Is CardREX™ better than using cheques?
1. Cash stored on a CardREX™ is available immediately. If you send a check as a gift or to transfer money to relatives “back home”, the recipient’s bank usually puts the money on hold for at least a few days, and often a few weeks, until the cheque “clears”. The wait can be particularly long when sending money out of the country. With a CardREX™, you can tell the recipient the PIN over the phone. Then, as soon as the card arrives, the recipient can use it immediately at an ATM. 2. Cards can be refilled quickly and easily. When you use a cheque to send gifts or transfer money, or if you want to send another gift or transfer more cash to the same person, the recipient has to wait for the cheque to arrive and the bank to clear it. With a CardREX™ you just add more cash to the same card. The recipient then has immediate access to the cash — the second and subsequent times of course, they don’t even have to wait for the card to arrive.
Related Questions
- When a cheque is honoured, who does it belong to? does the paying bank keep it or is the issuer entitled to it and the bank obliged to return it to the issuer if the issuer requests its return?
- Should i take cash on holiday or travellers cheques or just my bank card?
- Is CardREX™ better than using cheques?
