Sending money used to be quite the hassle. Prior to the emergence of online money transfer services, these types of transactions had to go through banks. Transfers used to take over twenty-four hours to complete. Banks could also charge you whatever fees they wished since there wasn’t much competition. They would charge a flat wire transfer fee that could reach up to $20 per transaction. If your transfer involved foreign exchanges, you’d lose buckets of money with the bank’s less than stellar exchange rates. Also, the recipient was usually charged a fee by their baking institution for receipt of the funds. All told, you would spend a good deal of money just to send money. Good thing that this is no longer the case!
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