What Is Cash Pick Up and How Does It Work?
Explore cash pick up: a fast, accessible way to send and receive money globally, often without a bank account. Learn how it works.
Cash pick up refers to a service offered by money transfer companies, enabling individuals to send physical cash to recipients who can then collect it in person at a designated location. This method facilitates quick transfers, often across international borders, without requiring either the sender or the recipient to have a traditional bank account. It serves as a practical solution for sending funds to those who may not have access to banking services.
What Cash Pick Up Is
Cash pick up is a financial service allowing a sender to deposit funds at one location for a designated recipient to collect the equivalent cash amount at another. These transactions often process within minutes, making funds available for collection almost immediately. Individuals frequently use this service to send financial support to family members residing in different countries or to assist those without bank accounts. Its speed and accessibility make it a popular choice for urgent financial needs.
Information Required for Cash Pick Up Transactions
To initiate a cash pick up transaction, the sender must provide specific details about the recipient. This includes the recipient’s full legal name, exactly as it appears on their official government-issued identification, and their location, including the country and city for pick up. Senders must also present their own valid government-issued photo identification to the money transfer agent.
For the recipient to collect the funds, they need precise transaction information. This includes the sender’s full legal name, the exact amount of money sent, and a unique transaction reference number, often called a Money Transfer Control Number (MTCN). The recipient must also present their own valid government-issued photo identification, ensuring the name on the ID precisely matches the name provided by the sender.
Sending and Receiving Cash
To send cash via a pick up service, an individual typically visits an authorized money transfer agent location or utilizes an online platform. At the agent location, the sender completes a send form, presents their government-issued identification, and pays the principal amount along with any applicable transfer fees. The sender then receives a receipt containing the unique transaction reference number, which must be securely shared with the recipient.
Once the sender completes their part, the recipient can collect the funds. The recipient visits a money transfer agent location, fills out a receive form using the transaction reference number, and presents their valid government-issued photo identification. After verifying their identity and transaction details, the recipient signs for the cash and receives the transferred amount.
Key Considerations for Cash Pick Up
Fees are typically charged to the sender when using cash pick up services, varying by the amount sent, destination country, and specific service provider. Transaction limits are also common, with daily or per-transaction maximums imposed by service providers and regulatory requirements. These limits are in place for compliance with anti-money laundering regulations and can differ significantly by service and location.
Funds are often available within minutes, making cash pick up suitable for urgent financial situations. Security measures are part of the process, requiring valid government-issued identification from both the sender and recipient, along with a unique transaction reference number. Senders should keep this number confidential and share it only with the intended recipient to prevent unauthorized access to funds.