In an evolving and fast-changing world, money is the currency for evaluation of labor, business exchange and meeting the needs of people. Whereas a few years ago, cash was the only source of money exchange, today there are several means by which cash is not transacted and yet millions of dollars are exchanged. Transmission of money was once a cumbersome and lengthy process, but today money can be transferred in an instant. This has led to billions of dollars in the U.S. and all over the world being transferred everyday. Cash, drafts and checks are the most common method by which money changes hand but in a world made smaller and easier by technology, the amount of money being transferred by these methods has reduced drastically. There are other easier, better and more convenient options for money transfers available today. Electronic money transfers have become popular in the recent years. In this way, cash is not physically transferred but the money is transferred from one bank account to another. Companies like Visa and MasterCard also offer the transfer of money from one card to another. The Internet is the latest means of transferring money. Over the years many companies like PayPal, E-gold, and Xoom have emerged to offer the option of transferring money online. For example, in PayPal, money is literally transferred in a matter of seconds from one email id to another. The most traditional but still popular method of money transfer is the wire transfer method. It is still being used, albeit with a few modern changes by banks and companies like Western Union Money Transfer and MoneyGram. They are quite popular all over the world for their ease, reliability and speed. These companies require a higher service charge on the transfers than other companies, however one advantage of these services is that you can send or receive your money without even having a bank account. This has come as a godsend to people whose families live in another country, or who need to send money to their business partners. |
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