Have you ever attempted to send money to Brazil but found yourself hesitant because of the ridiculously high cost? Or even worse, have you tried to wire to someone who doesn’t even have access to a financial institution to obtain the money?
If you absolutely needed to transfer funds 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 wire money to Brazil, you can use a bank’s wire system. For international money transfers banks put together the SWIFT system, which started in the mid-seventies after seven international banks needed to shuffle money and decided to create a system that would allow people to transfer cash worldwide.
One downside however is that both people must have bank accounts – the sender in the country they’re transferring the money from and the receiver in the receiving country. If either is not in their native country it will be difficult since they most likely do not have an account in that country.
Another type of system does not require a bank account, you simply send money in the name of the other party, and give the person who’s meant to get the money a code which allows them to retrieve the money. Though a great way to wire, it was once the primary way for terrorists to move money around the world. But since September 11th, efforts have been made to tighten security, so now both members in the transfer are required to show I.D.
With the growing popularity of cell phones all over the world, the world is transforming before our eyes causing the world of sending money wirelessly to change dramatically. Many wireless companies are now letting their customers transfer funds from mobile to mobile.
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 flash the money is transported. Some pre-paid wireless phones already have a similar system in place so that you can add minutes to your pre-paid cell from anywhere in the world. The only difference is the way way the recipient collects 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 it’s already possible to 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.
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