The history of international transfers dates back to the late 19th century with the establishment of multinational banks. Interestingly, the concept has evolved dramatically from carrying gold bullions across borders, to telex transfers, swift codes, and now online transfers which happen in the blink of an eye.
Telex transfers or TXT surged in popularity in the 1920’s, where people could wire money globally through a network of teleprinters. Such transfers became common, primarily between businesses and large corporations.
Yet, in the 70’s, advancements took a massive leap with the advent of SWIFT codes. Originally known as Society for Worldwide Interbank Financial Telecommunication, it revolutionized the international transfer process with quicker, seamless and much safer transactions.
Fast forward to the digital era – Blockchain technology, cryptocurrencies and peer-to-peer transfers reshaped the way we transfer money across borders. Services like PayPal, TransferWise and Western Union introduced mobile money transfers. This allowed individuals to send and receive money using smartphones.
Celebration of this evolution has seen different forms – From traditional banks conducting events to honor their role in this evolution journey, to fintech companies celebrating their anniversaries with annual parties. Events like ‘World Remittance Day’ exist to acknowledge the importance of these transfers in supporting the global economy.
As we delve further into our increasingly interconnected world, we acknowledge the significance of how our monetary transactions have become as borderless as our communication. The history of international transfer, therefore, symbolizes yet another aspect of human evolution adapting to the possibilities presented by technology.