Cash pickup services offer a simple way to send money abroad or to someone who doesn’t have a bank account. They provide an instant kind of cash transfer, although you need to be aware of the fees charged for this money payment service before you confirm the transfer of funds. We’ll be looking at all the relevant details to let you make an informed decision.
It can be a valuable service for moving cash as part of your overall approach to international money transfers. However, you should also be aware of other transfer options, such as local and international transfers offered by Genome, as part of the development of your overall financial strategy.
The process of cash pickup
Arranging a transfer of funds in this way is extremely simple. However, before you confirm that the funds are on their way, you’ll need to go through a short process that helps to make this a secure transfer.
Getting started with the transfer
When you want to use a cash pickup service to send money, the first step is to get in touch with an appropriate service provider. This can be done online by visiting their website or app, or you could start the cash transfer process by making a visit to their offices.
If you use a mobile app, make sure that you download the latest version of the app. Check that the device has security measures in place since you’ll need to confirm your personal details before carrying out the funds transfer.
Confirm the recipient’s details
To confirm the payment, you’ll be asked to give details of the name and location of the recipient you want to transfer money to. You may be asked to create an account or confirm your identity before sending funds for the first time. You can normally pay for your cash pickup transfer with cash or from your bank account using a debit or credit card.
Remember that the recipient needs to confirm their ID before they can collect the funds. Therefore, you need to be sure they’re in a position to do so, or they won’t be able to complete the transaction.
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The fees for sending a money transfer
At this stage, you’ll be told about the fees based on the amount of funds and the payment destination. It means that you know exactly how much money the recipient will receive if you confirm that you want to proceed.
This kind of funds transfer can be relatively expensive compared to a standard bank transfer. This is why it’s typically used for urgent transfers where funds are needed right away.
The transfer reference and how to use it
The transfer will be processed, and you’ll be given a transaction number or reference. If you complete the cash pickup request online, the reference number will be automatically generated once you complete a valid form with the details and pay.
You can send money instantly this way, although new customers might find a slight delay when completing the registration process. You can either do this on the company’s website or by downloading their mobile app, and you can visit their offices in person.
The recipient collects the funds
The funds are now ready to be collected instantly by the recipient unless the cash pickup company advises otherwise. You should confirm with the recipient that they can collect the money at the stated location.
Give them the transfer transaction number and tell them where they can collect the funds by showing their ID. This final step of the cash pickup service might be at a specific location or any of the money transfer service’s offices, depending on how they operate.
Benefits of using cash pickup services
It is an extremely fast and convenient way to send money and get physical cash into the hands of the recipient in another country. It’s accessible from just about anywhere, and new customers can be registered in just a moment before sending funds.
An instant money transfer
In terms of speed, this type of money transfer service is instant. It’s also possible to send funds just about anywhere in this world at the same speed. It is why it’s widely used as an emergency option to send money to someone who doesn’t have access to funds while away from home.
There are now various other ways to send money quickly and efficiently, such as SEPA Instant Transfers and other international transfer options. These ways of sending money can be just as effective and prove cheaper, too.
However, the cash pickup service method is still hard to beat when you want the recipient to have cash in their hand right away. If they need funds immediately and don’t have access to a bank account or card, it can be the best option..
Are there any drawbacks?
In terms of potential drawbacks, this transfer method of funds transfer can be expensive. This is why it’s important that you confirm the transfer amount that will reach the recipient and that this figure is suitable.
Looking for cash pickup alternatives? Try Genome
Although Genome doesn’t provide cash pickup services, we still offer money transfer options that can be of great use and convenience to individuals and businesses in Europe.
For instance, if you are looking for an option to send money in a matter of seconds, you can access our SEPA Instant Transfers. They allow for seamless payments in euros. Regular SEPA Credit Transfers are available as well!
Business wallet users can also unlock international transfers, allowing them to use SWIFT to receive and send payments to over 4o countries in 11 currencies.
Speaking of, multi-currency accounts are available for all our clients, allowing you to open additional accounts in EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, or AUD. Moreover, you can issue a virtual or physical Visa debit card for a supreme payment experience. Get multiple cards and link them to accounts in EUR, USD, GBP, PLN, CHF, CZK, HUF, and SEK.
By using Genome’s financial services, you stay in control of your funds at all times, as you can access your dashboard online via the web version or the Genome app.
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in Genome online
Security and reliability of cash pickup
The popularity of cash pickup services is largely due to the speed and convenience of sending funds with them. However, people who use them also need to confirm that there are security measures put in place to keep the funds safe.
The role of ID verification to confirm the transaction
The identity verification element is part of the security aspect used by cash pickup companies. An individual sending the money needs to confirm who they are. The person who collects the payment of funds at the other end of the transfer process also needs to verify their identity. This lowers the risk of fraud and ensures that anti-money laundering rules are met.
A secure, encrypted network
The money also has to be secured during the transaction process. It is done by sending the cash over a secure, encrypted network.
If you choose to use Genome for SEPA transfers or other payment types, you get another level of security, thanks to the platform’s highly secure approach.
Genome maintains high-security standards for all financial transactions. We have recently achieved ISO 27001 and ISO 27701 certifications. These certificates confirm that customer data is always protected to the highest industry standards.
FAQs
Can a cash pickup be made without showing ID?
No, ID verification is an important part of the money transfer process that guarantees that the cash pickup is carried out by the person to whom the funds have been sent. Without showing ID, the recipient can’t collect the money transfer.
Where can I collect funds from a cash pickup transfer abroad?
The money transfer company you use will explain where the funds can be collected when you send money to them. The leading cash pickup services have numerous offices and agencies across the planet where a transfer can be collected. Check in advance whether a specific office needs to be used.
How does a cash pickup differ from a bank deposit?
With a cash pickup service, you send money to a physical location or network of branches rather than putting cash into someone’s bank account. This type of transfer can be useful in certain cases, where you need to send funds urgently due to an unexpected development or the recipient doesn’t have access to the funds in their bank account.
What if the cash pickup recipient doesn’t collect the funds?
The cash pickup service will hold the funds for a period before sending them back. You should check the terms in this respect before you send money, as 45 days is commonly stated, but some companies may have different terms for their transfer service.
Can someone else collect the funds on behalf of the recipient?
No, this is a secure transaction between the person who decided to send money and the recipient. The funds can only be collected by the person whose name is stated on the transfer.
