When you need to fund transfer overseas, sending it via a direct bank account is a common way. But, it’s probably not suitable for some certain instants. Although the right to use to a bank account has granted in most countries, this is not available for all countries.
It’s because the World Bank reports that about 1.7 billion adult people remain without bank account across the world. A large number of unbanked people belong to the countries of developing economies. This is not just a big loss for international money transfer services; it’s not good for the countries as well.
So, it’s important to know how you can send money to a person don’t have a bank account. This is why we’re here with some useful tips that will help you find the ways to send money to someone with no bank account.
Collect The Cash Amount From A Money Transfer Service
This is a good option. You’ll send money and the receiver will collect it from his country’s money transfer service at his end. It’s also advantageous for the beneficiaries as it’s instant, affordable, and convenient. But, don’t forget to choose an honest service provider to accomplish a safe transaction to keep away from fraud.
When you send money back to your home for your family members, it’s a very essential matter to reach the money safe at home. Also, it’s very vital while dealing with a big amount of money. If you send money through an authorized agent, they’ll give you a 16-digit pin. You’ll have to share it with the recipient to cash out from the other end.
Send Money Straight To A Mobile Wallet
It’s another better option for those who don’t have a bank account. You can send money straight to their mobile wallet, which is an app and store money that makes digital payments. After receiving the amount of the wallet, the receiver will be able to purchase and pay bills using their mobile phone.
Besides, the recipient can get a cash amount from a local agent whenever they need it. It could be the cheapest option for the tech-savvy that helps them to acquaint with their e-commerce. Although the uses of mobile wallets are increasing regularly, the service has not available in every country.
Deliver To The Doorstep Of The Receiver
This is the best way to make life simple for your beneficiaries who you send money. You’ll send money from one end and your family will receive it just on the doorstep of their home. It’s an alternative to the common cash pickup system.
The money transfer company needs the detail address of your recipient where the money will reach. This is also a service that has limited use in some countries. So, check if the service supports your country to send money before you leap.
Also, there are some more ways to send money without a bank account. These include prepaid card services and send money on the post that will help you send money to someone having no bank account.