Types of remittance services?

There are several ways you can transfer money overseas. The more common way of remittance are Bank Transfer and Cash Pickup services. Some remittance providers do provide services such as electronic wallet service or cash delivery.

1.Bank Transfer

It is a service that allows you to send money directly to your receiver’s bank account. The lead time for the transfers varies depending on where you are sending money to and which provider you used. In most cases, the transfer can be instant, while some may take 1-2 banking days of the receiving country. Please ensure you enter your receiver’s bank details accurately to prevent delay or transfer to the wrong person.

2.Cash Pickup
This is a service where your beneficiary can pick up cash from a partner location in the receiving country. The Sender only needs the Receiver’s name on a valid ID. Once the transaction is complete, the Sender will be issued with a transaction reference number. The Receiver can collect their funds at a cash pickup branch by providing the transaction reference number and a valid ID for verification. The whole process is usually instant depending on the operating hours of the cash pick up branch. Please ensure your Receiver’s full valid ID name is entered correctly as some partners may charge a fee for cancellation or amendments.

3.Electronic Wallet (e-wallet) Service
Image by mohamed Hassan from Pixabay

e-wallet is gaining popularity in some countries where it allows users to receive money using their mobile phones. The funds in the wallet can be used to purchase items, pay bills or cash withdrawals at certain authorised agents. The transfer is usually instant. Please ensure that your Receiver has signed up for the mobile wallet before you attempt the transfer.

4.Cash Delivery
Image by Peggy und Marco Lachmann-Anke from Pixabay

As the name, this is a service where physical cash is delivered to your receiver’s address. Your receiver must present a valid ID to verify your receiver’s identity with the delivery person.

This service will take a few days for your receiver to receive the cash.

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