Though it isn’t as common as it once was, wiring money is still a great way to get money to others quickly, affordably, and effectively.
But what is wiring money, anyway, and is it still something worth doing? We understand there are a ton of questions about the process, which is why we’ve put together this quick explanation!
Keep reading to learn about the money wiring process, its history, and how you can use a transfer service near you.
A Brief History of Money Wiring
Though you may not know much about wiring money, you no doubt have heard about the world’s most popular service, Western Union.
Western Union was founded in 1851 in Rochester, NY. The business was one of the first to commodify the telegraph process, at least on a large scale. In fact, Western Union is largely responsible for the first nationwide telegraph service in the United States.
20 years later, in 1871, Western Union introduced a new way for people to get in touch with their loved ones — money-wiring services.
Now, people could not only get in touch with friends and family across the U.S. but send them money, too.
To date, Western Union still operates. You can find their wiring stations at your local gas station, convenience store, or even in stores like Walmart.
What is Wiring Money?
Money-wiring is the process of electronically sending funds to another individual.
While Western Union is still around and doing quite well for itself, the easiest and most popular way to wire money now takes place on a computer or phone.
Technically, anytime you pay a friend using something like PayPal or Cash App, you’re wiring them money.
Not only are tech-savvy versions of money-wiring services more convenient, but they’re more affordable too. You’ll typically pay less in fees using something like PayPal than you would if you were to visit a brick-and-mortar Western Union location.
What to Look For When Finding a Service
There are two primary factors to consider when finding a wiring service, the first of which is price.
Though all services require some sort of fee, particularly if you plan to send money overseas, some businesses take less than their competitors. The simplest way to find the best rate is to compare now online.
Second, make sure to look into a company’s reliability. Odds are, you clicked this article asking ‘is wiring money safe?’.
The good news is that, yes, for the most part, wiring money is safe. Still, you’ll want to look into a company’s reputation before putting down any money.
Everything You Need to Know About Wiring Money
It’s astounding how much the world of money-wiring has changed since 1871. Now, you can send loved ones across the globe money in a matter of minutes!
If you came into this article wondering ‘what is money wiring?’ we hope we’ve helped answer the question. Remember to do your research before committing to a wiring service, though, as it can save you money and a ton of frustration.
For more tips on making the most of your money, be sure to check out the other content on our blog!