5 Old Methods Used to Send Money

The business of money transfer is as old as money itself. However, technological advancement has greatly transformed how money is moved from one point to another.

Western Union is one of the oldest money transfer services in the world. The company has continued to shape the money transfer industry in different ways.

In the past, it was almost impossible to send money to someone overseas. But the introduction of banks and the internet has completely changed the way money is moved across the world. Unlike in the past, today it is possible to send and receive money in a matter of seconds.

Below are 5 old methods used to send money:

1. Wire transfer

This is probably one of the oldest ways to send money. Also known as bank-to-bank transfer, wire transfer has been in existence since the 18000s. Western Union is the major payment service provider that allows users to transfer money quickly from one bank account to another.

It doesn’t matter where you want to send the money, you are assured that the person on the other end will receive the cash. All you have to do is have the correct bank account details of the person you are sending the money to. Although this method may be a bit slow, it is considered one of the safest.

2. Personal checks

This is another common way of sending money. You can write a check and deposit it to the bank account of the person you wish to receive the money. The most important thing is to ensure that you fill in the correct bank account details as well as the exact amount that you wish to be transferred to another account.

However, you should ensure that you have enough cash in your bank account otherwise the transaction will not go through. Remember to write the amount of money being transferred both in words and numbers.

3. Western Union

Western Union and MoneyGram are the common money transfer services across the world. The good thing about these transfer services is that your money is always safe no matter how long it will take to reach the recipient. Western Union charges a small flat rate fee for every transfer you make. The transfer charges may depend on the location and how fast you want the money to reach the recipient.

4. PayPal

PayPal is another common money transfer service that has existed for quieter some time. The transfer service allows businesses and individuals to move money from one PayPal account to another. Sending money using PayPal is free although the recipient is charged a certain percentage to withdraw.

5. Money orders and bank drafts

In case you want to send large amounts of money using foreign currencies, you can buy a bank draft or money order in the currency you would wish to send the money to. A money order can be bought at any post office branch. Buying a money order from a post office is usually cheaper than purchasing from a financial institution.

In general, the money transfer business has been in existence for a long time. The industry has continued to evolve due to technological advancements.