International Money Order

Over the last two centuries money order has evolved to become one of the most important financial tool of safe money transfer. In simple words, 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. The fact that it is possible to transfer money by a click on your computer screen has done a little damage to this system of money transfer. Even though most of the people out there, if not everybody, is familiar with a money order, the relatively new concept of international money order is something that tends to confuse many.

What is an International Money Order?

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, this money order facilitates transfer of money to the other countries which have an agreement with the United States Post Service (USPS). As of now, the list of countries where you can send a money order from the U.S. is 30, and includes countries like Canada, Japan, Mexico and Ecuador. Even though the facility is restricted to 30 countries as of now, the number is expected to increase sometime in the near future.

How to Send an International Money Order?

Money order is always a safer option as opposed to sending actual currency notes, because the various formalities involved in it 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, a bank or a grocery store. Generally, money order cost depends the amount of money and the type of money order: domestic or international. The maximum amount that can be transferred is $700, and the processing fee that you would require to pay will be $3.85. However, you do have the option of sending more than one money order in a day as long as the total amount you send doesn't exceed $10,000. When asking for a money order to send money abroad, make sure that you specifically ask for an international money order - generally, it will have the same printed on it in bold.

Before you start filling a money order, you need to make sure that you have got all the things right. You also need to make sure 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. Make sure that you crosscheck when you fill in these details. If you are not aware about the pin code, you can inquire for it at the post office. The next step in to fill in the details about yourself in the payer information section. Even though you get a receipt for the money order, you can also take a photocopy of the same as an added precautionary measure. Last but most important thing is to make sure that you take the unique identification number of the money order. This is a unique number allotted to every money order, which allows you to keep a track of the money you send.

Even though money order and cashiers check are two different concepts many people tend to get confused between them. 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 later can only be purchased from financial institutions.