PROS AND CONS OF MONEY ORDER:

Money Transfer Companies

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.

PROS:

  • 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.

CONS:

  • 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.