If you’re looking for a quick transfer of a relatively small amount of money, especially if you or your recipient don’t have a bank account, an international money transfer where the recipient receive cash directly might be interesting for you. There are companies specialized for such transactions, Western Union and MoneyGram are the most famous, but you will be able to find way more using our comparison tool for international money transfers.
How does it work?
Setting up a cash to cash international money transfer is straightforward, and usually involves filling in a form with details of the transaction, including amount and destination of the funds. The completed form and relevant ID are taken to one of the transfer company’s agent locations and if the destination country is eligible the transfer can be arranged instantly, subject to payment of a transfer fee and any applicable exchange rate costs.
The recipient will be provided with a reference number for the transaction which they take to their local collection point with some ID. Once they have filled in a collection form they can access the money straight away if the appropriate fee has been paid by the sender.
Why transfer money abroad using cash?
One benefit of international money transfer in cash is that if the appropriate fee is paid the recipient can access their funds instantly – very handy if the reason for making the transfer is any kind of emergency. If you’re not in such a rush a reduced fee will allow a slower transfer time, so you can adjust what you pay to suit your needs.
Cash to cash international money transfers are not suitable for sending large amounts of money, the form-filling that is required for each transaction can be time-consuming compared with other transfer methods and it is often quite expensive. But the advantage is that neither sender nor recipient needs to have a bank account to use cash to cash international money transfers.