Money, perhaps the most important invention of mankind, has
become a major force behind the creation of trade. Prior to the introduction of
money people utilized to depend on barter system, where people utilized to
exchange goods for goods. The acceptance of cash being a source for trade has
resulted in the necessity to transfer money in one place to another. The
mission to create some effective money transfer system always propelled people
on digging deep for better solutions. The necessity eventually resulted in the
evolution of numerous money transfer services. Even the increase of the
worldwide economy and migration of individuals provided the necessary impetus
for the money transfer services that resulted in the growth of various forms of
cash transfer services.
Today there are numerous media by which money could be moved
to different locations, and every method possesses its own benefits. Services
like wire transfer, money order, bank draft, instant money transfer and
internet money transfer would be the various methods which are now utilized to
transfer money. What medium of cash transfer is much more effective vary based
on the requirements and ease of individuals.
Wire Transfers: Prior to the inception of computerized
banking systems, the planet needed a safe and secure approach to transfer money
in one place to another. This brought wire transfer into context, which through
the years continues to be the most popular way of transferring money in one
banking account to a different and in reality the simplest way to send money.
Although the "wire" involved has evolved from old world telegraph
wires to modern fiber optic cable, the word "wire transfer" has stuck
around since the service provided remains basically the same since its
inception. The wire transfers are thought safe and convenient because
bank/lender verify both sender as well as the receiver's account details nor of
these can remain anonymous. The sender must provide his/her account number as
well as the receiver's account number towards the bank/lender to transfer the
total amount. After bank/lender get the account number it transmits the content
through SWIFT the acronym for Society for Worldwide Interbank Financial
Telecommunication (allows bank/lender to change financial data i.e. data
regarding money transfers, account status etc.) towards the receiver's bank
using the payment instructions.
Money Order: A money order is really a payment order usually
issued and payable in a bank or post office. The sender needs to fill a form
which includes name, address, add up to be sent together with the recipient's
name and address. The sender may also write a brief message because there is a
provision for this around the money order form. The benefit of sending a money
order would be that the receiver or even the sender doesn't need a banking
account. In certain countries international money order services can also be
found, which is a lot like a normal money order, with the exception that you
can use it to create payments abroad.
Bank Draft: A bank draft or Demand Draft is distributed with
a bank or some other money transfer company and is also cashable at any banking
institution. This kind of money transfer services are generally liked by large
sized business houses and institutions because of additional security and audit
trail features. The primary feature from the bank draft would be that the
amount has already been purchased entirely prior to the draft is distributed,
ensuring its clearance and credibility.
Instant Money Transfer: This facility enables the sender to
transfer money all over the world within a few minutes with no use or necessity
of a banking account. The sender must produce his/her original identity
document towards the bank/lender from which he is going to be doing the
transaction together with the telephone number (however, not mandatory) from
the receiver; the total amount the sender would like to transfer towards the
receiver such as the location in which the amount must be transferred.
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