What is a Beneficiary?
In the context of money transfers, the payee is the person designated to receive a remittance or transfer. This is who you choose as the recipient when you start shipping.
In the US corridor -Latin America, the beneficiary is usually an immediate family member: a mother, a brother, a son, or the spouse who stayed in the country of origin. When you send money with Felix, your beneficiary receives a notification via WhatsApp and chooses how to collect the funds based on the options available in their country.
What data do you need from the beneficiary
The data you need depends on the delivery method you choose:
The Beneficiary You don't need to have a bank account to receive cash. In most destination countries, there are agent networks where you can withdraw funds by presenting your identification and the shipment reference code.
How to add a payee with Felix
With Félix, the process is direct from WhatsApp: you indicate to the chat the name of your family member, the country of destination, and the preferred payment method. Félix saves this information so that in the next shipment you only have to confirm, without re-entering the data.
Types of Beneficiary
- Remittance Recipient: person who receives an international money shipment. It is the most common use in this context.
- Bank payee: holder of the account receiving a bank transfer.
- Insurance or policy beneficiary: person designated in an insurance contract. It's a different context, even though the word is the same.
To find out what data is needed depending on the destination country, check the pages of each broker: Mexico, Guatemala, Colombia, and the other available countries.
You can also check out the full guide: Remittances and money transfers from the US: everything you need to know.