There is no surprise that technology changes the way we live our lives. With instant information and services at our fingertips, traditional methods of doing things are now competing with newer and faster options that make life easier.
Traditional processes like banking is one of them.
While banking is obviously still a necessary means of controlling your money, some of their functions are seeing more competition from payment services such as Bitcoin and currency exchange.
While bank accounts and obtaining bank loans are still imperative in ones personal finance, attractive options for currency exchange are making people take a second look at how they are conducting their personal business. Features like Fixed Forward contracts that guarantee a fixed price over 2 years can be advantageous especially when the financial markets are volatile and unpredictable amid an uncertain economic ambiance.
Whats more is how currency exchange companies can truly compete with banking institutions with lower rates because of their high trading volumes that in the end can save the client an average 3-5% more than the banks with a faster transfer time included. So that means if you are moving a considerable amount of money, there are definitely real savings to be had here.
A sign of the times that reminds us to take another look at how we are doing things to manage our lives. It might be worth your time and money!