Tag: banking

In the current system, if you wanted to wire money to a relative overseas, you go to the bank (during banking hours), and use the banks wire service to send the funds. It will cost you a nice little fee, and take a couple of days for the funds to be sent as the bank verifies the funds transfer. This current system, essentially, makes you pay for the use of a middle man to transfer your funds. Additionally, you are trusting a third party to act in your best interest rather than conducting business solely between you and your relative. And really, you are just paying (and waiting) for a bank employee to make an entry in a ledger.