WHAT IS MONEY ORDER?
A money order is issued by a government or banking institution in the form of a certificate that enables people to receive cash even if they do not have any standard checking account. A money order functions much like a check, in that the cash is provided on demand and the payee can also stop the payment.
- The biggest benefit of money orders as compared to other services is that it does not require sensitive personal information like bank account number and your bank’s routing number.
- The order can be cashed from a local bank or credit union without visiting any issuer.
- Money orders can also be deposited into a bank account without any extra charges.
- You can issue the money order in one country and it can be cashed in another country.
- Comparatively, money orders can be more complicated to track. You cannot find easily whether the order is cashed or not.
- A delay can also be experienced in getting the funds if they are cashed at a bank.
- Money orders can also be deceptive. Don’t receive them from people you don’t know. You can lose your money which can cause serious problems.