History-How it all started

It was not always enough to earn money; people need to transfer it to their intended places for multiple purposes. Though they relied on different humanly possible ways  but quest to create some effective money transfer mechanism always overwhelmed our ancestors and they kept on dinging deep to succeed. It was in 861, when the first transactional telegraph line, providing fast, Coast to coast communications during the U.S Civil War broke the barriers. Followed by the same inspiration, in, 1871 Money Transfer service were introduced in US.

Evolution-The lifecycle

Once they got the idea to transfer money from one place to another, they never looked back. Like all other business cycles, all the following stages of evolution, revolution and innovation were covered within minimum time. In 1914, First Customer charge card was introduced which created a real charisma in money transfer system and speedy money transfer became instant reality. Charge card gained immense popularity and within short span of time this great service was spread all over the globe, especially in developed countries. The next step was click and send thing, as world has squeezed into a global village, so, everyone was cherishing something very instant. In the year 2000, online Money Transfer system was introduced.

Revolution-breaking the barriers

In the early days, Money transfer business was not considered as a credible business and most of the activity was done by underworld. Exchange rate was the motivation between illegal money transfers. Apart from civilized people; most of the people preferred to use this kind of money transfer where network of private individuals was offering money transfer services in all the countries. They were considered quiet reliable and good experiences of some of their customer’s generated recommendations. Money transfer business was flourishing but without credibility. Credible money transfer companies were lagging short due to high exchange rates offered by non-bank transfers. Education and awareness changed the way of thinking and with the internet revolution, a new wave of money transfer services appeared on the scene. Companies like Western Union have really given real credibility to this business and now Money transfer business has been able to earn trust of customers at large.

Innovation - Nothing less than banking services

New millennium has opened new doors and with IT developments and emergence of technology savvy generation, unbelievable solutions have been introduced by Money Transfer companies. They have developed customized products by keeping in view the needs of different categories of customers from different parts of the world. Now, money transfer is carried out on really scientific grounds. Some of the newly invented and customized Money transfer services include:

·                                 Travelers Cheque                                            

·                                 Cash Passport - ATM cash Worldwide

·                                 Online Inward/ Outward Remittance

·                                 Foreign Exchange

·                                 Encashment

·                                 Bank Drafts

·                                 Telegraphic Transfers

Money transfer business too has achieved equal sophistication and technological advancement by following the footsteps of banking sector. It was never so much easy to transfer your money as it has become today. It’s just a matter of “Click & Send”. One must be careful and particular while taking decision about money Transfer Company. Once again, you have to care for the credibility and track record of the company before handing over your hard-earned money and you will have good experience or sure.