The history of online money transfer services – from the Internet to the Knights Templar

The history of online money transfer services – from the Internet to the Knights Templar

Until the development of online banking, which can be performed nowadays, it was necessary to go through several stages. When money began to play a critical role in large-scale commercial transactions and began to be used as medium of exchange, the establishment of some special institutions was required. This is how financial institutions have emerged. The first banking activities are thought to have begun during 3000-2000 BC, in Mesopotamia. Code of Hammurabi (1792-1750 BC), enacted in Ancient Babylon, even contains laws that were intended to regulate the banking activities.

Research in this area reveals that documentary attestation related to banking activities date back to the Sumerian civilization. The earliest form of money-transfer was performed by the Knights Templar; they also invented a form of what we call today a “letter of credit”, in order to facilitate pilgrimages. For example, people interested in their services would pay an amount of money in Burgundy and their relatives would receive the money in Jerusalem.

It is well known that, throughout time, everything got modernized, gaining new valences. This is how the possibility of transferring money online was developed. Currently, Romanian migrants express a strong interest in this service.

Nowadays, money transfer is provided by financial institutions and specialized companies. Lately, in this area, specialized online money transfer companies have started to operate. Evolution is inevitable!

“Yesterday”, financial transactions were performed in financial institutions, whose headquarters were located in temples. Today, such transactions can be performed from the comfort of your own home. While sending money through financial institutions is expensive and may take several days, the money transfer service provided by cash transfer companies is also expensive, the online money transfer service is cheap and takes up to 24 working hours.

One of the companies that are currently in the midst of expansion and provides users such an excellent online money transfer service is TransferGo. The company has its headquarters in London and its services are currently covering over 40 countries.

Online money transfer through TransferGo is so simple, given that the site interface is in English and all the steps a sender needs to make are explained in detail, so that even a person who is not an internet frequent user will be able to understand. At first, the person who wants to send money using TransferGo will have to create an account on the site by providing personally identifiable information required. Starting with the second transfer this step will no longer be necessary. Once the account is created, the user will have to provide details on the beneficiary. The user will also have to reserve the amount of money he / she wants to send. Payment can be done by performing a local payment or using your debit card. Once you’ve completed these steps, the following actions will be performed exclusively by TransferGo.

Regarding the beneficiary, his task is very simple. He will receive the money in EUR or Romanian LEI directly into his bank account. The money will be received in less than one business day.

The online money transfer service performed by TransferGo is characterized by three main attributes: safety, simplicity in terms of how it is performed and very low commissions (fees). Any statement should be supported by concrete information, so we are doing the same thing in the following lines.

The safety of this money transfer service is guaranteed by the fact that the company’s activity is supervised by HM Revenue & Customs (HMRC) and regulated by the FCA (Financial Conduct Authority). Another advantage of the safety of such a transfer service is given by the fact that the company uses the same technology or superior technology to that used by any commercial bank. Another important issue regarding the safety of the money transfer is supported by the fact that TransferGo is taking responsibility for its transfer services in front of EU authorities.

We have previously spoken about the simplicity of this service. You don’t need to go to the headquarters of an institution in order to perform a money transfer; all you need is a device and internet access, and this can only be comfortable. In addition, the transfer is so easily performed due to the highly transparent policy of the company and due to the Romanian user interface.

The transfer fee charged for this service is fixed, which means that you will pay the same commission either you send EUR 100, either you send EUR 1000. It seems incredible, but it’s true. Here are some examples of transfer axes in: UK – £ 0.99, Eurozone (the euro area) – € 0.99, Poland – 9.00 PLN, Norway – 20.00 NOK, Denmark – 20.00 DKK, Hungary – 500.00 HUF, Sweden – 10.00 SEK, Romania – 9.00 RON. Just think about how much money you can save each month, only from fees.

History teaches us that evolution is part of us! While in the past being evolved meant to seek the services of the Knights Templar, today, being evolved means using a money transfer service just like the one described above. And in this regard, I don’t think there are people who would like history to repeat itself.

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