moon or on monthly basis. Money transfer is popularly known as wire transfer. It is the quickest, simplest and safest way to Transfer Money, no matter whatever the destination is.

Money transfer or wire transfer refers to money sending to distant places either within national boundary or beyond that. This transfer may happen either physically or electronically. To send money, the sender needs to place an order with a wire transfer service provider and it takes the responsibility to deliver the specified amount to the recipient. The sender must have the correct information regarding the recipient’s full name and requisite bank account details. 

Do you wonder how money transfer is done so quickly? Well, the banks and other money transfer service providers have a strong and worldwide network of affiliated financial institutes to complete the transaction on customer’s request. Generally, the wire transfer houses demand a nominal fee for the service they offer. Nowadays, more advanced mode of money transfer has been introduced. EFT or electronic funds transfer is now widely used to transfer money. 

Unearthing the history of money transfer

Transfer Money
Transfer Money
It is not that Transfer Money is happening only these days. In reality, it is a 150 years’ old system. However, with the passage of time, the transfer process has evolved a lot and become more advanced. And yes, money transfer has become largely electronic based. Money transfer institutes are dime a dozen and moreover, they do not require you to have an account for the purpose of money sending. 

It was in 1837, the first practical telegraph perfected by Samuel Morse gave birth to safe and speedy money transfer service to both individuals as well as business professionals. It did not take much time for this system to become amazingly popular. It was really a boon for those who require money sending overseas because the first time in history, they got a system that would deliver funds across borders within a very short time (say a few minutes to a few days). The 21st century is the age of technological dominance. Introduction of computer and penetration of internet has replaced telegraph-based wire transfer.

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