Online or Cash Pickup Money Transfers?

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International money transfers are the quickest way to move money from one country to another. Add to this the ease of use and number of ways in which it can be done and the popularity of transfers are easily understood. When being sent money from abroad, what is the best way to collect that transfer? By transferring money into an account online or by presenting in person to collect the transferred amount in cash? Some consideration should be given to a number of factors which might offer preference to one over the other.

Time

Some banks and online transfer companies require a waiting period between when the money is sent and when it can be collected or have a policy whereby a certain period needs to pass before money sent from one account shows up when transferred to another.

If the money is needed in a hurry then an online transfer might not be a viable choice. When the international money transfer is sent for cash pickup, the transfer is immediate. The money transfer services such as Western Union facilitate the transfer in cash from one end to be made available in cash at the other without any waiting time, and it’s this instant convenience that online transfers like banks don’t offer.

Fees

There are online services which offer money transfers without any extra fee and money can be transferred from one account to another, provided the sender and receiver both have accounts with the online site. Paypal is one example where fees are not charged if certain conditions are met, for example that the transfer is done between bank accounts. Typically though a fee is charged to send an international money transfer whether done online or by using a money transfer service with cash pickup. Banks add a fee to the account holder for the service, Western Union and other transfer agents will add a fee which rises with the amount being sent. Check fees before deciding on how to send money.

Reach

Transferring money to anywhere in the world is possible provided both parties have a bank account so online transfers can be put straight into an account to be accessed by a person in any destination. Cash pickups require that the international money transfer can only be sent where the money transfer service has a store located. The larger money transfer companies have a wide coverage with stores located throughout all corners of the world. Be sure to know where to find a store when using cash pickup or consider an online transfer if one cannot be found.

Convenience

By using an online transfer to have money sent straight to a bank account, there is no need to do anything. The sender sends the money and it arrives as the receiver goes about their day without interruption. Cash pickups require the receiver collect the money in person which may not be convenient when locating a store nearby, especially if abroad and in an unfamiliar city.

There are advantages and disadvantages to both options when using an international money transfer to receive money. Fees vary, as does the time it takes to complete, and the need to locate a store. These are all contributing factors to consider when making use of an international money transfer.