Modern Solutions to Traditional Financial Challenges: How to Easily Send Money Online

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As early as 6000 BC, humans have bartered items, and from 1000 BC onwards the world has seen the use of coins – the first use of money, evolve greatly. Despite these great advances in financial technology, up until recently financial transactions have remained a pretty slow and tiresome process, involving long waits and high transfer fees.

This is still especially difficult when trying to send money across borders to family members or when paying for goods and services internationally. Although a useful system, the traditional methods used by old, established banks leave much to be desired.

Luckily over the past decade, the creation of online money transfer services has revolutionized the way we can see and use our money, opening up a host of new possibilities for safer, quicker, cheaper, and more user-friendly solutions.

The Evolution of Money Transfer Services

Moving on from ancient times, the first instance of true modern money transfer methods between banks occurred in 1851 following the creation of the telegraph, allowing banks and credit agencies such as Western Union to transfer money between accounts, without physically moving people or cash around via horses or cars.

Across the 20th and early 21st Centuries, money transfer methods have evolved significantly. In the USA, domestic wire transfer between central banks was established in 1915 – now known as Fedwire. Later in the UK, the first contactless card payments would be enabled in 2007.

The biggest issue with wire transfers is that they weren’t really designed for normal people.

How Traditional Money Transfer Works

Across most of the world, and especially in the USA, banks charge a flat fee for all wire transfers, typically charging a lot more for any international transfers than for domestic transfers – for example in the USA the average domestic wire transfer fee for traditional banks is $15, and for international it is $30.

When you’re a large corporation transferring $100,000, this is a small price to pay, but for the average person paying back a friend, this is a big proportional cost.

Luckily, the rise of online money transfer services has helped transform the landscape of financial transactions across the world. Digital platforms leverage the power of technology to facilitate seamless transfers of funds, eliminating many of the barriers and inefficiencies associated with traditional methods.

From the convenience of a smartphone or computer, users can now send money across the globe within seconds, revolutionizing how we conduct financial transactions.

The Benefits of Online Money Transfer Solutions

There’s a reason 75% of the world’s financial transactions are now made digitally – digital money transfer platforms offer many advantages over traditional methods.

They are:

  • Highly cost-efficient: Digital platforms often charge lower fees or zero fees, compared to the high fees of traditional banks
  • Extremely fast: The speed of digital transactions is unparalleled in digital payments, with funds being transferred almost instantaneously in many cases, for both domestic and international transfers.
  • Accessibility: Online transfers don’t adhere to the opening hours of traditional methods such as a bank’s closing times, nor do they require people to travel to a specific location. Whether at home or out shopping, digital platforms are available anywhere with a data connection 24/7
  • User-friendly: Most digital finance platforms are designed specifically to be easy to use, ensuring transferring money is a simple and intuitive process
  • High security: while both digital platforms and traditional banks are typically secure, online transfer boosts its security by using advanced encryption technologies and stringent security protocols

What Kind of Online Transfer Solutions Are There?

These days there are loads of different online transfer solutions, each with unique advantages. Most traditional banks such as the UK’s nine PCA providers now have online transfer options, though they can often still include fees for international transfers.

Newer, more agile services such as Wise, Revolut, or BOSS Revolution have also arisen, aiming to provide much faster, more flexible transfer services with lower fees.

Apps such as the BOSS Revolution money app allow you to easily send money online, and often provide much more generous exchange rates with lower fees than traditional banks, all while allowing you to track the progress of your transfer via your phone or computer.

Solving Traditional Financial Challenges

The reason why online money transfer services have become so popular, both through new services and within traditional banking itself, is that they address and fix a lot of the challenges typically faced in the finance world.

The Problem of Geographical Location

While sending money within your own country has been relatively cheap and reliable for some time, international transfer has almost always been expensive, slow, and difficult.

This is mostly because different countries, and even different banks within those countries, will have wildly different payment systems, finance laws, working hours because of time zones, and of course often a different currency that needs to be converted.

Because of this, sending money across borders or to remote areas has often involved high fees and lengthy processing times. However, digital platforms transcend these geographical and technological barriers, allowing users to send money anywhere in the world with ease.

Hidden or Obscure Fees

It’s not always clear exactly what fees will be charged on your transfer until it goes through and you see how much money is missing. Opaque fee structures used by banks have frustrated customers for decades, and hidden fees or fluctuating exchange rates can significantly diminish the value of transferred funds.

Meanwhile, with digital apps such as BOSS Revolution, you can not only track your transfer but also view exactly what the fee structure and exchange rate calculations are, as well as compare it directly to competitors within the app, ensuring that you know exactly how everything works.

The Issue of Accessibility

When you work a 9-5, and the bank is only open 9-5, it can be extremely difficult to actually go into your local bank and initiate money transfers. Luckily, digital money transfers make sending money much more accessible.

So long as you have an internet connection and an account, you can send money – something that is especially useful for anyone living in remote areas or regions with limited banking infrastructure.

Staying Safe While Using Online Money Transfer Services

Despite its many advantages, it’s important to be careful of any scams, fraud, or insecure digital transfer providers. When selecting a digital money transfer service, there are several things you should consider and research to ensure a seamless and secure experience:

  1. Research your provider’s reputation and reliability through online user reviews.
  2. Ensure diverse transfer options like bank transfers, mobile wallets, and cash pickups.
  3. Verify support for required currencies and countries.
  4. Prioritize apps with strong security measures like encryption and two-factor authentication.

These simple steps will help you keep your money safe and your mind untroubled.

What Does This Mean?

While traditional banking remains a safe and secure place to store your money with government protection, the new wave of digital money transfer apps offer much cheaper, faster, more transparent and more flexible ways of moving your money both domestically and internationally.

Helping you reach remote regions, pay lower fees, as well as receive and send your money much quicker, these new financial tools have not only introduced a new way of using money, they have also pushed the entire financial world into the digital age.

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