Bank accounts have become common and increasingly prevalent across the world these days, yet a large section of society does not have access to bank accounts. World Bank had estimated that more than 1.5 billion adults do not have access to bank accounts or use banking services.
With international migration rising after the pandemic, a bank account is central to sending money back home from a different country. A bank account addresses a lot of pain points one faces while sending money internationally, but there are other avenues to explore when sending money across the world.
Why opt for ATL Money Transfer to send money to India without a bank account?
The boom in financial technologies and payment applications has seen the localization of money transfer platforms; these platforms have seeped into the mainstream and are readily being used to send money across borders.
An online money transfer service such as ATL Money Transfer facilitates the transfer of funds from the website and physical cash pickups. When customers opt for physical cash pickups, bank accounts do not participate in the transaction.
Let’s look at the ways to send money to India when the recipient has no bank account
Cash Pickup
When the sender opts for cash pickups, the recipient can collect real cash from a collection point or a kiosk that is registered with the platform. ATL Money Transfer has over 50,000 pick-up locations that can be leveraged by customers around the globe to send and receive physical cash.
So, how do cash pickups operate?
The first step to sending money is to choose the receiving country and identify the closest cash pickup location. Based on the convenience of the recipient, choose the most suited kiosk and confirm payment.
When the transfer is in its final phase and awaiting collection, the recipient will be notified of their preferred mode of communication. The notification will have all the necessary details on how to complete the transaction and pick up the cash.
Mobile Money Transfer
Mobile money leverages mobile wallets to send and receive money through the use of mobile devices only. An external bank account is not required to initiate or finalise the transfer.
ATL Money Transfer specialises in instant mobile wallet delivery in more than 15 countries; this is hugely beneficial to countries that do not have a well-planned banking infrastructure.
How does mobile wallet transfer work?
The most crucial facet of mobile wallet delivery operations is that the recipient should have an active mobile wallet ready to receive money. If the recipient has a registered bank account, all the sender has to do is enter the details along with the name and number of the receiver to initiate and complete the transaction.
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