Changing the working environment due to the concept of globalization has made people going outside their country to earn money for themselves and their loved ones. There are people from some underdeveloped countries and developing countries, goes to make extra money to the developed countries such as Australia, America, France and much more. The need of the sending money from one country to another is increasing day by day, and it is going on from very long time. Traditionally the money was sent from one country to another through traditional methods such as transfer agents, money orders, documents and many others but there was a particular drawback of all these ways of sending money. Some of the differences between traditional and modern method of money remittance are given below
Transaction Time
This is one of the most important factors which make the current approach of money remittance service far ahead from the traditional method of transferring funds to Malaysia. Traditionally, the money transfer transaction takes around days to complete where with the modern online method of money transfer the money can be transfer within the same of the next day. It saves a lot of time if you are doing money transfer through online transfer remittance.
Security
Traditionally, the money was sent through money orders, cheques, and money transfer agents, that does give any guaranty of safeguarding your money from any consequences takes place in the middle of the way, but with the modern online money transfer option, the money is sent within a day and with proper safety and security because the money is not shifted from one place to another physically but electronically.
Service Charges
Traditionally, the concept of sending money from one location to another was done through dedicated delivery agents of the money, which makes it more costlier and heavier process of sending money abroad. With the introduction of the online money transfer method, the time consumed in money transfer is reduced. Accordingly, the service charges of the service provider have also been decreased.
Coverage
The traditional method of money transfer was lacking in covering a maximum of the world, there on some of the destinations of nations among whom the money transfer activities were taken care, but with the modern online method of money transfer, you send money at any place all around the world.
Convenience
Traditional methods of money transfer are less convenience in comparison with the latest online money remittance services. It takes lots of time and paperwork to get the money transferred into the account in comparison with the modern time transfer method. There are many remittance services provider company at present which are providing very fast, convenient, safe and low-cost money transfer services all around the world.
Movement of money or equalling
This is again a huge difference in the traditional and modern method of money transfer services. Traditionally, the money was supposed to move from one place to another place physically which can be in the form of hard cash, cheque, demand draft or any other currency instrument, but with the advancement in the money transfer technology, the money is transferred from one place to another place electronically. Transfer service provider does not require to carry cash in hand to transfer from one nation to another nation but needs to put money in the system and transfer it electronically.
