Other forms of transferring money
The Post Office have recently launched two new schemes called Payout Now and Fast Pace.
Payout Now allows the recipient to arrange for a nominated amount of cash to be picked up from any Post Office branch. It works as follows:
- User contacts their bank, building society or credit union who will be able to issue a barcode voucher
- The one-time use barcode voucher will be issued for a nominated amount and will be sent via SMS text, email or post
- The barcode voucher can be exchanged in a Post Office branch on their behalf by a family member, friend, carer or volunteer for cash
The Post Office works with most banks, building societies and credit unions, however, as this is a new service during coronavirus, we’d advise that users contact their own bank.
Fast Pace allows the recipient to arrange for a nominated cheque amount to be cashed that day from any Post Office branch. It works as follows:
- User contacts their bank and informs them that they want to withdraw cash using the Fast Track Cheque Encashment service
- The bank will then inform the Post Office of the maximum cheque amount they are allowed to cash
- The user completes the cheque as normal, payable to ‘The Post Office’ and prints the name on the back of the cheque of the third party collecting it for them and signs that side too
- The customer can then arrange for any family member, friend, carer or volunteer to collect the cheque from them
- That person then presents the cheque with their own ID such as bank card or driving licence at any Post Office
- They can be reimbursed or take the cash back to the individual (following safe social distancing guidelines) as appropriate
Card for Carers
NatWest and Royal Bank of Scotland are introducing a new ‘companion card’ a supplement card to an existing current account that enables vulnerable customers and those in extended isolation to give trusted volunteers a way to pay for their essential goods. The card can be topped up by up to £100 every 5 days and given to a trusted person, volunteer or carer to enable them to make purchases on behalf of the individual.
To enhance security, the carers card will be associated with the customer’s existing bank account but kept separate on the bank’s systems. The card does not share a PIN or long card number with the customer’s existing debit cards and ATM withdrawals are restricted to £50, as well as being subject to Royal Bank’s fraud monitoring systems.
Customers can enquire about a Companion Card by phoning:
- NatWest’s dedicated vulnerable customer lines: 0800 051 4176
- Royal Bank of Scotland’s dedicated vulnerable customer lines: 0800 051 4177
Other money transfers
Services such as Paypal or Revolut allow individuals to send money to each other without exchanging bank account details. Bank transfers can also be arranged over the phone or online but these require sharing account details. Remember, it’s much easier during this lockdown for someone to pose as someone they’re not. A good rule of thumb is to avoid sending money through these less secure routes, especially to anyone that you don’t know personally.