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Beneficiary
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.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
Other Popular Money Transfer Definitions
Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
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