A Complete Guide For How to Send an International Money Order

In the era when digital transactions are becoming more and more fast and convenient, money orders may make the impression that they are not needed anymore. As users can make transactions via mobile apps or pay remotely with debit and credit cards, postal money orders are an option of the past. This means that in the last quarter of 2020, their processing capacity decreased by 7.5%. But that is not entirely true about money orders. They have a great uniqueness that distinguishes them from other forms of payment.

When you sell or buy goods online, remit your money to your loved ones, or even put down your apartment’s security, you can rest assured that both your transaction and your money are completely safe. You need a way to safely transfer cash to the recipients, even if they are far from you. They should also have the means to access it. However, that is where a money order comes into the picture. Transferring money globally and international orders boasts many advantages, including speed, privacy, and simplicity. However, they do not bounce like a check or put the person who receives it in a dangerous situation. Besides this, money orders are a very economical way to transfer money from one individual to another across the borders.

In this comprehensive guide, we will go deep into the fundamentals of an international money transfer with most providers, how it works, where you can find it, and the procedure of sending and receiving money orders.

Guide to  international money order

A money order  is a document by which money transfers are made domestically, like a check. Even with international money orders, the mechanism is the same as with domestic ones, which enables you to prepay specific amounts in advance. Also, it is a safe payment method and protects your money from being stolen and cheated. A money order usually holds the recipient’s records.

In addition, the beneficiary and the payer must sign the money order, making it valid. When buying a money order, one must pay the amount indicated.

It is an easy and secure way to pay that allows you to transfer to another person by purchasing a printed paper in advance. Money orders can transfer cash anywhere overseas and value privacy. They come in handy when the recipient needs a bank account. However, some countries, such as Japan, refuse them. This is why it is necessary to ensure that your country’s recipients have been approved by their government.

Everything has advantages and disadvantages; money orders include the positives and negatives you need to understand before utilization.

Pros of International Money orders

• Accessibility
  Money orders, in general, are regarded as one of the more convenient ways of carrying out transactions. You do not have to open a bank account and can pay for it easily using your debit card, cash, or traveler’s checks.
• Security
  International money order is much safer and more secure than sending cash elsewhere if you ever have to transfer an amount abroad. No matter what happens to your wallet (lost or stolen), you can always reset it so that you have nothing to be worried about( nobody stealing your money.) Furthermore, it frequently takes the sender’s and the recipient’s signatures, thereby raising security.
• Safety
  Among the others, a money order is different from a check in that there are no cases of bounced checks, as you pay in advance before sending your money order. Hence, cash withdrawals and fund transfers are ensured. However, the recipient who collects the money is needed accordingly.

Cons of International Money orders

• Costly

Senders had to pay for money transfers that cost a certain amount, and recipients would sometimes be taxed. This puts an international money order far from being the cheapest way of sending money internationally.

• Poor exchange rates

International money orders can help you get poor exchange rates, thus affecting the amount of money you want to transfer.
Time-consuming
The international money order usually arrives at the recipient’s address. Depending on the particular country, this process could be time-consuming, as it usually takes longer than digital transfers.

• Scams and fraud

Bank transfers and online services for transferring money are far better regulated than money orders. Therefore, scams and fraud fall on a larger scale regarding money orders because of the lack of regulations.

Where to get an international money order issued ?

USPS

Utilizing USPS international money order service may seem complicated, but sending funds overseas safely and securely with USPS is straightforward. You can send money to businesses and people with agreements in countries where USPS is dependent. Say there is a specific amount for sending money internationally; maybe that amount is above the usual amount and other things like that.

Through USPS, the cost of money orders to these countries accounts for about $10.25 ($700). The recipient can cash then their orders in about 28 countries. The USPS may put you on hold if you request a money order and the amount involved exceeds $1,000. One can do it easier and faster in the bank for a person who wishes to cash a money order at most a specific amount.

Western Union

Western Union’s international money order offers a convenient, reliable substitute for checks and cash. They can serve as a means of sending a gift, paying a bill, or making a purchase. Moreover, customers can obtain money orders through Western Union from Publix but with a fee of 60 cents, which, on average, won’t be cash and cannot be exchanged. Check cashing service offers a flexible way to draw on one’s real wages or personal checks from $3 to $6. This might include cash advance charges and the interest on these charges. This is a scenario where you are safe paying with your debit card. Alternatively, you can check the fee estimate for your overseas money order transfer.
Besides, their range is set at $1000. Usually, they charge 50 cents to $1.50, but it may be more.

MoneyGram

MoneyGram’s international money order system saves time as it does not require a checking account. These money orders are available at different places.
The place where MoneyGram is located should be easy for you, and you will pay for the money order amount and fill out the required fields that include but are not limited to information for both payer and payee. Moreover, you receive the money orders via in-person pick-up or in-mail. The charges for sending money orders may differ, considering the remitter and the beneficiary’s countries of residence.
The amount of money order fees charged can be determined by different countries’ origination or destination of the transaction. MoneyGram is a non-reversible service that will cost you $18.

Walmart

Another way you can buy a money order with a debit or credit card from Neighborhood Market or Walmart Supercenter is at the Money Services Center or Customer Service Desk.
The cost of a money order is the most expensive at $1. Depending on the region, there is a vast (variation) amount of money spent. Moreover, the tickets can be obtained using a debit card or exchange currency for cash. The Walmart limit per money order order is $1,000. 

Banks with international connections

Many banks provide international money orders and guarantee amounts while acquiring them. You can go to the nearest branch of your bank to find out the local bank charges.

On the other hand, banks must offer international bonds and relationships to customers for remittance services abroad. Generally speaking, fees in the $5-$10 or 10% of the money order are applicable by most banks. It means that banks take around $5-$10 or 10% of the worth of the money order.

What do you know about filling a money order?

Now that you have learned the procedure of getting an international money order, it is time to learn how to fill one. As money orders are written, it is a simple activity. In other words, one should pay close attention to details and fill out the form correctly. Using these documents, you can set up secure payments between you and your customers without needing to deal with credit cards, checks, and cash.

When dealing with money orders, you have to follow specific criteria. These specifications differ from one organization to another, whether the United States Postal Service (USPS) or the Western Union. On the other hand, each bank and money transfer has specific features for its money orders. Typically, you need the following information:

• Payee’s address
• Receiver name – the person who receives the money.
• Check the billing account number and the amount paid.
• The sender’s name and address

Moreover, you need a payment form (e.g., cash, check, and debit card) to make the payment. In addition, some issuers also tend to make it challenging to use such cards multiple times and prefer to limit the number of times they can be used. After you have purchased an international money order, be sure to correctly fill them out so that they will be on time and only the recipient can quickly cash it.

Here are the steps that you need to follow to fill out your money order:

Step 1. Make sure the name of the person is included.

Firstly, complete the field “Pay to the order of” or “Pay to” on the money order by writing down your recipient’s name. If you send money to a business, leave the “Pay to” field blank. Ensure that the spellings of your names are correct and that your handwriting is in permanent ink and cannot be mistaken.

Naming the money order the moment you purchase it will do you a big, if not the greatest, favor because it will only allow you to deposit with it or cash it. (If a money order gets misplaced/lost before you write the payee’s name, someone can fill in the information and cash it.)

If your money order has an option after that, be sure to write in the field there that fills the labeled items “from,” “sender,” or “purchaser.”

Step 2. Ensure the ‘From’ field is filled with the client’s address.

Put your address in full in the purchase section of the money order request, which asks for the buyer’s address. In that case, two address fields might be used where you type into the one address field, the business address, or the person you send or pay money to.

Step 3. Include your order or account numbers in the memo section.

You need to send a memo explaining the aim of the money order. For example, use the feature that asks you to list your debt or the things you want to buy. Next, if you have a phone number or account number from the beneficiary (e.g. ), show it here. You need to specify it in the given place. This field may also be named “account number” or “payment for.”

Step 4. Fill out your signature in the “purchaser’s signature” section.

Ensure that you sign the front of your money order, mainly by writing your signature in the required area for signature. Usually, the title of this field has either “Purchaser” or “Purchaser’s signature”. Please don’t sign the back of your money order as it is where the person or company you are transferring funds to endorses your money order before entering the cash.

And finally, please make sure that you keep your receipt. It consists of a tracking number that allows you to trace if the legitimate person has withdrawn the money order. Being considerate, you can track your money order with the help of the tracking number given on it in case it gets stolen or lost by chance, and then the subsequent replacement for it becomes easier. As a substitute, you might be charged a processing fee to reimburse your invalid money order.

Tracking the transaction

After submitting the money order, the foremost thing to do is to evolve the money order status, and safe delivery to the rightful individual becomes necessary.

Most financial institutions have online tools or features on their sites that allow you to monitor the identification of your funds to the correct beneficiary at the receiving end in real time. For instance, you might deal with funds transfers through the existing bank service. You can track the status of your transfer by entering the beneficiary account number and tracking number on their website in case your transaction is rejected.

Furthermore, just as there is money order sending options via providers, tracking your money transfer status is also easy; sign in to your account from their site. These services deliver you the latest tracking technology that enables you to keep yourself updated.

Additionally, recipients have a real-time monitoring feature that allows them to track online transfer status conveniently. Such financial institutions can also give updates to a client by SMS and email, where the receiver and sender closely monitor the status.

How to cash a money order?

It only takes a little effort to cash a money order. Consequently, these money orders not only require cashing like checks but may also depend on the availability of the local locations where people stay.

There is an approach step to follow to get cash of this type.

• Find a verified location: Before successfully collecting your money order, make sure there is a post office or a local bank where you can cash it or a general merchandise store near you that can provide such services.
• Endorse your money order: The back side needs to be signed to cash it; however, you have to put your signature on it when you hand it over to the cashier.
• Provide proof of identity: You must produce a proper verification process that should correlate with the name on the money order. The document must be government-issued; examples of this are a passport, driver’s license, or military ID card.
• Pay associated charges: You must pay the required fees and accept the minimum exchange rate for your cash at your local place.
• Count your money: Make sure that the entire money is accurate and that you are in order.

 Get the Money Order Refunded

After all your details have been provided to the financial institution, the issuing process starts by refunding your money order. Whereas some money order firms, particularly those dealing with the USPS, generally do not allow one to cancel international money orders. However, you may opt to ask them for a refund.

Usually, to process your refund request, one must have a receipt in hand. Second, remember to carry your money order, the payment receipt, and an ID form to your post office location. While some providers might not require the receipt to process the request to refund the money order, this may take up to weeks, which can be as long as eight weeks. Therefore, you should secure your money order receipt to have something to fall back on.

You can trace the documents and sign a tracing-refund request. First, you can complete the form and then send in the receipt, check, or money order along with that afterward. To process the refund request, enter your email address, city of purchase, and the money order number in the required sections. You must wait for 30 days to proceed to its verdict.

Payments as alternatives

Multiple alternative payment systems are becoming one of the significant trends in the transfer of funds. They are fast and secure while being convenient to use. These alternative devices’ processing and application costs are typically inexpensive and more secure.

Digital bank payments

In the case of a digital bank transfer, money is paid electronically from one bank to another. Signing in with your bank account allows you to complete the payment process via a browser-based online transfer portal. This is safe since you are not supposed to give the other person your account number or any other confidential data.

Electronic Funds Transfer

The EFT (electronic funds transfer) is a process of the computerized network, which you carry out with your computer. It can be either from the same of identical banks or from the dissimilar ones, but not from the same ones. A company or an individual can initiate it, and it does not require any prior reservation or account standings.

Mobile Wallets

The mobile wallet is mainly used for consumer payment operations. They can offer you a digital wallet idea where you can make contactless payments by applying NFC. These digital wallets will let you do everything from simply making an online purchase on a website to in-app transactions. The checkout is much easier and allows you to complete the transaction with the Touch ID or your PIN.

Stored-Value Wallets

A stored value wallet, you can automatically feature your convenience Mobile Money Accounts. People are increasingly drawn to these services because, through them, you can connect digital wallets to app ecosystems, premium programs, and popular online stores.

E-commerce Wallets

Usually, an e-commerce wallet only applies to B2C transactions and saves customers’ credit or debit card information and signs to pay for the items. When checking out, the user can select their Master Pass or Visa Checkout account and sign in to their account. Finally, this data is transmitted back to the merchant’s checkout site to complete the transaction.

Wrapping up

There are many ways to transfer money abroad and even within the same country. You can use an international money order as a secure method of payment. It has all the advantages compared to your personal checks or cash. 

Here is a bottom line summarizing the different International Money Order platforms mentioned in the blog:

International Money Order Platforms:

• USPS: Offers international money orders with a maximum value of $700 but can be slow and limited in reach.
• Western Union: Convenient and reliable, with fees and a maximum limit of $1,000.
• MoneyGram: Fast and doesn’t require a checking account, but fees vary depending on the countries involved.
• Walmart: Offers money orders up to $1,000 at customer service desks but may have higher fees depending on region.
• Banks: Many banks provide international money orders but can have fees and may require account relationships.

Also Read : How To Overcome The Hurdles Of International Transactions?