In 2018, a total of 689$ billion were transferred internationally, that is three times greater than international funding. Surprising enough?
Well, this figure was recorded to be the highest till 2018, and this rate is expected to increase up to 1 trillion in the next five years.
From these tremendous highs, we can already think that money transfer system has been made easier day by day, for the ease of people living in different countries around the world.
The increased competition struggles in society and work pressures made it difficult for people to take a whole day off, solely to transfer payments.
In African countries, such as Ghana, there was a lack of infrastructure, which made it more difficult for people to send money to Ghana.
Technology has Taken Money Transfers to a Next Level
With the progressing period of time, almost everything around us has reached a different level. Many possibilities are created for individuals, or else we can say everything and service are being evolved modernly. Likewise, money transfer service has been taken to a next level, with the help of continuous improvements.
If we compare the current money transfer system to the system that was being run some decades ago, we will see very prominent changes.
The most astonishing factor among them is the access of people to send money online. No person had ever imagined that such facilities can come into existence, and a major plus point of the online transfer system is its user-friendly processes.
How Money Transfer Evolve with the Passage of Time
Firstly, banks started the system of transferring payments overseas. In the start, people were required to transfer payments to and from the same bank branches.
Later on, major commercial banks collaborated and people were allowed to make transfers to other banks too. The process of overseas transfer was quite hectic.
The specific individual must have to visit the nearest bank, and having a bank account was must for availing this service.
Then, people were asked to provide loads of details, information and proof documents. The service charges were very high, but in the return, services were slow and not so credible.
After that, money transfer companies and transfer agents stepped into the field to take this game up. People were facilitated with more credible services, quicker transfers and cheaper rates.
If someone did not have a bank account, money transfer companies were still able to transfer payments between the sender and receiver.
Moreover, companies also offered a higher transfer limit, comparative to the banks especially when it comes to money transfer to Ghana.
People then realized the need for an online system, which can allow them to easily send money to Ghana online, without any extra difficulty.
Different modern companies such as Ace Money Transfer, Transfer Wise and Western Union catered the need of the hour, by providing efficient services, all over the world.
So, we can say that there is no doubt in the fact that money transfers have been made easier with the passage of time.