Abstract: A system for transferring money includes an electronic communication device running an application for performing a number of tasks including enabling a sender to add a desired amount in a desired currency, provide necessary sender and receiver information including a contact information and unique ID of the receiver and create, encrypt and transfer a transaction information in form of blocks of a blockchain to a distributed blockchain network, having multiple computing nodes to store a portion of the blockchain. An electronic computing device associated with an authorized financial service provider, forming a computing node of the distributed blockchain network, allows to retrieve and decrypt the blocks containing the transaction information and verifies the unique ID and a unique PIN, which is generated by the application and sent to the receiver via the contact information given by the sender, submitted by the receiver for completing an instant cash transaction.