The Long History of Money Transfer Services in Europe Through the Ages
Have you ever imagined how people used to send money from Indonesia to Europe affordably in the past? In today’s digital age, it’s hard to picture the challenges of transferring money hundreds of years ago. The convenience we now enjoy in sending money started with a long history of money transfer services, beginning with telegraph networks or wire transfers.
The History of Remittance Services
The First Wire Transfer Provider
The year 1872 marked a significant point in the history of money transfers. Utilizing the telegraph network, an American communications company successfully performed a wire transfer of funds.
Once the sender deposited the funds at a telegraph office, the operator would send a message and transfer the money to another office. Passwords and book codes served as authorization for releasing funds to recipients in different locations. Even today, similar telegraph transfers remain in use in some countries.
SWIFT Code Makes Everything Easier
In today’s International money transfers, from Indonesia to Europe, for example, the use of SWIFT codes or Bank Identifier Codes (BIC) plays a crucial role. SWIFT was founded in 1974 by seven international banks and operates as a global network facilitating fund transfers and other financial services.
Thanks to SWIFT codes, money transfers can be processed faster as everything is done electronically. Moreover, these transfers are secure, as each transaction is traceable via an identification number. As a result, sending money from Indonesia to Europe affordably is now possible.
SEPA Regulates Money Transfers in Europe
European Union Regulation No. 924/2009 governs cross-border payments within the EU. Under the Single Euro Payments Area (SEPA), transfers to IBAN (International Bank Account Number) accounts within the EU must not cost more than domestic transfers, regardless of the currency used.
However, the receiving bank may charge a fee if the recipient wishes to convert the money into the local currency. This regulation has been adopted by 34 European countries, including all 28 EU members and 4 European Free Trade Association (EFTA) countries (Iceland, Norway, Switzerland, and Liechtenstein).
The Rise of Online Money Transfer Services
In 1998, PayPal emerged as one of the first providers of online payment systems. The company revolutionized the global payment ecosystem, especially within the e-commerce sector, by offering a secure way to transact online.
By 2008, the global economic crisis reshaped how the financial world viewed transparency. The lack of transparency in large banks and financial institutions opened the door for the rise of online money transfer services.
These new companies offered more transparency in the transfer process, clear and real-time exchange rates, low or no fees, and easy-to-use apps or websites. Everything became more practical, effective, and efficient from every angle.
Transfez: Making Money Transfers from Indonesia to Europe More Affordable
Transfez is here to meet your needs for sending money from Indonesia to Europe affordably. As a licensed remittance institution under Bank Indonesia, Transfez allows you to send money to European countries easily, at a low cost, with the best exchange rates, quickly and securely.
You no longer need to worry about high transfer fees when sending money to Europe. Download Transfez on your smartphone now and enjoy the convenience of international online money transfers!
Why Use Pay by Card on Transfez?
Using Pay by Card isn’t just about convenience—it also offers exclusive advantages that other payment methods can’t match.
1. Pay Now, Settle Later – Better Cash Flow Management
Take advantage of your credit card’s grace period, allowing you to defer payments to the bank without disrupting your cash flow. This means you can keep your business running smoothly without financial constraints.
2. Earn Credit Card Rewards
Every payment you make with your credit card earns reward points, cashback, or air miles, depending on your card issuer’s program. The more you use Pay by Card, the more benefits you unlock!
3. Fast and Hassle-Free Process
No more dealing with complex international bank transfers! With Pay by Card, simply upload your invoice and pay with your credit card. Transfez will handle the rest and send the funds to your recipient.
4. Global Coverage – Pay Invoices Worldwide
Pay by Card enables payments to multiple countries, including:
Thailand
Malaysia
India
Hong Kong
Singapur
Jepang
Inggris
Jerman
Belanda
Korea Selatan
Cina (AliPay)
Prancis
Belgia
Italia
More countries will be added soon to expand your business payment options!
5. Transparent Fees – No Hidden Costs
Unlike other international payment methods that often include hidden charges, Pay by Card ensures cost transparency with:
💰 Transfez Fee – A fixed fee for international transfers.
💳 Credit Card Fee – 2% of the total payment, including the Transfez fee.
How to Use Pay by Card
Getting started with Pay by Card is simple—just follow these easy steps:
- Enter Invoice Details – Select the destination country and enter the invoice amount.
- Upload Invoice & Provide Recipient Information – Ensure all details are correct, including the recipient’s bank details.
- Pay with Your Credit Card – Use any VISA, MasterCard, or JCB credit card to complete your payment.
- Transaction Processing & Fund Transfer – Once your payment is successful, Transfez will process the transaction and transfer the funds to your recipient’s account. You can also track the payment status in real time!
Why Stick to Traditional Transfers? Pay by Card Instead!
✔ Keep your business finances flexible
✔ Take advantage of credit card rewards
✔ Make international payments seamlessly
📌 Click here to start using Pay by Card and streamline your global payments today!
Download Transfez App
Transfez App can help you transfer money abroad more quickly and efficiently. Jack Finance can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.
