What exactly is a cash pickup? You may have heard of different types of international money transfers such as online money transfers or bank transfers. In both these cases, the money transferred is deposited into the bank account of the beneficiary. How about a situation where your beneficiary has no bank account? Yes, you must think about that! In that case, a cash pickup option offered by the best money transfer in Australia, PFG Smart Credit, comes in handy.
In a cash pickup option, the beneficiary can collect the money from a physical location rather than withdrawing from the bank account. The steps are quite simple:
- You must carry the recipient information and money you wish to transfer into an in-store agent.
- Get a reference number the beneficiary can show at the cash pick location.
- The recipient coming with the reference number and their ID can collect the cash from the location.
- You get a confirmation text or email notifying the money got collected by the recipient.
Now let us see the benefits of the cash pickup option:
- Easy for the unbanked
Unbanked is the beneficiary with no access to bank services, in simple words, having no bank accounts. He/she can simply receive the money from the nearest agent location.
- Benefits underbanked people
Underbanked people are those who have bank accounts but have limited access to mainstream banking services due to distances or their inability to use bank facilities properly. They are more comfortable with cash pickup than cash withdrawal.
- Convenient: Cash pickup option is rather simple and convenient for some people than undergoing complex procedures in bank transfers.
- Fast service: Cash pickup option conducts overseas money transfer at a much quicker pace.
You know the stage and skills of your beneficiary in the home country. If your parents are too old to study bank facilities and withdrawals, why make it harder for them? Use a cash pickup option, make international money transfers simple and convenient!
