Transferring Cash Overseas Has Become Simpler Then Ever – Growing Options and Increased Speed When Transferring Funds Overseas

Back in the day, when anyone needed to transfer money to overseas people or bank accounts, they didn’t have very many options to choose from. But now, with the information super highway we refer to as the internet, there are so many more doors open, with many businesses offering their services in a matter minutes.

But don’t be mistaken; we we are hardly the first to look for new ways to send money. People have been transferring funds for ages, and the most dated dates all the way back to biblical times. It has many different names but it is commonly referred to as the hawala or hundi system in the Middle East, aval in France and avallo in Italian law. No matter where you are, the idea is the same; it is a debt transfer from one person to another. And although it was considered illegal in Roman law, the practice went on until it was legalized.

The origins of Hawala stem from a specific form of Islamic law, with many Muslim historians citing hawala in their works detailing Islamic jurisprudence. The system itself would have an impact on both civil and common law in societies all over the world.

In the beginning of the industrial revolution, telegraph lines were used to wire money, and around 1970 the SWIFT system was created by international banks as one of the first methods for people to wire the money from one bank account to another.

Now look forward to the early 21st century, where it’s astounding the hawala system is still being used around the globe. Between global banking and the internet, people and businesses are coming together in ways no one could have dreamed of, offering consumers to turn their computer into a tool for sending money to people, businesses or banks. And not only that, soon cell phones will offer even more forms to transfer.

Since so many people have traded in their home phones for mobile phones, wireless manufacturers are looking for ways to make purchases or complete transfers from those cell phones. The iPhone already allows people to use their phone as a credit card.

With the explosion of the smart phone, we now have tons of ways to transfer funds to overseas people or accounts by accessing bank accounts or transfer services right from our mobile phones.

To help bridge global economies, credit card companies have started offering pre-paid debit cards that are replenished online. This allows someone in the U.S. to wire money overseas by adding money from their account or card.

E-commerce is surely making a creating a buzz in the global community and soon enough people who must wire money will have so many more options than they could have ever imagined.

About the Author

ATMCASH is a cheaper solution to send and receive money internationally. Its a easy, convenient, and the best value when sending money across the country or across the world. You can get money from over 1 Million ATMs worldwide. Sending Money Overseas

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