So you need to send a money transfer to Brazil but, find most routes too expensive, or the person you need to expedite the money to is in a rural area with no access to a financial institution. There are sparse options to choose from. If you send the funds to Brazil today, but this enterprise will change significantly in the future.
To date there are several ways to get money to Brazil. One form is through the wire transfer system at any bank. For international service, various wire transfers involving banks use what is known as the SWIFT system. The SWIFT system originated in the mid-seventies, when seven international banks created a global system to get money to other countries.
The biggest road block is that both persons involved must have bank accounts. The sending party needs a bank account in the country they are in and the receiver need an account in the country where the money will end up. If the sender or receiver is not in their home country, it can be irritating to send them money when they do not have a bank account in the country they are in.
Another system allows someone to wire money in the name of the other and gives the receiver a password to retrieve the property. In most cases, both parties must identification to send money this way This system has been stiffened since September 11, because it made it easy for terrorists to send money internationally
But with the growth of cell phone use throughout the world, everything will change in the coming years. Many global cell companies are creating a system to send money wirelessly. The mobile money transfer system is expected to change the way people send money around the world.
In the coming years, if someone wants to send a money transfer to Brazil they would only have to type in the amount they want to send and the receivers phone number. A similar system is already in use when it comes to pre-paid mobile phones. With this option, a person from anywhere in the world can put pre-paid minutes on someone elses cell phone"the only addition to the system is a way for the receiver to get the money.
The system that allows wireless money transfer is in place; all that is needed now is to recognize all of the international deals that would make the process flourish. with the current systems, there are banks which are creating all kinds of services to allow mobile phones to act as a way to pay for things. Some banks have even created credit cards that are part of a persons cell. This system is only currently available on the iPhone, but soon it will become a part of every phone. This means that a money transfer to Brazil will be as easy as sending a text.
To date there are several ways to get money to Brazil. One form is through the wire transfer system at any bank. For international service, various wire transfers involving banks use what is known as the SWIFT system. The SWIFT system originated in the mid-seventies, when seven international banks created a global system to get money to other countries.
The biggest road block is that both persons involved must have bank accounts. The sending party needs a bank account in the country they are in and the receiver need an account in the country where the money will end up. If the sender or receiver is not in their home country, it can be irritating to send them money when they do not have a bank account in the country they are in.
Another system allows someone to wire money in the name of the other and gives the receiver a password to retrieve the property. In most cases, both parties must identification to send money this way This system has been stiffened since September 11, because it made it easy for terrorists to send money internationally
But with the growth of cell phone use throughout the world, everything will change in the coming years. Many global cell companies are creating a system to send money wirelessly. The mobile money transfer system is expected to change the way people send money around the world.
In the coming years, if someone wants to send a money transfer to Brazil they would only have to type in the amount they want to send and the receivers phone number. A similar system is already in use when it comes to pre-paid mobile phones. With this option, a person from anywhere in the world can put pre-paid minutes on someone elses cell phone"the only addition to the system is a way for the receiver to get the money.
The system that allows wireless money transfer is in place; all that is needed now is to recognize all of the international deals that would make the process flourish. with the current systems, there are banks which are creating all kinds of services to allow mobile phones to act as a way to pay for things. Some banks have even created credit cards that are part of a persons cell. This system is only currently available on the iPhone, but soon it will become a part of every phone. This means that a money transfer to Brazil will be as easy as sending a text.
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