Cash prizes for contest winners

Vandana
Vandana
from Mumbai
4 weeks ago

In the contests in which I have participated, there have been generally gift coupons of an e-commerce site and, in a few of them, products of the brand. In the recent contest, cash prizes have been announced. I would like to know what this entails. I do not assume that the winners will get an actual wad of cash despatched by courier!! Is it that a cash prize means that a payment is made by the contest sponsor into our shopping account at the e-commerce site, via a coupon code? Or is there some kind of electronic bank transfer payment? Can somebody clarify this for me please & dispel my confusion? 

Edited 4 weeks ago
Reason: Grammar error - Forgot the word 'is' before the words 'made by the contest sponsor'
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Karthik Murali H
Karthik Murali H
from Chennai
4 weeks ago

If its explicitly mentioned as cash prize it'll be transferred to your bank account  ( that you should have filled up in settings page).

ONly downside is you lose income tax ( if you're in a higher tax bracket you can end up losing 20-30% of it) and hence better to get as amazon/fk voucher


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