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What you need to know before transferring using cash

Cash

Cash transfers are a popular way to send money, especially for people who do not have access to a bank account or prefer to use physical cash. In this method, the sender can go to a money transfer operator (MTO) and provide cash that is then sent to the receiver. Here are the general steps to send money using cash transfers:

  1. Choose a money transfer operator: The sender can choose a money transfer operator that has a physical location where they can provide cash. Examples of such operators include Western Union, MoneyGram, and Ria.
  2. Provide the necessary information: The sender will need to provide the recipient’s name, location, and the amount they wish to send.
  3. Provide the cash: The sender will need to provide the cash to the MTO’s representative at the location.
  4. Receive a reference number: Once the transaction is complete, the sender will receive a reference number that they can provide to the receiver so they can collect the funds.

 

Pros of using cash transfers to send money:

  1. Accessible: Cash transfers are accessible to people who do not have access to a bank account or prefer to use physical cash.
  2. Quick transfer time: Cash transfers are usually processed almost instantly, allowing the receiver to access the funds almost immediately.
  3. No need for a bank account: Cash transfers do not require the sender or receiver to have a bank account, making it easy to send money to people who may not have access to traditional banking systems.

Cons of using cash transfers to send money:

  1. Transaction fees: Cash transfers may be subject to transaction fees, which can vary depending on the MTO and the location.
  2. Security concerns: Carrying large amounts of cash can be a security concern, especially in areas with high crime rates.
  3. Limited transfer amounts: Some MTOs may have limitations on the amount of money that can be transferred in a single transaction.

Requirements

Identification

The sender will need to provide a valid form of identification, such as a government-issued ID card or passport, to complete the transaction.

Cash

The sender will need to have sufficient cash on hand to cover the amount they wish to send, as well as any transaction fees that may apply.

Knowledge of the MTO's system

The sender will need to have a basic understanding of the MTO's system, including how to initiate a transfer and how to collect the reference number.