When considering the best ways to transfer money to India, Australia has among the best facilities and services across the world.

With a population of around 455,500 members in Australia, Indians constitute one of the fastest growing communities in the country. In fact, between 2011-2012, Indians were the largest source of permanent migrations to the country, accounting for 15.7% of the total migration composition. These communities are usually found in the states of Victoria, New South Wales, and Western Australia.

Given the sizeable community of Indians who now call Australia their home, money transfer services to the subcontinent has not just increased over the years but also become more competitive.

In this regard, what are the best ways to transfer money to India? By diving into direct bank transfers and cash collection services, our blog this lists out what senders need to consider when sending money overseas.

Bank transfers to India

When it comes to this type of service, those wishing to transfer money to India are faced with two options – services offered by banks or those provided by money transfer companies.

In this regard, while going to a bank may seem to be the most secure and convenient way of sending money to India, this is far from the truth. Banks are notorious for charging hidden fees, which can often set unsuspecting individuals far back.

Thus, in terms of the best ways to transfer money to India, bank transfers offered by money transfer companies are the better choice. Not only do they offer competitive rates and efficient service, they’re also very reliable, setting the minds of those sending money and receiving them, at ease.

Cash pickup options

Another popular way to transfer money to India includes cash collection options. Here, senders pay the money to a service provider along with the fee, which is then transferred to an authorised dealer in India, who dispenses the cash to the recipient.

This option, while slightly more expensive, is an excellent choice for emergency situations or where recipients have a little difficulty accessing their bank accounts.

Similar to bank transfers, currency conversion rates play an important role in the amount transferred back home.

Transfer money to India – what other factors need to be considered?

Monitor currency conversion rates

Before senders transfer money to India, one factor that needs to be kept in mind is currency conversion rates. Given that these can often cause a significant hole in a sender’s wallet, monitoring the market for favourable rates between the Australian Dollar and the Indian Rupees is important.

By doing the requisite research and practising a little patience, senders can benefit from the best conversion rates on the market.

Choose reliable service providers

When considering the best ways to transfer money to India, another important factor is the service provider chosen. Here, senders need to once again do their research and settle on transparent and reliable service providers who don’t just offer quick service but also affordable transfer rates.

Transfer rates aren’t the only indicator to watch out for, though. Senders also need to opt for companies with plenty of experience and a range of facilities from which they can choose. This way, individuals are not restricted to inconvenient services and have the freedom to opt for the most cost-efficient transfer method.

In this regard, At Ceylon Exchange, not only do we offer transfer rates as low as $10 to India, we also provide our customers the speediest bank transfers and affordable cash collection services.

Key Takeaways

For the best ways to transfer money to India, Indians far away from home now have a range of convenient and cost-effective ways to send money.

From bank transfers to cash collection, senders now have the freedom to choose services that benefit themselves, their recipient, and their wallets. In this process, observing currency conversion rates to decide the best time to send money to India and choosing reliable service providers, is important to obtain the best of service.

What’s the best way to transfer money to India?

With Ceylon Exchange, of course. Through our speedy bank transfers and affordable Ceycash pickups, contact us today for the best ways to transfer money to India.

Given the present state of international commerce and cross-cultural exchange, currency conversion forms the bedrock of the international financial system.

Owing to how vulnerable domestic economies are to even the most minute change in international affairs, currency conversion often plays a crucial role in determining the quality of life of a given population.

Our blog this week takes a look at how foreign exchange bears an impact on factors such as overseas travel, inflation, and multiple other areas. Keep reading to find out!

Inflation

Depending on the strength of a given country’s currency conversion rate, the price and value of good and services tend to vary.

With regard to imports, a stronger currency will mean that the prices of these goods and services prove to be much cheaper for local citizens. Here, individuals are able to buy more for less and, thereby, enjoy higher levels of consumer surplus.

This also increases purchasing power and drives down inflation rates, which remains a persistent issue for many countries at present. Inflation refers to the increase in the weighted average prices of goods and service in a given economy. High levels of inflation bear a strong effect on interest rates – higher the inflation, higher the interest rates.

These developments can seriously slow down an economy and produce a slew of ripple effects, which prove to be highly detrimental. These will be explored in the sections below.

Wages

In an economy with a weak currency, inflation and interest rates are generally quick to increase. In this regard, wages are a factor that is highly affected, albeit in an indirect way.

While it may take some time to bear effect, currency conversion bears a very tangible pinch on an individual’s salary and in extreme cases, their employment as well.

Here, high-interest rates increase the cost of loans, mortgages, and even business investments, which can lead to reduced spending and a higher cost of borrowing. All of these factors together can stunt economic growth. High currency conversion rates can, therefore, result in lower wages and higher unemployment rates in extreme cases.

Gas and groceries

Some of the most essential goods in terms of day-to-day activity include gas and groceries. In countries with a strong currency, imports including the oil for gas becomes cheaper, increasing an individual’s purchase power. Moreover, it also allows individuals to save and improve their quality of life in the long run.

In countries such as this, economies tend to perform better, albeit at a slight cost to the employment sector. How so? The section below explores why.

Jobs

Funnily, when it comes to employment and a country’s exports, having a strong currency can often prove to be a little less than ideal.

A strong currency usually means that local produce and exports become more expensive, which can result in unemployment and a poorer balance of trade. This is because higher wages increase the cost of production, resulting in higher prices in terms of goods and services and a greater cost for employers.

Further, when imports are cheaper than local produce, suppliers at home face lower demand, which can have harsh effects, especially in agrarian communities. Further, demands for goods and services abroad plummet, given the availability of cheaper options elsewhere.

Overseas travel

The cost of overseas travel is highly dependant on favourable currency conversion rates as well.

When the local currency is performing well in the global market, spending abroad becomes very much more affordable.

Thus, when it comes to planning trips and tours, looking into exchange rates is an important part of the budgeting process. While it is always beneficial to travel at a time when the local currency is performing well, certain money transfer companies can peg currencies at certain rates, so even if market rates are unfavourable, buyers can ensure that they still enjoy peak currency values.

Key Takeaways

When it comes to currency conversion, many everyday aspects hinge on this all-important factor.

With globalisation at record levels and international trade and commerce more robust than ever, keeping up with foreign exchange is a necessary part of everyday life. Whether you’re making a significant investment on behalf of your company, carting your next online purchase or planning a holiday abroad, this factor is more important than ever.

Looking for the best currency conversion services?

Choose Ceylon Exchange today! Contact us and find out how to enjoy the best currency conversion rates on the market.

When it comes to currency exchange in Auburn, knowing how to save money on your next foreign exchange is knowledge that will never go to waste.

Whether you’re travelling abroad, just settling down in the area or are the recipient of frequent money transfers, knowing how to save money when you visit your money changer is essential for cost-effective service.

Our blog this week dives into the must-knows for anyone looking to perform currency exchange in Auburn. Keen to find out the best tips? Keep reading for more!

Avoid exchanging money at the airport

One of the biggest mistakes many travellers make is exchanging money at the airport. While this may seem like a convenient option at first, it’s not long before many realise that they’ve given away more money than they’ve gained.

Unlike most services for currency exchange in Auburn, money changers in airports are notoriously expensive. It’s best, therefore, that you either purchase currency before you leave home or wait until you leave the airport for more affordable services.

Look for the most cost-efficient service providers

When it comes to saving money on foreign exchanges, picking the right service provider can play a significant role.

In terms of currency exchange in Auburn, specialised transfer companies are generally the best bet. While banks are certainly an option in this regard, they often prove to be very expensive.

Money transfer companies, on the other hand, are known to be significantly more cost-efficient and transparent when it comes to currency exchange. Companies like Ceylon Exchange not only provide extremely fair rates but also publish this information on their website.

Change currency before you travel abroad

If you’re looking to travel abroad and want to cut down on cost as far as possible, exchanging your currency before you leave home is one of the best decisions you can make.

If you’re departing from Sydney, access affordable currency exchange in Auburn to prevent losing money on high exchange rates abroad. Not only will you have cash-in-hand once you arrive at your destination, you also save yourself the hassle of finding a local money changer.

Avoid using your credit card abroad

If you’re visiting Sydney and want to enjoy a holiday without worrying about mounting bills, avoid using your credit card to withdraw cash as far as possible.

This is because it is likely that you will be hit with heavy fees each time you make a withdrawal. So, unless your bank has partners in Australia, avoid hitting up the ATM whenever you can. This is the same if you try purchasing anything with your credit card.

If you wish to save money on conversion fees, simply make sure you bring enough money with you from home. Not all of this has to be converted into Australian dollars immediately. Through services relating to currency exchange in Auburn, you can convert your money into the local currency as and when required, through trusted service providers.

Make use of special arrangements

Market orders and forward contracts are types of financial arrangements you can opt for if you want to access the best currency exchange in Auburn. Here, your service provider will exchange your currency at a time when market rates are most favourable for you. In this process, it is important that you choose an agent that opts for a floating exchange rate.

These services are especially relevant when you wish to send money abroad. Find out more about these services in our blog on how to obtain the best exchange rates.

Key Takeaways

When it comes to currency exchange in Auburn, there are many ways in which individuals can obtain the most cost-efficient service.

By heeding the advice set out above, not only can foreign exchange prove to be more convenient but more affordable as well. As experts in the industry, use our knowledge and insight to access the best currency exchange service on the market!

Want to access the best currency exchange in Auburn?

For the best currency exchange in Auburn, choose Ceylon Exchange today! Contact us for more information on our cost-effective services.

When it comes to transferring money or obtaining currency exchange services, securing the best exchange rates is crucial.

While many may be confused about how the costing for these services is calculated, let us tell you, exchange rates play a critical role. Service providers often increase these rates in order to charge hidden fees, which can amount to hundreds and thousands of dollars, especially if you’re a regular transferrer.

Our blog this week aims to help you find the best exchange rates for cost-efficient currency exchange and money transfer services.

Choose a transfer specialist for the best exchange rates

If you’re keen to make an international money transfer, you may consider going to a transfer specialist in order to enjoy the lowest exchange rates. Companies such as Ceylon Exchange, offer services that start as low as $8 and make their exchange rates publicly available on their website. This way, you not only get to perform your transactions with the utmost transparency but also ensure that you benefit from cost-effective service.

While banks are another option, they’re also known to charge exorbitant fees that may even outweigh the amount you may wish to transfer. Thus, it’s always better to go for a specialised money transfer company.

Use forward contracts

Forward contracts are a type of arrangement you have with a specific service provider, where you fix the exchange rate for a certain period of time, in order to obtain the best rate for the money you’re transferring. This is the same if you want to buy a property overseas at a certain rate; you fix the exchange rate and purchase it for the same amount later on.

Opt for market orders

This is another type of service specialist agencies offer you when it comes to enjoying the best exchange rates.

Here, you can arrange for your transfer to be sent out at a time when market conditions are the most favourable. In such cases, your service provider will make the transfer when the market rate meets your expectations. In this process, you are left free to decide the rate at which you wish to send money abroad, and is a great option if you’re not in any hurry to complete your transaction.

Research exchange rate trends

When it comes to sending money abroad, there’s no such thing as being overprepared.

If you’re after the most cost-effective and reliable service, researching the rate trends you’re after is always a good idea. Here, you not only get to know the true market rate but also find it easier to decide at which point sending money or buying and selling currency is most favourable. This is the key to enjoying the best exchange rates in the market.

Don’t make money transfers at the last minute

While many money transfers are made in urgent or unforeseen circumstances, try to avoid sending money at the last minute as far as possible.

Not only does it become difficult to leverage the best exchange rates in your favour, but instant transfer services are also much more expensive than standard processes. Thus, make sure that if you know you have to send money abroad in advance, look into doing so when market rates are the least expensive for you.

Figure out if you’re buying or selling currency

While this subtle distinction may seem obvious to many, it is, nonetheless, worth pointing out that knowing whether you’re buying or selling money, really affects how you perceive market rates.

If you’re exchanging local currency in your home country for foreign money, this means you are selling. If you’re abroad, however, and are purchasing the currency in exchange for your money back home, this means you are buying. In these instances, if the exchange rate is low, it’s easier to purchase more foreign currency with the value you spend. This, however, very much depends on the inherent value of each currency.

Key Takeaways

As outlined above, obtaining the best exchange rates no longer has to be a befuddling process. By following the tips set out above, it becomes much easier to save money on money transfers and currency exchange services – whether sporadic or regular.

Keen to find the best exchange rates on the market? Choose Ceylon Exchange! Contact us today for cost-effective money transfer and currency exchange services.

Currency exchange is an important aspect of everyday life for many people. Here, money changers perform an absolutely crucial service, providing over-the-counter exchange with little to no hassle.

While such services are generally reliable and expedient, these can also prove to be expensive on many occasions. In this regard, which factors need to be kept in mind before you head to your money changer?

Our blog this week takes a look at which factors are most important. Keep reading to find out!

• Picking a money changer with the best rates

This is an important factor if you’re someone who buys or sells currency regularly. Knowing where to go to access the cheapest service is critically important if you want to save on expensive service fees. This is especially true for banks.

While many may prefer to have their money changed at banks, owing to their reputed nature, their service is often very costly. In this context, specialised exchange and money transfer companies are fantastic alternatives. Not only do they perform a range of additional services, including money transfers, but they also provide cost-effective rates for those who wish to have their currency changed.

• Knowing the difference between buying and selling currency

It’s often easy to get mixed up about whether you’re buying and selling currency, especially if you’re new to the process.

In short, if you’re exchanging local money for a foreign currency, this means you are selling. If, on the other hand, you’re in another country and are purchasing its currency in exchange for your local currency, this means that you are a buyer.

Usually, it’s likely that the currency you receive will be less than the value you provide. This is due to the rates each money changer adopts when providing their service. Let’s discuss this a little further in the next section.

• Rates

Currency exchange rates are another decisive factor when it comes to your visit to the money changer.

While live rates may be more favourable to you, it is likely that your service provider has a separate set of rates. Therefore, before deciding on which money changer to go to, a little research might point you in the right direction. Especially if you’re a little lost about who to choose.

Many companies make information regarding their rates available on their website. If this is an option, it’s best that you take the time to ensure that the money changer you choose is an institution that can give you the most value for money.

• Take care if you’re exchanging money with an unknown dealer abroad

While it’s best to avoid unknown money changers at all costs, sometimes this may not be possible. Especially if you find yourself in a foreign country with little knowledge of the local language or information on how to access basic services.

Counterfeit currency scams are a common occurrence in many parts of the world and you may be the victim of this if you’re not being too careful. Thus, when you’re in an unknown setting, do everything you can to ensure that your currency exchange service provider is reputed and trustworthy.

Key Takeaways

Money changers perform a key service for those in need of quick currency exchange. While they provide an invaluable service to countless individuals, it is, nonetheless, likely that you may be hustled in this process.

It is crucial, therefore, that you do the basic research necessary to ensure that you receive your money’s worth. Whether this is in the form of transparent service fees, expedient service, or decent exchange rates, choose the best money changer for convenient currency exchange facilities!

On the search for a trustworthy money changer? Choose Ceylon Exchange! Contact us today for cost-effective currency exchange services.

For many of us, currency conversion represents an important part of day-to-day life.

Whether you’re transferring money abroad for business purposes or to your loved ones at home, being able to access expedient conversion options is important.

With the advent of technology in the business space, there are now numerous ways in which you can obtain currency conversion services. Our blog this week explores each of these, helping you identify which is the convenient and cost-effective for your purposes.

ATMs

ATM services have grown more sophisticated over the years. So much so, in fact, that you can now purchase foreign currency with the use of your debit card.

Many ATMs only charge you the spot rate of the day along with a conversion fee of around 1-2%. While your bank may charge you an additional fee for the use of a foreign ATM, you might be able to have this fee waived through prior discussion with your bank.

What’s necessary for this process is that you first inform your bank that you will be travelling abroad and that you wish to use your card once there. It’s also important to find out which foreign ATMs are affiliated with your bank. You can do so by checking the back of your card for symbols such as those of VISA or MasterCard, among others.

If your bank is unwilling to waive withdrawal fees, and even if they do, it’s perhaps best to estimate the total amount of money you might need per day/per week and withdraw it in one go. This way, you avoid incurring unnecessary expenses.

Before you depart, ensure you identify places in which you can access affiliated ATMs and ensure your PIN number system matches that of the country you’re about to visit.

This option, however, only applies if you find yourself abroad and are in need of local cash.

Banks

While banks may be a reliable institution for this type of service, currency conversion here is exorbitantly expensive.

Banks often charge a varying range of fees and have a high exchange rate in place. This often means that you end up shelling out more money on fees and exchange rates than on the actual amount of money you’re trying to convert.

Therefore, despite the institutional security you may feel by opting for a bank, there are far more cost-effective services, including specialised money transfer/currency exchange companies.

Currency Conversion through a money exchange agent

Currency conversion through a local money transfer company is usually the best option.

Not only do they provide some of the best exchange rates on the market, you’re also in no danger of getting ripped off by hidden charges and fees. Certain companies such as Ceylon Exchange, offer this service by looking at the rate of the day and providing you with a fair and expedient service.

This option is great even if you find yourself abroad and have excess local cash in hand. Simply sell it to a local agent and exchange it for the currency you use back home. These types of services are generally very easy to find in airports and in hotels.

Credit cards

This option is handy if you’re out of liquid cash and find yourself in a foreign country. Most credit card providers add a charge between 2.5-3% on top of the spot rate when you use your card to purchase foreign currency.

You can avoid this fee by opting for a foreign exchange free credit card, which won’t incur you additional charges when you make purchases abroad. Travel reward credit cards also come in handy in these moments, as you obtain extra benefits that can save you quite a bit of money.

Either way, make sure you inform your service provider about your intention to travel abroad to enjoy hassle-free service.

Key takeaways

Currency conversion options are only growing by the day. By opting for convenient and cost-effective services, especially through specialised exchange or money transfer companies, this process does not have to be as hassling as many believe it to be.

Given that these processes are fast becoming a part of day-to-day activity, it’s only likely that such services will become more affordable and accessible in the time to come.

Choose Ceylon Exchange for expedient currency conversion today! Contact us to find out how we make this process a walk in the park.

Whether you’re relocating your entire family abroad or are on a solo adventure, currency exchange services and option to transfer money abroad are a top priority when you land in Australia.

While banks are not the most ideal institutions to obtain cost-effective currency exchange services or those to transfer money with, they certainly provide the facilities with which you can perform these activities.

Our blog this week considers all factors that must be taken into account when you set up your first bank account!

The best time to set up an account

Deciding on when to set up your account plays a role in the ease with which you can settle down in the country.

Often the best course of action is to set up your account prior to arrival. Anyone carrying AUD $10,000 or more into the country, must legally declare it to Customs and Border Protection. Apart from the hassle of having to do so, carrying so much money in your hand luggage or suitcase is never the wisest idea.

Setting up your account can, therefore, be done online and with the support of your bank of choice, with little to no hassle or inconvenience. Nonetheless, if you choose to wait until you arrive here, this process is just as easy

Once you do so, you can transfer money, make deposits, and expect many other services from your financial institution.

Online registration

Most banks allow you to set up your account online. Choosing such a service will lessen the hassle that might crop up as you settle down in the country.

Here, you can choose between three types of accounts; everyday banking, savings account, or a term deposits account.

Documents required

Once you’ve chosen your preferred type of account, you will need to submit certain documentation to proceed with your application. While these may vary with the bank you choose, most documents required stay the same. These include an Australian passport/Australian visa in a foreign passport, an Australian driver’s license, or an Australian Medicare card. These are used to verify your identity.

As a new customer, you are also required to provide one form of primary ID or two secondary IDs.

Examples of a primary ID include an Australian photographic driver’s license or learning permit, an Australian passport, a government-issued National Identification Card, among others. Your bank will issue you any further examples.

Secondary IDs include your birth certificate, a Medicare card, an attendance letter from your school for anyone under the age of 18, and other similar documentation.

Once you’ve completed this process, you can expect your debit cards to arrive in a short period of time. You can even start transacting with your bank account while you’re still away, making your transition process smoother than you imagined. Thereafter, enjoy currency exchange services and transfer money online with ease, before even entering the country.

Setting up an account after arriving in Australia

The process for setting up accounts upon arrival is more or less the same.

You will be required to complete an identity check, providing specific identification documentation as required by your bank. Until such time as this process is completed, you will only be able to deposit money and not withdraw it.

How to obtain currency exchange services and transfer money

Currency exchange refers to the ability of your bank to both buy and sell international currencies to you. Given that this is often a critical need for many people, your bank should be able to set this process up with ease. This is the same if you want to transfer money.

For both these procedures, it’s best to check with your institution in advance what these processes entail and what information is required before-hand.

While banks may offer quick service, however, it’s important to note that performing such functions can often be an expensive process. It is, therefore, better to opt for alternative service providers such as specialised transfer companies.

Key Takeaways

Setting up an Australian bank account is a notoriously easy task.

Whether you choose to set your account up prior to your arrival or even once you settle down in the country, the processes remain the same and are generally, hassle-free.

However, it must be noted that while transferring money is an easy exercise with your bank as the middle-man, this is often an expensive process. Owing to hidden charges and extremely high exchange rates, you’re likely to spend more on transfer fees relative to the money you’re actually sending abroad.

Thus, while setting up your bank account is essential, transferring money can be done more cost-effectively with a transfer company such as Ceylon Exchange.

Looking to transfer money? Ceylon Exchange is renowned for its excellence in transfer services. Contact us today for more information.

If you’re someone who revels in the wonders of the winter and cool climates, winter festivals in Australia are probably a cause for great excitement and anticipation.

With the season finally in full swing, why not indulge in some seasonal merrymaking?

If you’re looking for some of the best celebrations to hit up in the near future and want to experience a range of pleasures and indulgences, check out the list below for some of the best winter festivals in Australia!

Splendour in the Grass (20th – 22nd July 2018)

Held every year in coastal paradise, Byron Bay, Splendour in the Grass is a music festival of unparalleled hype. With a star-studded act pushing the festival to great heights in 2017, this year’s festival is only anticipated to be better than the best. Featuring different sounds and stages from artists all over the world, prepare for a sensory overload with a riotous assault of lights, colours, and sounds this July.

If you’re a music enthusiast and love a good party in the great outdoors, this experience is bound to be one you won’t regret undertaking!

Festival of Voices (29th June – 15th July 2018)

Based in the quaint little island of Tasmania, the Festival of Voices is another music festival that brings local and international artists and choirs to the fore.

Concerned with celebrating every aspect of the human voice, the festival takes place throughout Tasmania over the course of 17 days, featuring a wide variety of genres. An experience, perhaps, a little more sobering than the other festivals on this list, it is certainly no less enjoyable.

The event ends with a spectacular final concert in Hobart, bringing together the joy and kinship the festival fosters throughout the city.

Alice Springs Beanie Festival (29th June – 2nd July 2018)

Held in the desert planes of the Red Centre, the Alice Springs Beanie Festival is a community-based event that began in 1997 with what is now known as a ‘beanie party’. Slowly growing into a larger audience each year, the event was organised to display the talent and efforts of the talented aboriginal women, who crocheted the colourful beanies that you find on sale at the event.

With the aim of developing aboriginal textiles, regional art, and promoting women’s culture, the festival is a colourful event – a beanie appreciation festival you CANNOT miss out on!

Regional Flavours Festival (21st-22nd July)

Free wine and food, where do I sign up?

During the winter months, Brisbane opened its doors to travelers from all around the country for its epic two-day food festival. Held in the region’s South Bank Parklands, the state’s best producers come together to present a range of entertainment, cooking demonstrations, and even celebrity meet-and-greets!

Tantalise your senses with excellent food, wine, and beer on this epic food festival. Given Brisbane’s pleasant climate, idyllic beaches, and friendly locals, you’re certainly destined to enjoy more than a good feast during your time in this happy-go-lucky region.

North West Festival (25th-26th August 2018)

During the end of August, head to the North-West of the country to the Pilbara region for a music festival you won’t forget.

Taking centre-stage in Port Hedland, the North West Festival makes the perfect trip if the cold, winter weather has you down with the blues. With names like Abbe May and Hands like Houses set to perform at this year’s festival, give in to your impulses and purchase your tickets for this mesmerising display of musical talent this winter!

Darwin Festival (9th-26th August 2018)

Held over the course of 18 glorious days, the Darwin Festival is a cultural explosion of music, theatre, dance, visual art and more, in the quaint confines of Darwin. Feast on the best of cuisine, a lively atmosphere, and a range of performances that will satiate your heart and mind.

Join in on the fun and madness at Festival Park and a range of other venues across the city, for one of the most well-rounded winter celebrations around the country.

At Ceylon Exchange, our money transfers are convenient and inexpensive at any time, anywhere. Contact us today for more information on our expedient and cost-effective services!

Both as a commodity and an institution, money has taken many forms and appearances over the centuries. From the barter system to modern day money transfers, moving over time and space, unprecedented advancements have changed the very foundation of life on earth.

Given that money is at the very core of all our activity, wherever you work and whatever you do, it has such a crucial impact on everyday life and activity. Understanding how this has come to be and the innovations that have led to this are, therefore, incredibly fascinating.

Our blog this week takes a look that innovations that have changed the way money works and how it is used in the present age. Take a look below!

Currency

The earliest form of currency was, in all likelihood, the barter system that dominated local economies.

While the system flourished for a period of time, it wasn’t long before civilisations realised that barter had the potential to restrict the development of trade and the economy, overall. The earliest variants of what we consider to be money, came in the form of a receipt, representing grain stored at granaries in ancient Mesopotamia. During its formative years, currency took the form of metals which symbolised the valued stored in terms of commodities. The first coinage is often traced to Lydia, present-day Turkey.

It took many centuries before coin and other rough metal really gave way to paper money. Its emergence is generally traced to premodern China; a telling indication of their economic dominance, even in the books of history. This process took a gradual pace, lasting between the years 618-1279. In Europe, paper money only really took hold with the printing of the first banknotes in Sweden in 1661.

Credit and debit cards

Many sources indicate that the first debit card emerged in the 1970s in the United States. Issued by the First National bank of Seattle to loyal customers with a long history with the bank, the concept quickly took hold thereafter. In the US alone, nationwide debit systems and credit card infrastructure took place throughout the 1980s, and by 1998 debit card usage outnumbered cheque usage, around the world.

Credit cards, on the other hand, have little more of a deeper history. From as early as 1887, this facility entered human imagination through Edward Bellamy’s novel, Looking Backwards.

Thereafter, from all the way to the 20th Century, the concept gradually developed; beginning with charge coins leading up to Charga-Plate, a card issued by departmental stores, that contained charge slips with customer information. With the development of other innovations such as the Air Travel Card in 1934, it was only in 1958 that a successful revolving credit financial system was established. Pioneered by the Bank of America, the modern variation of the credit card finally emerged.

ATM

Originating in 1967, the Automated Teller Machine (ATM) revolutionised how humans interacted with their banks and their money. By making the withdrawal of cash a more convenient exercise, it is undeniable to say that these facilitated the growth of the economy through increased consumerism. With cardless withdrawals and cash deposit ATMs now bursting onto the financial scene, it is clear that these devices are still only growing in their functionality.

Money Transfers

In ancient times, as international economies grew, the need to exchange money across geographies grew more important. As a solution, the Indians, Chinese and the Hundi came up with what was known as ‘flying money.’ Many centuries thereafter, electronic fund transfers emerged as the dominant way of making money transfers. As international migration increased, technology advanced, and the demands of the international financial system developed more efficient and cost-effective ways of making money transfers emerged. Companies such as Ceylon Exchange, now use a variety of methods to assist customers to send money abroad with ease.

Key Takeaways

While other developments have influenced the way the international monetary system works, the factors set out above have proved to be among the most significant. Nowadays, while we deem the form of currency we use to be at its final, most advanced stage of development, time and history have shown us that we may only be at the beginning of many changes to come.

At Ceylon Exchange, we do money transfers the right way. Contact us today for cost-efficient transfer services that start as low as $8!