The beneficiary is the person who receives an international money transfer. A beneficiary could be an individual or a business.
Beneficiaries have multiple ways to receive funds including directly into their bank accounts, via cash pickup or home delivery, as a top up to their mobile phone airtime or as a prepaid credit or debit card.
Beneficiaries may receive transfers as part of a one-off currency exchange, or could receive money on a regular basis if you're making payments over time.
Note that exchange rates, bank fees and other charges may impact the amount of money that the beneficiary receives.
Beneficiary — Related Terms
A beneficiary is also known as a recipient.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.