Did you know, that in 2020 Australia received US$1.1 billion in remittances and sent out US$4.3 billion in remittances to foreign countries?
This data shows that there are plenty of migrants in Australia who are sending out large amounts of money to their families back home.
With such high demand for remittance services, many remittance companies in Australia and all over the world have introduced new and convenient ways to send money home.
Out of these new services cash pick up and bank deposit are the most widely chosen options by most customers who choose to send money home.
Although both cash pick up and bank deposit offer convenient ways to send money home, it is important to understand in detail what are the features of each option so that you can decide which option is better suited for you when you decide to send money home.
What is cash pick up?
Cash pick up allows the sender to transfer money in a fast and secure manner to a desired country where in the recipient can collect money from a physical location without having to provide their bank account details.
How to send money using cash pick up?
Sending money through cash pick up is extremely easy, you just need to enter some basic details like
- The country where you want to send the money.
- The location from where the money needs to be picked up in that country.
- Details of the recipient.
- The total amount you want to send.
- Fill in your payment details, review the transaction and send.
Once you send the transaction, you will be provided with a PIN number which you can share with your beneficiary and your beneficiary can show that PIN number to the physical location from where the money needs to be picked up along with their ID proof and once verified the money will be handed over to the beneficiary.
Easy, isn’t it? Now let’s look at:
What are the advantages of a cash pick up service?
- No need for a bank account, money can be picked up directly from any physical location.
- The money reaches the beneficiary within 1 to 2 hours’ time making it an extremely fast service.
Now that you have a good idea of what a Cash pick up service is, let’s have a look at our second contender which is Bank deposit.
What is a Bank deposit service?
A bank deposit service allows the sender to deposit large amounts of money directly into the receiver’s bank account, this facility allows you to transfer funds for both personal and business purposes.
How to send money using Bank deposit service?
Sending money through bank deposit also follows a similar method as Cash pick up but there are some additional details that need to be entered.
- The country where you want to send the money.
- The name of the bank where the receiver will be collecting the funds from.
- Under details of the recipient one thing extra which needs to filled in are the details of the beneficiary’s bank account like account number, IFSC code etc.
- The total amount you want to send.
- Fill in your payment details, review the transaction and send.
After you have sent the money the beneficiary does not require any transaction number or PIN number to be showed, they will automatically get a notification that funds have been deposited in their nominated account and they can withdraw those funds as per their convenience.
What are the advantages of a bank deposit?
- There is no limit to the amount of funds that can be sent through bank transfer which makes this option extremely feasible for transactions with a larger amount.
- This option is not just available to send money for private transactions but you can also use bank deposits to carry out business transactions.
Cash pick up vs Bank deposit: Which one is the right option for you?
It all comes down to this particular choice, both cash pick up and bank deposit offer different advantages when it comes to sending money so it is very important to know which option is more suitable to your needs and requirements.
When to choose Cash pick up?
If you are looking to send a small amount of money to someone in your family who does not have a bank account and wants the money fast, then cash pick up is a good option as the recipient can receive the money from one convenient location without having to present any bank account details.
When to choose Bank deposit?
If you are looking to send large amounts of money to either someone in your family or if you are carrying out a business transaction and you do not want any limitations on the amount you want to send then Bank deposit is the best option for you.
Mix and Match
You can also mix and match both services where in you can use cash pick up for sending money to your family on a recurring basis and you can use account deposit for carrying out transactions for your business.
Now that you have a fair idea as to how Cash pick up and Bank deposits work and you also know which service to choose depending on the situation.
The next step is to go ahead and initiate your first transaction, PFG smart credit offers both Cash pick up and Account deposit facilities so that you can start sending money to your loved ones based on your convenience.
