Over the past five years, we have seen an average of about 10% annual growth in the money transfer market. In 2003, approximately $213 billion in international money transfers were sent. By the end of 2008, that number is expected to be well over $350 billion.

Companies that have specialized in money transfer services for years, continue to maintain the highest market share in international money transfers, but the rapidly growing industry is also attracting new businesses that are revolutionizing the money transfer business.

The question that remains to be answered in the money transfer business is this: Will people sending money continue to use traditional methods even when technology makes faster, safer, more convenient methods possible? The answer remains to be seen, but there are growing reasons to anticipate that companies harnessing available technology to make sending money around the world easier and more cost efficient are likely to become dominant forces in the market for transferring money.

Companies using the Internet to facilitate transferring money are banking on the fact that a new generation is coming of age that will change the face of international finance. This new generation of wage earners, many of whom are sending money to their family at home, is more technologically savvy than any group to come before them.

For these people, very few bank transactions happen by walking into a bank branch. It is more and more common for financial transactions to be initiated and completed online, without speaking to anyone face to face. This generation craves simplicity and efficiency in their financial transactions, and they will send money in the easiest, fastest way possible.

One of the most common new ways that people are sending money involves sending a prepaid debit card to the recipient of the sent funds, then providing the end use with the PIN number authorizing the use of that card. This idea represents a marriage between traditional banking methods of sending money and technology.

The transaction is initiated online, with just a few clicks of the mouse getting the process started. A debit card is sent to the recipient, who then uses that card to access the money from any ATM. Once the card is in the possession of the person receiving funds, it takes almost no time at all to add money that can be accessed by that debit card, which can be used again and again.

Another trend we are sure to see is the idea of financial institutions including "free" international money transfers for account holders. Banks will choose to make a profit in other ways from their customers, but will use the free, easy money transfer technique as a method of attracting new customers. This will cater to people who, again, want access to fast, easy money transfers, but who are not as confident in their abilities to make these transfers happen without involving a bank directly.

The future of transferring money is sure to be interesting as technology levels the playing field that was once dominated by these services.