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Home Finance Banking Money Order Cashing – The Last Mile in the Financial Transfer

Money Order Cashing – The Last Mile in the Financial Transfer

Money orders are prepaid cash checks that are encashed at the banks or post offices. Introduced in 1792 in Great Britain, money orders ensure security to the sender, and assurance to the receiver.

money-order-cashingPHOTO BY FLICKR.COM/ARESAUBURNPHOTOS

Money Order Cashing - Dominating Check Transactions

Money orders can be purchased from post offices, banks and convenient stores. They can be easily cashed than a personal check, and can be cashed directly from banks or post offices, or can be deposited in the banks, to get the money credited to your bank account. Money order service like Western Union works this way.To purchase and cash money orders, a valid identity proof is required. As the sender pays the fee for the money transfer, the receiver is at the advantage of receiving it free. However, international money order cashing charges fee from both the sides. Money orders can be encashed from banks, post offices and convenient stores. Some banks do not cash money orders, if the money order was not purchased from the same bank.Upon receiving the money transfer details from the sender, track the money order and make yourself available for receiving the money order, with the relevant documents. While sending international money orders, look for the banks or the stores that offer the best exchange rates.

MoneyGram Cashing - the Fastest Approach

MoneyGram is the fastest among the various money order facilities. Owned and operated by the global money transfer company MoneyGram International Inc, headquartered in Dallas, Texas, MoneyGram cashing is the most convenient of the money order schemes. If the money orders are not cashed within a year, non refundable service charges are applied.MoneyGram cashing can be done in two ways: Same day service and economy service. Same day service accepts cash from credit or debit cards, and the receiver gets the fund on the same day. Economy moneygram uses bank accounts to accept cash, and usually takes 3 business days to encash money. Walmart, Safeway and Giant are a few of the famous MoneyGram agents.

Money Order Cashing Fee - Domestic and International

The money order cashing fee is different for domestic and international money orders. It depends on the type of service opted for and the amount being sent. The maximum amount allowed to send using domestic money orders is $1000. To send more, separate money orders of $1000 can be purchased. Those exceeding $3000 require a government certified identity with photograph. While $1.10 is charged for money transfers from $0.01 to $500.00, a fee of $1.50 is charged for purchasing money orders between $500.00 and $1000.00. Postal military money orders are charged at $.30.International money orders can also be purchased from within the US, the maximum amount for a single money order being $700. Multiple money orders can be sent in a single day with the limit not exceeding $10,000. The purchasing fee for a single international money order is $3.85.The receiver cashes the money for free for domestic transactions, and pays a nominal rate for international money orders.Photo source: flickr.com/aresauburnphotos

Written by Dennis Patterson

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