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<br>The evolution of international money transfers has always been an interesting topic to study and analyse. It has a rich and varied past that has transformed with the major technological advancements and the immigration of people from country to country and continent to continent.<br>
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Evolution of International Money Transfer Market
The evolution of international money transfers has always been an interesting topic to study and analyse. It has a rich and varied past that has transformed with the major technological advancements and the immigration of people from country to country and continent to continent. This increased the ardent need to transfer money across national borders led to the evolution from the Hawala system into the latest trends to send money online.
Here is how the history went: Hawala System ● This system transfers goods or money through informal ways. Here the person who wishes to send money pays an agent, who in turn sends the money transfer through a network of hawala dealers who could be friends, family, or trusted acquaintances.
Coin and Paper Currency ● After the years of the Hawala system, came the gold, silver and copper coins in different parts of the world. Later on, came paper currencies from the China Tang Dynasty that gained huge popularity all through the world and in 1661 A.D, the first paper banknotes were printed in Sweden.
● Telegraphs and Credit Cards The exchange of goods, coins and currencies were part of the physical exchange of cash. The introduction of telegraphs and credit cards marked the beginning of a trusted way of transferring money for goods and services without exchanging physical cash.
● Online Money Transfer All through the lines of history, now we have reached a point where overseas money exchange can be done in a plethora of ways, including bank transfers and money exchange through agencies. The best companies offer digital services to transfer money by utilizing the latest mobile technologies. A mobile app for money transfer makes the process faster, easier, more transparent, and less costly.
● Bitcoin Upon tracing the evolution of money transfer to date, it would be a crime to avoid Bitcoin, the digital currency that emerged in the 21rst century. It is the latest innovation of electronic money that even eliminates the need for any centralized bank or administrator.
Just like any other country, money transfer in Australia has also moved through all the stages of this evolution and has risen with the best system of remittance in the world. Sending money across international borders are made easy with the help of top money transfer agencies and their web portals and mobile apps.
