A cash pickup is a way that the beneficiary of a currency exchange can access their money. They typically collect the funds, in cash, from a physical location, rather than having them paid into a bank account.
When a beneficiary does not want an international money transfer deposited to a bank account, many currency providers will allow you to designate a money transfer as a cash pickup. In these cases, the beneficiary simply goes to a designated location or store and shows a valid photo ID, together with the transfer reference number.
Cash pickup services can be very useful for the unbanked or underbanked, or if a bank charges fees for withdrawing cash from an account. Many currency providers either offer cash pickup directly from their stores, or from agents in partner networks. Cash pickup facilities do vary by region, so check with a currency provider to see the pickup services they provide.
Cash Pickup — Related terms
Cash Pickup is also known as local pickup (as in, obtaining money in a location close to the recipient), store pickup (obtaining money at a store) or agent pickup (obtaining money from an cash-pickup office agent).
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.
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