How are wire transfers (money transfers) sent? Find and photograph some electronic part of the network that handles wire transfers.
While researching and looking for an electronic part of the network that handles wire transfers, I was concerned on what I should exactly look for. I knew of many online websites that were used to complete wire transfers such as PayPal and could see no point of the electronic network that made these money transfers possible. My next thought was to visit a Western Union store or a local bank. Yet while at these locations, all that seemed to be used electronically concerned a credit card or bank account number and a computer. My best guess on an electronic part used in all of this would be a sign up online.
Through the approach of a technological determinist, I believe that the use of money transfers to be done so simple and fast has created a cultural phenomenon of online shopping and a “get it now” mentality. When wire transfers became possible, people may have been skeptical and went only to their bank branches to expend money from their account to send to another party. Yet as technology developed, more and more people began to approach online payments as safe and easy. In order to complete a wire transfer, some steps are needed to be taken. First, you must contact the third party you want to carry out the wire transfer. Second, you must give the name of the person you want to send money to, a routing number, your account number, your phone number, and the address of the location of the recipient’s bank. Third, you must decide what amount of money you wish to send and by when to send it. After this, the wire transfer is ready to go. All that is left to confirm is if the money has been received by the recipient. The simplicity and electronic functioning of wire transfers have allowed people to send and spend money faster than ever, making a consumerist culture.