If you are having a tough time trying to figure out how international money order works, the answers to some FAQs about it, will help you get going with the proceedings.
A money order is a written order of payment, which can be cashed by the person to whom it is addressed, at any post office in the area of jurisdiction. Even though most of the people out there, if not everybody, are familiar with a money order, its international variant is something that tends to confuse many.
International Money Order FAQs
How Does it Work?
Basically, it is an order of payment by which you can send money to various other countries of the world. Unlike the domestic money order, which facilitates the transfer of money within the country, it facilitates transfer of money to the other countries, which have an agreement with the United States Post Service (USPS). As of now, you can send a money order from the US to 30 different countries, including Canada, Japan, Mexico, and Ecuador.
It is always a safer option as opposed to sending actual currency notes, because the various formalities involved in this process ensure that money reaches the right person. Even though it is used to send money abroad, the process involved doesn’t differ much from that of sending a domestic money order. You can purchase it from a range of sources, including the local post office, bank, or a grocery store.
How Much Does it Cost?
Its cost usually depends on the amount of money you want to send. The maximum amount that can be transferred is $700 and the processing fee for this amount will be $3.85. However, you do have the option of sending multiple money orders in a day as long as the total amount you send doesn’t exceed $10,000. When buying one to send money abroad, make sure that you specifically ask for an international money order. It will have the same printed on it in bold.
How to Fill it?
Before you start filling it, you need to make sure that you have got all the things right. You will also have to ensure that the printed information on the money order is clearly visible. You will require to write the receivers name, proper address, and the pin code of the country in the payee information section. Do crosscheck when you fill in these details. If you are not aware of the pin code, you will get it at the post office.
The next step is to fill in the details about yourself in the payer information section. Even though you get a receipt for the same, it’s advisable that you take a photocopy of the same as an added precautionary measure. Last, but the most important thing is to make sure that you take the unique identification number. This is a unique number allotted to every money order, which allows you to keep a track of the money you send.
Many people confuse money orders for cashiers check, despite the two being totally different things. The most prominent difference between the two is the fact that the former can be purchased from financial institutions as well as non-financial institutions, while the latter can only be purchased from financial institutions.
