There has been a lot of innovation in money transfer. Transferring money internationally has never been easier. With the ever growing technology and the all the exciting innovation in money transfer along with simplicity and ease of access, the days of sending paper money and checks that took ages to reach their destinations and then took several more days to be processed by the banks are gone now. Innovation in money transfer has changed banking, with banking systems already at their top performance in developed countries but other countries are catching up with these systems too. The process of money transfer has never been easier.
In this article, we will see what this innovation in money transfer is. Money, in today’s time, can be sent online to any country in the world in a matter of minutes. This transfer can be directly aimed at your bank accounts, eliminating all the unnecessary procedures that you would have to usually go through at a bank. You can also withdraw this money using a debit or a credit card from your nearest cash machine.
Innovation in money transfer has also made business very easy as the transactions have become much simpler and much more reliable as the payments reach the concerned person or party within minutes, guaranteeing safety in all transactions. You can check whether the payment has arrived before you hand over your goods, and it does not take more than ten minutes to do it.
Another thing that innovation in money transfer has opened up is a vast array of online shopping sites i: e the online marketplace. This market thrives on payments made by debit or credit cards, Instarem, PayPal, gift cards and various other online wallets, depending on where you live. You also get receipts for these transfers and transactions so if anything goes wrong; you can use these receipts and get your money back. With cash transfers and transactions, this wasn’t possible or was possible to a very limited extent since you didn’t have it on your bank records to prove it, thanks to the innovation in money transfer. And getting a refund was a big hassle if the person you’ve given the money to is unreliable.
The other thing that innovation in money transfer has opened up is international dealings. Businesses today thrive on money transfer, and many of the world’s top businessmen have voted for money transfer to be the safest form of the transaction there is out there. Many companies are linked by payment gateways and are interconnected with each other, making it that much easier.
Innovation in money transfer is a boon to migrant workers since they don’t have to carry around cash with them anymore and the plastic cards used are universally accepted, most only accept a visa or a MasterCard which are the most commonly used cards in the world.
The people who manage online payment and are largely responsible for this innovation in money transfer have a huge responsibility on their shoulders. Even though most of the work is automated and carried out by machines, these managers need to keep a tab of how many payments successfully go through in a day and have to keep a tab of the complaints as well.
The countries who have used all the resources brought about by this innovation in money transfer already well versed in some form of money transfer system are the United States, Russia, Canada, The United Kingdom, Australia and much more. India has recently started showing its capital prowess and has ventured into the online marketplace quite smoothly and is holding on its own. Other developing countries include Philippines, Sri Lanka, some of the African countries, etc. Countries like Australia provide a cost-efficient way money transfer to other countries, like Philippines.
There are a lot of bad rumors floating around about how this innovation in money transfer is only there to impose heavy transfer charges. However, it should be noted that most of these rumors are false and it is quite the opposite. It is not that hard, and you save money while going ahead with a transaction of this nature. Innovation in money transfer is probably the greatest thing that has happened to the banks. Like to give you an example on how far the innovation of money transfer has reached, you choose an online money transfer provider to send money to Philippines bank account from Australia, it usually takes days for money to reach to its actual destination when you go the traditional way, Whereas through online portal you can transfer money directly in the bank account on the same day itself, with just a minimal transfer charge.