A cash-to-cash transfer is the traditional form of remittance: the sender hands banknotes to a sending agent, and the recipient collects banknotes from a receiving agent, often in another country, within minutes. Neither party needs a bank account. The money transfer operator records the order, issues a reference number that the sender passes to the recipient, and the recipient presents it with identification for cash pickup.
The cash itself does not travel. Each agent settles with the operator afterwards through bank accounts, and the operator funds its paying agents in advance or reimburses them. Because two agents earn commission and cash must be handled and secured at both ends, this is usually the most expensive way to send money, a point reflected in studies of remittance cost. Its share is falling as senders move to apps and recipients to a bank deposit transfer or mobile wallet.