Archive for July, 2010:
Transfer Money to Brazil
Have you ever attempted to send money to Brazil but found yourself shocked at the ridiculously high price? Or even worse, have you tried to wire to someone who doesn’t even have access to a financial institution to obtain the cash?
If you absolutely needed to send money to Brazil today, you’d only have a few options. Luckily, the money transfer industry will change greatly over the next few years.
If you still need to get money to Brazil, you can use a bank’s wire system. For international money transfers banks helped the SWIFT system, which has been around since the mid-seventies after seven international banks needed to move money around and decided to create a system that would enable people to send funds worldwide.
One downside however is that both parties must have bank accounts – the sender in the country they’re sending the money from and the receiver in the receiving country. If either party is not in their native country it will be difficult since they most likely will not have a bank account in a foreign country.
Another system does not require a bank account, you simply send money in the name of the other, and give the person who’s meant to get the money a code which allows them to get the money. Though a great way to wire money, it was once the primary form terrorists used to wire money across the globe. But since September 11th, efforts have been made to tighten security, so now both members in the transfer are required to present some form of identification.
With the boost in popularity of cell phones all over the world, the world is transforming before our eyes causing the world of transferring cash wirelessly to transform drastically. Many wireless companies are now letting their customers transfer money from phone to phone.
Someday, if you want to send money to Brazil, all you will have to do is input the amount and the phone number you want the money sent to and in a blink the money is there. Some pre-paid wireless phones already have a service in place so that you can replenish your pre-paid minutes from anywhere in the world. The only difference is the way the recipient goes about collecting the money.
The system allowing for mobile-to-mobile transfers is already in place, all that’s left is to make the process completely viable from an international standpoint.
Today you can already use your phone to buy things, and some banks have even started using a credit card that’s a part of your cell phone. Although it’s only available on the iPhone, it’s a sign of things to come and soon enough wiring money to Brazil will be as easy as pressing send on your Blackberry.
