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Instant Cash Across Borders
American Cash Exchange has introduced a point-of-sale foreign money transfer product that allows people a convenient way to transmit funds to friends and family in other countries in those countries' own currencies. The card can be purchased at grocery and convenience stores in the same way prepaid telephone cards are purchased. Instead of purchasing minutes, however, users buy pre-determined foreign currency amounts. American Cash Exchange then guarantees the transfer to the recipients, who must give their names and addresses to receive the cards, then can withdraw the amounts at automated teller machines in their countries.
The sender's identity is not necessary for the transaction. The first use is for U.S. to Mexico remittances.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 5, 7/04
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