Cross-border fund transfers have increased considerably over the last two decades, mainly because an increasing number of people now travel to foreign shores for work. While a majority of all overseas money transfers go directly to bank accounts, the need for some to collect cash from physical locations still exists. So, how do you go about transferring cash to someone who lives in a foreign country?
Cash Transfers Explained
You might need to send money to a cash pickup location in three basic scenarios. The first is if you want the recipient to receive money in a hurry. The second is if the recipient does not want to share his or her bank details with you. The third is if an individual is in a foreign country and does not have a local bank account.
Depending on the service provider you select, you might be able to initiate your transfer online, or in person by visiting a physical location. If you plan to initiate your transfer in person, you may pay for the transfer using cash. Other payment methods, depending on the company you select, may include bank account transfers, debit cards, and credit cards.
Most transfers to cash pickup centers tend to process on the same day. In some cases, they go through almost immediately. Once the transfer is complete, the recipient may collect the cash by presenting a transaction or reference number along with a valid form of photo ID such as a passport or a driver’s license.
Some companies such as Azimo and Ria even provide home delivery of transferred funds in some countries. Ria, for instance, provides home delivery of transferred funds in Vietnam, the Philippines, the Dominican Republic, Peru, and Nicaragua.
Which Companies Allow Cash Transfers?
Prominent overseas money transfer companies that have offices or agent networks from where recipients can collect transferred funds include:
Cash transfers give you a quick and convenient way to transfer money overseas, and you may initiate a transfer from the comfort of your own home. Make sure you compare different companies, and looking for ongoing promotional offers may lead to even more savings.