Cash payments can cost at least $5.55 extra when sending $500 from US: FXC Intelligence
Cash pay-outs are still often used in emerging markets where some suppliers don’t hold bank accounts. FX risks, retail relationship management and service fees add to the costs on companies, with Thailand being the most expensive Asian country.
Cross-border payment data platform, FXC Intelligence, has revealed in a report that sending a $500 payment to suppliers from the US costs $5.55 more when settled through cash instead of bank account transfers.
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