MiCash made it easy for immigrants to send money home using prepaid debit cards. With the MiCash Maestro card tied to a MiCash MasterCard, you can avoid the expense of wire transfers via Western Union. Instead, you can use Western Union or Greendot MoneyPaks to load your prepaid debit card with funds. Then you transfer funds from your main card to your companion card (aka a Maestro card). The Maestro card can be used at ATM machines, thus converting the funds back into cash.
Wire transfers are time-consuming and expensive. It take s a lot of effort for many immigrants who send money home to their loved ones in other countries to find a place where they can wire money. They have to leave home, stand in line at a money transfer agent or a place where they can get a money order. The fees can be expensive just to wire money home to friends and loved ones.
Putting aside the fact that fees are often outrageous, and the lines long, and the process inconvenience, it can be downright dangerous to carry large sums of cash on both the sending and receiving end. People have been known to be robbed leaving check cashing and wire transfer locations.The exchange rate is also an issue, often leaving fewer funds available after the transfer.
For millions of people having a prepaid debit card is a huge convenience. A person in the U.S. can purchase a prepaid card at a retail store or even online like from this site. They send the card to the recipient and once the card is activated, money can be transferred over the telephone, at a retail store, or online. These cards offer the sender a substantial savings. The only cost for sending is the loading fee associated Greendot MoneyPaks (for example $5.) And of course any monthly convenience fee you pay for having the card as an alternative to check cashing or checking accounts. If you use direct deposit to your card from your employer, you can avoid loading fees altogether.
To support their families, Immigrants working in the U.S. are sending billions of dollars home every year. Parents are also sending billions to their college students. Prepaid debit cards offer savings and security for these folks. Funds can be transferred anytime 24/7, sometimes right from their home. With the lower costs involved in transferring money by this method, immigrants can send more money home.
Remember, MiCash is trusted most by those in the know.
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