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The pros and cons of cash transfers

Posted: November 7, 2017 at 7:12 pm   /   by   /   comments (0)

Let’s face it – cash transfers are extremely convenient in every sense of the word. To those of you who are still confused as to how exactly it works, here it is – when you send money overseas to your friends or relatives, they visit an office or an agent to pick up the cash that you sent. It is really as simple and straightforward as that. Nothing more, really. Also, there are a great many established and professional services that you can choose from as well.

In a nutshell, cash transfers are designed to be both secure as well as convenient in general. After all, the prime focus is to give the recipient fast access to the cash that you send. However, do bear in mind the fact that the overall costs involved with cash transfers are usually rather steep. Hence, comparing your range of options would be a good idea.

But like everything else, the process of cash transfer does indeed come with its own share of pros and cons across the board. No two ways about that, really. In this regard, the aspects of banking collection and change order service do not play much of an important role.

The pros:

  • Fast: Cash transfers are incredibly quick. You really can’t ask for a better way to send money overseas. And if you happen to be lucky with a clear and proper line of communication, the pickup can even happen within a matter of minutes.
  • The aspect of choice: You always have the option of looking around for a better deal as there are many trusted companies around. You don’t have to stick to one company that isn’t really giving you the satisfaction that you desire.

The cons:

  • Can turn out to be rather expensive: As compared to bank account deposits, cash pickup money transfers tend to offer weaker exchange rates in general. Plus they are also a lot more expensive on the whole.

At the end of the day, it is fairly evident that there are more pros and cons. However, that alone does not imply that it is the right decision for you in particular. You will need to look at a great many aspects in order to determine that. Hence, in this regard there are a couple of things that you need to look out for :-

  • Weak exchange rates: In this regard, do make sure that you compare the exchange rate against the mid-market rate before you make your final decision.
  • Transfer fees: Here, you need to confirm all of your fees involved in cash pickups before you hand over your cash.
  • Untrustworthy providers: To steer clear of this problem, do make sure you compare all of the reputable providers.
  • Picking up cash: Sometimes, if you are not careful enough, this can expose you to the risk of theft. So be wary.

Lastly, you will do well to remember the basic fact of the matter being that no matter how safe and secure you think it is, picking up cash from a transfer agent can be rather dangerous indeed. The point to remember is that the risk is always there.

Hence, you need to make sure that you keep a couple of important tips in mind such as avoiding unsafe areas, calling the agent ahead of time, bringing a friend along and keeping your cash well hidden. No matter what, you cannot afford to forget even one of these tips, whatsoever. After all, this is your hard-earned money at stake.

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