Media Blog
Will Banks Lose Out in the Money Changing Game?
Banking institutions sure are here to stay. Slowly and surely, nonetheless, these enterprises are shedding or sharing with other agents some of its traditional functions such as foreign currency exchange. One of the major indications of this trend is the growing obsolescence of the travelers checks which were then the main mode for people on foreign trips to have a cash resource for their travel. While these banking instruments are safe and secure, other more convenient money changing tools have been developed over the years and have gained broad consumer acceptance.
The fact that people’s lifestyles have become fast-paced led to the diminishing patronage of such banking product and service offerings as travelers checks and money changing.
For example, a business executive called for an emergency meeting in, say a Toronto branch office, would need to tap a facility for a quick Canadian dollars exchange at that short moment notice. As we all know, physically transacting business in banks can be time-consuming, unless one of course is a preferred client or customer, in which case, the process can be a bit quicker. Most people though aren’t big clients who are accorded VIP treatments. Getting a hold of money changing facilities that operate much like fastfood chains would be the better choices.
Recognizing the demand for such services, many enterprising individuals and companies have developed tools for faster currency conversions. Some of these modalities were even originated by the banks themselves in tie-ups or joint ventures with credit card companies. The development of automated teller machines has also contributed immensely to a revolution of sorts in money changing.
Those in a rush to convert currency nowadays need not even consult a voluminous phone directory to check its yellow pages for the nearest bank or ATM by which to do business. With an Internet connection, which has become ubiquitous today as laptops and personal computers, as well as android phones, it’s easy to access online money changers. Deals at these Internet-based resources are often entirely paperless. There’s no need to fill out forms which is typically the case when transacting business in banks.
The main thing that consumers worry most though is the security of online money transactions, particularly when credit cards are used. The drawback in this type of currency exchange is the possibility of identity theft, computer fraud, or plain hacking of accounts. With this concern in mind, better ensure that the money changing website you’re dealing with has reliable security measures in place. This way, you’ll have a less worrisome foreign currency conversion and save the trip to the bank as well.