What Is Cash Gift Registry? Plus, Why Cash Gift Registry Is Gaining Popularity.
What Is Cash Gift Registry?
A Cash gift registry is an account management tool that allows you to receive, and track cash gifts made to you by your family and friends upon your request.
In today’s economy, more and more people are choosing to request for cash gift rather than a traditional gift as they celebrate life’s milestones, such as, graduation, weddings, childbirth, birthdays, or anniversary. Cash gift registry makes this possible.
Let’s face it; most of us would prefer a cash gift to traditional gifts from family and friends. And with most people not having the time it usually takes to set up and coordinate a traditional gift registry, cash gift registry is fast gaining ground as the gift registry of choice. Mostly because it takes the guesswork out of giving, and it is easier to track and manage.
Moment of Truth!
If giving a choice, which would you rather receive?See results without voting
Why A Cash Gift Registry?
Why not! Most people actually prefer to give cash or check as gifts to the celebrants at weddings, graduations, birthdays, and other special occasions. So why not make it an option on your registry for those who prefer to give cash. Moreover, monetary gifts have been considered the proper and preferred way of gift giving in many cultures.
In some African culture, example, Nigerian, cash giving is extremely popular at special occasions. It is flamboyantly displayed on the recipient. And this is usually in addition to traditional gifts. In other cultures, cash giving is the only gift option for wedding couples. In the Chinese/Korean wedding tradition cash is usually placed in an envelope and presented to the wedding couple as a gift.
Cash gift registry also takes the hassle out of gift giving. Think of the time spent setting up the list of gifts items that normally goes on a traditional gift registry, plus the time spent browsing through this list by your gift givers. Using a cash gift registry saves you time, and your gift givers will find it to be an easier process than scrolling through pages of a traditional gift registry list trying to find that gift they can or cannot afford. Best of all, you get cash, not gifts you may or may not use, and you get to spend the money on what’s important to you.
Requesting a Cash Gift from Friends and Family
Most people in general just find it awkward asking for money. I'm one of them. It just isn't easy. But with a cash gift registry, you don’t have to stress out or worry about the asking. Online cash gift registries are set up to help you through this process. Not only do they help set you up with an account that allows you to accept a cash gifts, they also provide you with tools, if you choose, that helps to send email cash gift request to your intended guests.
In my opinion, it is better to have a cash gift registry as an added option to the traditional gift registry(slim-lined, of course). This will give your friends and families more options in giving, taking the awkward out of asking.
Traditional Gift Registry
- Wedding Registry - Plus, Do's And Dont's Of Your Wed...
Wedding Registry is a planning tool that helps you track and manage your wedding gifts list. It helps to reduce the chance of receiving duplicate presents from your guest and having to return them or give them away.
- Cash Wedding Gift Registry, Politely Ask for Cash as a Wedding Gift, Cash Wedding Registries
Cash Wedding Gift.com is the perfect solution for couples who prefer to ask for cash or money as opposed to traditional wedding gifts via their gift registry.
- Online Fundraising Website and Cash Gift Registry Service | Deposit a Gift
Raise money for a cause or create a gift registry! Deposit a Gift is a crowd funding platform to request & receive cash contributions online.
Where and How To Set Up A Cash Gift Registry
There are lots of Cash Gift Registry Companies online. Companies like gogift, depositagift, myregistry, OurWishingWell, and many others, will gladly help you set up a cash gift registry account.
To set up a cash registry, you will be required to provide your social security number and information to your checking or savings account. This information will then be verified before your account is approved. Once your account is approved, you can inform your gift givers of your registry through the system’s email invite. Like the traditional registry, your guests and gift givers only need your first and last name and state of residence to access your account and make their contribution.
Most of these companies set a minimum giving limit of $10, and a maximum limit of $1000. There is also a handling fee of about 6 to 7 % of the cash gift that’s usually added to the gift givers total amount (not deducted from the cash gift). Gift givers may make gift with their credit card or through their checking account into your cash gift registry. You can then request for a delivery of funds to your checking account (automatic transfer) or via a paper check which will be subject to a handling fee.
How Does Cash Gift Registry Work?
Helping To Determine The Ideal Gift
Types of Gift
Cash gifts are so versatile as they give the recipients the flexibility to buy whatever he/she want, Put away in a savings account, Pay bills, or transfer to others as gifts.
Credit cards with the Visa/MC/AME logos are ideal ways to give as the recipient can buy whatever he/she wants, from any store. It can even be used to pay those bills. They are transferable.
Tangible Gift Items
May not always be what the recipient want. They are transferable. Tangible gifts can be sold, but usually for less the value.
Store Gift Cards
Not an ideal gift as it limits the recipent to a specific store or store brand/product. They are transferable. Most will usually recycle these as gift cards to others.
As you can see from the above table, giving a cash gifts gives the recipient more flexible options to do whatever he or she desires. Isn't that what gift giving is all about? Why not make that process easier by using the tool that allows everyone to give 'cash', even when they are miles away from you. Cash Gift Registry is that tool. I hope you'll give it a try.
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Author: Comfort Babatola - ©2013
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