Cash

Cash transfers are a popular way to send money, especially for people who do not have access to a bank account or prefer to use physical cash. In this method, the sender can go to a money transfer operator (MTO) and provide cash that is then sent to the receiver. Here are the general steps to send money using cash transfers:

1. Choose a money transfer operator: The sender can choose a money transfer operator that has a physical location where they can provide cash. Examples of such operators include Western Union, MoneyGram, and Ria.
2. Provide the necessary information: The sender will need to provide the recipient’s name, location, and the amount they wish to send.
3. Provide the cash: The sender will need to provide the cash to the MTO’s representative at the location.
4. Receive a reference number: Once the transaction is complete, the sender will receive a reference number that they can provide to the receiver so they can collect the funds.

Pros of using cash transfers to send money:

1. Accessible: Cash transfers are accessible to people who do not have access to a bank account or prefer to use physical cash.
2. Quick transfer time: Cash transfers are usually processed almost instantly, allowing the receiver to access the funds almost immediately.
3. No need for a bank account: Cash transfers do not require the sender or receiver to have a bank account, making it easy to send money to people who may not have access to traditional banking systems.

Cons of using cash transfers to send money:

1. Transaction fees: Cash transfers may be subject to transaction fees, which can vary depending on the MTO and the location.
2. Security concerns: Carrying large amounts of cash can be a security concern, especially in areas with high crime rates.
3. Limited transfer amounts: Some MTOs may have limitations on the amount of money that can be transferred in a single transaction.