Let’s say that you have a job or any other source of income. For example, your friend or family member who lives abroad sends you $1,000 dollars.
You can either choose to:
If you do:
- Your money will be safer.
- You will be able to earn interest.
- You could have access to other types of accounts other than your savings account.
- You will create a relationship with the bank, which could give you access to other banking services.
- You have a record of your savings and withdrawals.
- You can pay your utility bills such as water, telephone and electricity for a small fee.
Not Bank it
And if you choose to, you will always have cash with you, however:
- You will tend to spend more as your cash is readily accessible.
- You will be more likely to loose your cash.
- You will forego the opportunity to earn interest.