03 October 2017

Sending Money - Current Options And What's To Come

Currently there are several ways to send money to Brazil. One is through the wire transfer system at any bank. For international service, most wire transfers involving banks use what is known as the SWIFT system. The SWIFT system has been around since the mid-seventies, when seven international banks created a global system to send monies to other countries. The biggest drawback for some is that both parties need to have bank accounts. The sending party needs a bank account in the country they are sending money from and the receiver need an account in the country the money is being received in. If the sender or receiver is not in their home country, it can be difficult to send them money when they do not have a bank account in the country they are sending the money from.

Then there are other systems that allow one party to send money in the name of the other and gives the receiver a security code with which to collect the money. In most cases, both parties usually need to present identification to send money this way. This system has been tightened in the last few years since September 11, because it was the primary way that criminals sent money internationally.

Today wiith the increase of cell phone use in just about every country of the world the way in which money is transferred may soon change. Many global mobile phone service providers are putting together a system to send money from one person's cell phone to another's. The mobile money transfer system is expected to change the way people send money and improve the ease in which mney can be sent.

In just a few years, if someone wants to send a money to Brazil all they will need to do is type in the amount they want to send and the recipient's phone number. A similar system is already in use when it comes to pre-paid mobile phones. As it is, a person from anywhere in the world can put pre-paid minutes on another person's cell phone-the only addition to the system is a way for the receiver would collect the funds.

The system that would allow for mobile money transfer is in place; all that is needed now is to finalize all of the international deals that would make the process viable. There are some banks which are starting to implement all kinds of services to allow mobile phones to act as a payment gateway. Some banks have even created Credit Cards that are part of a person's cell phone. This system is only currently available on the iPhone, but before long it will end up being a part of every phone. This means that a money transfer to Brazil will be as easy as making a phone call.