Money order

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Money order

A financial instrument backed by a deposit at a certain firm such as a bank that can be easily converted into cash.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Money Order

A certificate entitling the payee (and sometimes simply the holder) to the stated amount of cash immediately upon receipt by the appropriate organization. For example, one may send a money order through the U.S. Postal Service; when the payee receives the money order he/she can present it to the Post Office and receive the requisite cash. The money order is considered secure because the issuing body must receive cash in advance of providing the money order. Some companies prefer money orders to checks because money orders do not bounce. However, their relative anonymity can be used for money laundering and other illegal purposes. As a result, banks and other organizations issuing money orders often place a limit on how much can be sent, and brokerages do not generally accept them for payment. An issuer charges a fee in exchange for writing a money order. See also: Certified check, Western Union.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Money order.

A money order entitles the person named as payee on the order to receive the specific amount of cash shown on the order.

You can use money orders in place of checks if you don't have a checking account or if the payee requires a guaranteed form of payment. You can purchase money orders at banks, post office branches, credit unions, and other financial institutions.

You can use money orders to send money internationally as well as within the United States. The United States Postal Service (USPS) has agreements with 30 countries that allow recipients to cash USPS money orders in post offices in those countries.

Sellers sometimes impose a limit on the size of the money orders they sell, and they typically charge a fee for each order. However, those fees are less than for guaranteed bank checks. One drawback of a money order is that you have no proof that payment was received.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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For generations, that was the place to go to get stamps, mail letters and packages and get postal money orders.
KYC covered entities: Banks, savings and loan cooperatives, pension funds, insurance companies and intermediaries, money exchangers, and money remitters; securities broker/dealers, credit issuers, sellers or redeemers of traveler's checks and postal money orders; trust administrators and financial intermediaries; asset managers, real estate developers and agents; manufacturers, sellers, and distributors of weapons; art, jewelry, and precious metals dealers; sellers of new and used vehicles; casinos, virtual casinos, and electronic or other gaming entities; lawyers and accountants
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KYC covered entities: Banks, savings and loan cooperatives, pension funds, insurance companies and intermediaries, money exchangers, and money remitters; securities broker/dealers, credit issuers, sellers or redeemers of travelers checks and postal money orders; trust administrators and financial intermediaries; asset managers, real estate developers and agents; manufacturers, sellers and distributors of weapons; art, jewelry and precious metals dealers; sellers of new and used vehicles; casinos, virtual casinos, and electronic or other gaming entities; lawyers and accountants
KYC covered entities: Banks, credit institutions, and savings and loan cooperatives; pension funds; insurance companies and agents; money exchangers and remitters; trust managers, investment fund and safekeeping companies; issuers, sellers or redeemers of travelers checks and postal money orders; and securities dealers
STR covered entities: Banks, credit institutions, and savings and loan cooperatives; pension funds; insurance companies and agents, money exchangers and remitters; trust managers, investment fund and safekeeping companies; issuers, sellers or redeemers of travelers checks and postal money orders; and securities dealers