Close Menu
    Facebook X (Twitter) Instagram
    Tuesday, November 28
    Trending
    • This Day in History on November 28th
    • History Short: What is a Pulsar?
    • This Day in History on November 27th
    • History Short: Assassination Meets the Space Age
    • This Day in History on November 26th
    • History Short: Don’t Bogart that Popcorn!
    • This Day in History on November 25th
    • History Short: Unflattering Names of the Old West
    History and Headlines
    • Arts & Entertainment
      • Cinema & TV
      • Games
      • Literature
      • Music
      • Sports
      • Video Games
    • Bizarre Bulletin
      • Misconceptions
      • The Bizarre
      • The Paranormal
      • The Unexplained
    • Lifestyle
      • Animals/Pets
      • Fashion
      • Food
      • Health/Medicine
      • Home Improvement
      • Horoscopes
      • Travel
    • Science & Tech
      • Inventions
      • Nature
      • Vehicles
    • Society
      • Business and Economics
      • Crime
      • Military
      • Politics
      • Religion
      • Society
    • About
      • Welcome to Our Site!
      • This Day in History (articles)
      • This Day in History (categories)
      • Table of Contents: A History of the World
      • Online History Textbooks
      • A Guide to Some of Our Favorite Scholars and Educators
      • Advance Screenings and Movie Reviews Archive
      • Schedule of Video Adaptations of Our Articles
    • Friends
      • Armchair History TV
      • Fact Fiend
      • RealClearHistory
      • Simply Charly
      • TopTenz
      • ​Unique Interpretations
    History and Headlines
    You are at:Home»Society»Business and Economics»The Evolution of Money Transfers Across the Ages
    Business and Economics

    The Evolution of Money Transfers Across the Ages

    Anonymous AuthorBy Anonymous AuthorOctober 29, 2019Updated:June 13, 2022No Comments5 Mins Read
    Email Facebook LinkedIn Pinterest Reddit Telegram Tumblr Twitter VKontakte WhatsApp
    money transfers

    A Brief History

    People bartered before money came into play in 610-600 B.C. when the Lydians created the coin. Paper money was created by the Tang Dynasty in 618-907 A.D. Since money came into existence, people had to figure out a way to transfer that money to others, and we explore that here.

    Digging Deeper

    Just Traveling

    The reality is the transfer of money or goods has been in existence for a long time, and it happened in the most non-technical way: traveling. People who needed to transfer goods or money traveled to make sure those goods got to the right destination.

    This occurred during emergencies, or when large governments traded resources using various modes of transportation, such as horses or boats. It is obvious that this kind of money transfer was unsustainable, and it limited people in many ways. Traveling could take days, weeks, or even months depending on the destination.

    A Signed Paper

    Technically, money transfers had not happened yet, and it would be a long time before it came into play. Now, a check is not necessarily a transfer, but it was a different way of carrying money from place to place. Checks also allowed people to mail various amounts of cash from one place to another, as long as there was a bank and mail service.

    The first check was written in 1659 by a Nicholas Vanacker. That first check was made out to a tune of £400, but it was still completely written out. The first printed check did not come until 1717. Still, it is clear that this mode of transferring money from one place to another was limited since the number of banks around the world was scarce at the time, and mail was not as reliable as it is today.

    The Birth of the Telegraph

    The birth of the first real electronic money transfer happened in 1918 when the telegraph was used to move currency from one place to another. The first institution that was able to do this was the Federal Reserve Banks, but soon after many other institutions and telegraph business began to do the same, which was the beginning of companies like Western Union.

    Regular folks were able to do all sorts of things much faster, like send money from the United States to Colombia with just a few clicks. Money transfers definitely became much more commonplace, but there were still a few limitations dealing with access. There was still a need to figure out a way to transfer money in a more effective way so that the recipient could receive funds if they were not near a telegraph company.

    Breakthrough in Electronic Transfers

    Money transferring continued to change with the introduction of ATMs or Automated Teller Machines and debit cards or credit cards. These types of cards were not necessarily the same as money transfers, but people certainly used them for these purposes. For example, those who had a shared account and needed money as they traveled could have the other party send money from the United States to Colombia if they needed it. All the person had to do was deposit money into the account.

    These machines were a lot easier to build, so it gave people much more access. Credit cards came out in the early 1920s, but the first ATM did not show up until 1967 though it was still in its early stages then, so it still took a second before people were able to use them how people use them today. Again, access was still a bit of an obstacle, but things have definitely gotten much better.

    Jump to Modern Day

    The beginning of the internet began in 1983 when networks were linked though the internet as most people know came about in 1990 when the World Wide Web was created. All you have to do is jump a few decades later, and now we have one of the most effective money transferring systems that has ever existed. People don’t need tellers, telegraphs, or to mail money to another person.

    Someone could send money from one place to another place as long as the receiving person is connected to the internet, and some form of the internet is available virtually everywhere in today’s modern world. Money transfers can be done from one transferring company to an email, a debit card, a visa card, or just another branch. These transfers are safe and happen pretty much instantly. People in remote areas can receive electronic money that could be used without even going anywhere to receive the amount in cash. Electronic money can be used online without any problems at all.

    There is no telling how much money transfers are going to evolve. The next big thing is cryptocurrency when it comes to currency. The possibilities are endless, which continues to make this industry a fascinating one to pay attention to with anticipation.

    Question for students (and subscribers): Have you ever transferred money?  Please let us know in the comments section below this article.

    If you liked this article and would like to receive notification of new articles, please feel welcome to subscribe to History and Headlines by liking us on Facebook and becoming one of our patrons!

    Your readership is much appreciated!

    Historical Evidence

    For more information, please see…

    Weatherford, Jack.  The History of Money.  Crown Business, 1998.

    The featured image in this article, a photograph by Classical Numismatic Group, Inc. (http://www.cngcoins.com), of a coin of Alyattes of Lydia, circa 620/10-564/53 BC, is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.

    EDITORIAL NOTE: The views expressed in this article are those of its author.  Neither Dr. Zar nor History and Headlines use or endorse cryptocurrencies.

    Share. Email Facebook LinkedIn Pinterest Reddit Telegram Twitter Tumblr
    Previous ArticleEarly KKK Leader Dies but Denounces Racism First!
    Next Article Six Best Career Choices for a Virgo
    Avatar
    Anonymous Author

      "Anonymous Author" is used for articles in which the author requested anonymity or if an article was submitted to this site on behalf of an author without revealing that author's information.

      Related Posts

      History Short: Disastrous Product Demos

      November 21, 2023

      History Short: What is the Greatest Engineering Marvel?

      November 17, 2023

      History Short: The First Downtown to Airport Rapid Transit in the Western Hemisphere

      November 15, 2023

      Leave A Reply Cancel Reply

      This site uses Akismet to reduce spam. Learn how your comment data is processed.

      Follow Us!
      • Facebook
      • Twitter
      • YouTube
      • Patreon
      Sign Up For Our Newsletter!
      Most Recent

      This Day in History on November 28th

      November 28, 2023

      History Short: What is a Pulsar?

      November 28, 2023

      This Day in History on November 27th

      November 27, 2023

      History Short: Assassination Meets the Space Age

      November 27, 2023

      This Day in History on November 26th

      November 26, 2023
      This Day in History Video

      Advertisements




      Amazon Affiliate Disclosure Statement

      As an Amazon Associate, I earn from qualifying purchases via links in the “Historical Evidence” sections of articles.

      About HistoryAndHeadlines.com

      Thanks for visiting History and Headlines!  This site exists primarily for educational purposes and is intended as a resource for Dr. Zar’s students.  Articles are mostly written by either Dr. Zar or his dad (Major Dan).  To any guest readers, please keep that in mind when commenting on articles.   Thank you!

      We try to present our students with historical topics that are both diverse and a bit out of the ordinary.  Our motto is “We try until we succeed!”

      Contact us at admin@historyandheadlines.com

      Guidelines and Policies for Images used on This Site, as well as for Guest and Sponsored Articles, and Other Terms of Use

      Privacy Statement

      © 2023 History and Headlines

      All-Time Most Commented

      July 28, 1866: 18 Year Old Girl Wins Commission to Sculpt Statue of Lincoln (A Truly Great American Woman)

      July 28, 2014

      December 24, 1865: Birth of the Ku Klux Klan

      December 24, 2015

      December 25, 1868: President Johnson Pardons all Confederate Veterans

      December 25, 2015

      February 5, 1909: First Plastic Invented was called Bakelite!

      February 5, 2014

      November 23, 1876: “Boss” Tweed Turned Over to Authorities

      November 23, 2013
      Recommended Book
      © 2023 ThemeSphere. Designed by ThemeSphere.

      Type above and press Enter to search. Press Esc to cancel.

      We are using cookies to give you the best experience on our website.

      You can find out more about which cookies we are using or switch them off in .

      History and Headlines
      Powered by  GDPR Cookie Compliance
      Privacy Overview

      This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

      Strictly Necessary Cookies

      Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

      If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.