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.

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.

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.

References in periodicals archive ?
Sims in a bedroom and questioned him again about the money orders, according to the family.
merged Western Union into an integrated payment system with money transfers, money orders, walk-in payment services and prepaid phone cards.
Prices range from $15 to $200; only cashier's checks and money orders are accepted.
The transactions were detected in a review of checks and money orders sent from BCCI-Panama to BCCI-Miami for payment.
He said that Pakistan Post was providing state of the art services by using modern technology which include electric money order, fax money order and urgent money order while services of Western Union has been acquired to facilitate the public regarding remittances.
A credit card is supposedly safer to use than paying cash or using a personal check or money order.
The fee must be submitted in the form of a company check, certified check, cashiers check, treasurers check, bank money order, or United States postal money order.
PESHAWAR -- National Accountability Bureau Khyber Pakhtunkhwa arrested Riaz Muhammad Rashid the Money Order Clerk GPO D.
ISLAMABAD -- ,,, Pakistan Post has enhanced maximum limit of Fax Money Order (FMO) from Rs.