The objective of this study is to analyse evidence on the Value for Money (VfM) of cash transfers. VfM refers to the optimal use of resources to achieve the best outcomes for people affected by crisis and disaster. The study examines evidence on the VfM of cash compared to in-kind assistance and vouchers and undertakes analysis on how VfM can be maximised. It is based on a global literature review on cash, vouchers and in-kind transfers and case studies in Ethiopia, Philippines and Lebanon.