‘Cash-in-transit’ means what it says: cash that’s between two locations. Cash-in-transit (CIT) applies when a transfer has begun but hasn’t been completed, essentially leaving the money on the move. While your cash is traveling, you want to know it’s safe and secure. Here are five ways to reduce risks.
Cash-in-transit bags are the actual containers designed to physically transfer monetary materials, such as banknotes, cash, coins, credit cards, and other items of value. Money moves from one location to another, including ATMs, retailers, cash centers, bank branches, and other businesses that deal in large volumes of cash. Since your business depends on the revenue it generates, keeping your money secure is paramount.
Cash is the medium of exchange in 80-85% of consumer transactions across the globe. How can you reduce the risks to your assets while in transit? Here are some suggestions.
When moving large sums of money, the last thing you want is a costly mistake or tampering. You need top-quality cash deposit bags and cash-in-transit bags with tamper-evident construction. Large, easily read printing makes costly mistakes a rare occurrence. Secure containers mean secure transport of your hard-earned cash.
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Whenever possible, make sure your cash transfer procedures take place away from the public’s eye. Set up a secure area where you can secure your currency in cash-in-transit bags without an audience. Prepare your cash for transfer behind closed doors with only designated employees and security personnel present.
To minimize or potentially eliminate risks when transferring tangible assets, engage the services of a professional security service that specializes in transporting valuables. This is especially important if your business needs cash transported often. A professional service is the best risk management tool when you transfer large amounts of cash frequently, or your money must travel a long distance.
Sound risk management dictates a shipper keeps a detailed inventory of any shipments, including cash-in-transit transactions. Immediately upon accepting a cash-in-transit bag, the recipient should check the contents to make sure nothing is amiss or damaged. Failure to perform a quick quality check could void any insurance coverage attacked to the transaction.
*Note* DO NOT OPEN TAMPER EVIDENT BAGS TO CHECK CONTENTS.
If tamper evident bags have been damaged or the seal is broken, immediately report to your cash control team and follow their directions.
If getting your cash to the bank is something you manage yourself, there are ways to mitigate the risk of something happening while you and your money are in transit.