Beneficiary: What it is and the process for receiving money from the U.S.

‍

What is a beneficiary?

A beneficiary is the person designated to receive a money transfer, remittance, or international bank transfer. They are the person you choose as the recipient when initiating a money transfer, whether it is a remittance or an international bank transfer.

Between the U.S. and Latin America, the beneficiary is usually an immediate family member: a mother, a sibling, a child, or a spouse who remained in the country of origin.

‍

Types of beneficiaries

• Bank beneficiary: the account holder who receives an international bank transfer.
• Remittance beneficiary: the person who receives an international money transfer. This is the most common use in this context.
• Insurance or policy beneficiary: the person designated in an insurance contract. This is a different context, even though the word is the same.

‍

What beneficiary information you need when sending money

The information you need depends on the delivery method you choose:

‍

Does my beneficiary need a bank account to receive money or remittances?

A beneficiary does not need to have a bank account to receive cash: in most destination countries, there are agent networks where they can pick up the funds by presenting their ID and the transfer reference code.

‍

How to add a beneficiary when sending money or remittances with Félix

With Félix, the process is direct via WhatsApp: you tell the chat your family member's name, the destination country, and the preferred collection method. Félix saves that information so that for your next transfer, you only have to confirm, without re-entering the details.

If neither you nor the beneficiary has a bank account, you can pay with cash at a store in the U.S., and your family member can pick up the money at a payout location near them, in minutes in most cases. Find your nearest store to send cash here.

You can also check our complete guide to money transfers: Money transfers and remittances from the U.S.: Everything you need to know in 2026.

• Money transfer: the process for which the beneficiary is the recipient.
• Remittance: the type of international transfer that the beneficiary receives most frequently.
• International bank transfer: one of the methods by which the beneficiary can receive funds directly into their account.
• Bank account: necessary to receive direct deposits; not essential if the beneficiary prefers to pick up cash.
• Agent network: the physical locations where the beneficiary can pick up cash without a bank account.
• Cash money transfer near you: a locator for stores in the U.S. where you can pay in cash so your beneficiary can pick up the money at a nearby payout location.