Business Insider: “5 ways to send money to someone who doesn’t have a bank account”
Business Insider, May 6, 2022 — Marguerita Cheng, CFP® Pro is featured in today’s issue of Business Insider, offering insight into what to do if you need to send money to someone without a bank account.
“You have to think about, do you want the fastest, do you want the cheapest, or do you want the safest?” explains Rita. “Sometimes, if it’s speedy, it’s gonna cost more. But you also don’t want to compromise on security.”
If you are sending money abroad, she says you’ll want to make sure that you protect yourself and treat security as a top priority.
She also suggests using money orders, but “don’t send cash through the mail — ever. If you are looking for a more traditional way of sending money, Cheng notes you can get a money order instead. These can be purchased from a financial institution or store. There’s usually a purchase limit of $1,000 and a small fee under $5.”