You’re surprised and I know why. It’s because right now there is no color to transfer money abroad. Soon there will be. At least if the future of money transfers is as I expect them to be. So let me explain. I consider that in a few years there will be many new ways to send money abroad because transferring money will become a simple commodity.
Why would I consider that transferring money internationally is a commodity?
First we have to know that as soon as there are marketplaces the services which are exchanged become commodities. And there are marketplaces for money transfers. We call them money transfer comparison websites. Why would money transfers become a commodity though? When I transfer money internationally I expect my money in my current country (let’s say the United States) to be sent to another country (let’s say United Kingdom). What I expect first is to have a free service for sending the money from a place to another, from a currency to another. Then if I want to send money abroad very fast I will have to pay additional fees. So far it’s logical. Now that new technologies allow to control money transfers I can expect to master the usage of the money which is received.
What are the money colors when we transfer money internationally?
There are some usages which can be applied to money transfers. Let’s say I sent money from the US to my daughter in the UK. Then I prefer her to use the money to pay her studies instead of buying mountains of bottles of wines for her and her friends (I hope so).
A color for a money transfer would mean that the currency received can be used only for certain purposes. Black for games, blue for outside activities, red for food, yellow for studies and white for healthcare, for example.
Money transfer colors are the future of money transfers. A world where you pay for adding a value to your remittance when you transfer money internationally.