Money Transfers
What is a Money Transfer?
A Money Transfer (also known as a wire transfer) is a quick and convenient way to electronically send money from one person to another. Money Transfers are often completed by sending cash through an agent that represents a money transfer company such as Western Union or MoneyGram. By using this method, the receiver can either pick up the cash sent by visiting a local agent close to them, or they can have it wired directly to their bank account if that option is chosen. Money Transfers can also be done 100% electronically by telephone or Internet. This practice is becoming very common as it is extremely convenient and doesn’t require the physical exchange of cash between two parties.
Western Union
Western Union began in the mid 1800’s as a telegraph company. In 1871 they introduced their money transfer system. By the end of the 19th century Western Union was already providing Telegraph and Money Transfer service throughout North and South America, as well as Europe, the Orient, and Australia. Their innovations revolutionized communication during this period and they are true pioneers of the information age. By the turn of the 21st Century, Western Union had well over 100,000 agent locations spanning across the globe. This number continues to grow and today Western Union has one of the largest agent networks of any Money Transfer company in the world.
MoneyGram International, Inc.
MoneyGram began operating in the 1940’s under the name Travelers Express. During that time it was a small money order company. Since that time it has become one of the largest money transfer companies in the world with over 100,000 agent locations.
