Sending Money to Brazil Using your Phone
So you want to send money to Brazil but, discover most routes too expensive, or the person you need to send the money to is in a rural area with no access to a financial institution. There are sparse options available. If you send that money transfer to Brazil today, but this enterprise is going to change immensely over the next few years.
To date there are several ways to transfer money to Brazil. The first is through the wire transfer system at any bank. For international service, several wire transfers involving banks use what is known as the SWIFT system. The SWIFT system originated in the mid-seventies, when seven international banks implemented a global system to transfer funds to other countries. The biggest road block is that both involved need to 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 either party is not in their home country, it can be strenuous to send them money when they do not have a bank account in the country they are in.
Other systems allow someone to wire money in the others name and gives the receiver a code to retrieve the property. More often than not, both parties must identification to use this option This system has been hardened since September 11, because it made it easy for terrorists to send money internationally
But with the growth of cell phone use in every country in the world, everything will be different in the coming years. Many global wirless providers are creating a system to send money from one person’s cell phone to another’s. The mobile money transfer system will change the way people move money around the world.
In just a few years, if an individual wants to send a money transfer to Brazil they would only have to type how much they want to send and the person’s phone number. A similar system is already in place 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 difference in the system is a way for the receiver to collect the money.
The system that would allow for mobile money transfer is in place; all the only thing needed is to recognize all of the international deals that would make the process viable. As it is, there are some banks which are implementing all kinds of services to allow mobile phones method of payment. Some banks have even created credit cards that are part of a person’s cell phone. Those cards are only currently available on the iPhone, but in no time it will become a part of every phone. This means that getting money to Brazil will be as easy as making a phone call.