There is no doubt about it; the financial landscape has changed beyond almost all recognition since the Great Recession of 2008. From the rise of alternative lending options to increased volatility in the forex market, we have seen a gradual evolution that has changed the nature of both consumerism and business management.
Technological advancement has also had a major impact on ta constantly shifting financial landscape, particularly when it comes to negating the influence of the traditional bank. No longer the primary resource for loans, we scarcely need to eve n contact our bank when looking to transfer money.
3 Main Way in Which Transferring Money Has Changed in Recent Times
This is a particularly interesting point, as the methods through which we send and transfer money have evolved consistently since the turn of the century. With this in mind, here are three changes that have had the most pronounced effect: –
1. The Rise of Electronic Transfers and Banking Apps
The rise of online and mobile banking began at the turn of the century, as first virtual portals and then branded smartphone apps presented customers with the opportunity to access their accounts in real-time. Thanks to the prevalence of secure, wireless networks, modern customers are also able to transfer funds remotely, whether they are moving funds from account to another or sending money in the form of domestic (or international) payment.
With these changes in mind, it is now possible to instantly transfer funds in a safe an secure manner, with 128-bit encryption and card holders helping you to safeguard each transaction.
2. The Emergence of E-wallets
It was around the year 2000 that PayPal was formed, with this innovative firm blazing a trail for electronic payments and alternative cash. This outlet is now one of many competing e-wallet service providers, which can be used to receive money and manage transfers to and from bank accounts.
With PayPal in particular, you can send money from your bank to create funds, while it is also possible to accept payments from other merchants. You can also transfer funds directly to your bank account, with most transactions now completed either instantly or within a couple of hours.
PayPal has also eradicated many of its fees during the last decade, as cheaper resources like Circle have emerged to create sterner competition in the market.
3. International Transfers Are Now Easy and Secure
Resources such as PayPal and Circle have also revolutionized the concept of international money transfers, as they have the capacity to send funds anywhere in their world so long as the recipient’s email address is registered with a specific e-wallet service provider. We have also seen the emergence of tools that specialize in international transfers in recent times, with brands such as CurrencyFair capable of sending funds to Australia and numerous other locations across the globe.
These tools are accessible to both customers and small business owners, while users can even select their desired exchange rate and schedule their transfer to make the most of their funds.