Send Cash With American Express, Send Money American Express, Amex Send Cash

This article discusses Send Cash With American Express, Send Money American Express, Amex Send Cash. The need to send cash often arise in times of emergency.

Western Union (WU) will handle the transaction by telephone and charge it to a MasterCard or VISA card. The service is better domestically than overseas. Maximum amount: $1,000. Advantage: If the recipient has no identification, WU will ask an identifying question (such as mother's maiden name) before completing the transaction.

American Express can send up to $1,000 in cash or traveler's checks anywhere in the world overnight. A personal check will be accepted if the sender has an American Express card. Otherwise, cash or a certified check only.
Wire transfers can be made by banks, but they don't like to do it for small amounts. Major drawback: It can take as long as three days for the money to become available. Best use: Backup for American Express or Western Union if large amounts of cash are needed.

Postal Service money orders and certified or cashier's checks can also be used. Drawbacks:
Delivery is unpredictable unless the Express Mail premium is paid; it's limited to the U.S.
Reminder: Never send a personal check.
Few out-of-town banks will cash one. If they do, they will hold the funds until the check clears, often a week or more. See send money for more information.

Speaking of money, I would like to discuss here a related issue by the name of "float". The textbook definition of float is "converting a negotiable instrument into cash or the transit period required to turn a contingency into an asset." This means the time lapse between your deposit and the date the bank allows you to use those funds; or, the time lapse between when you make a payment and the date that debit is charged to your account.

Assuming that the money in question is "working," using float is a way of "creating money." If you doubt this, be assured that while the sums involved may seem small, taking advantage of float on deposits is one of the ways commercial banks expect to make a profit. A very small ($10,000,000) bank, for example, can easily make $50,000 a year simply by instituting a policy that gives them free use of your money for as long as possible. Related topics: amex send cash how to send cash to bank account mastercard send cash through amex send money using american express card transfer cash amex transfer cash to bank account, sending money overseas.

Perhaps the first step in dealing with float is to minimize its use against you. Find a bank with a reasonable "hold" policy (the delay in crediting deposits to customer accounts). The difference between a hold policy of three calendar days and 14 business days on a NOW account with an average balance of $3,000 could be the difference between annual earnings of $165 and $0.

To Send Cash With American Express, Send Money American Express, Amex Send Cash - Top

Once you have arranged to make your deposits work as long and hard as possible, you might give some attention to making float work to positive financial advantage. If you have a NOW account or a money-market account, by making payment by mail on the last possible day, you may keep that money earning as much as a week longer than otherwise, given mail delivery time and time for the draft to clear through the system. (A postmarked mailing is the legal equivalent of making payment in person on the same date.)

There are ways to use float in your savings program, too. There are still banks that offer an in-by-the-tenth, earn-from-the-first policy. You can routinely turn this to your advantage by the simple expedient of opening a second account in a day-of-deposit-to-day-of-withdrawal bank (we'll call it Bank 2) and playing one bank against the other: Withdraw funds from Bank 2 on the tenth of the month, depositing them in Bank 1, thus earning an extra 10 days' interest on the sum every month. On the last day of the month, simply transfer funds back to Bank 2 and begin again. (Note: Some in-by-the-tenth banks offer this privilege only on a quarterly basis. Still, that's 40 days' double interest per year.)
 

Source: Consumer Information Center

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