What is an international money order?
International money order has a similar appearance and function to a normal cash order. It is used across boundaries as a safe, prepaid form of payment. This payment method is usually purchased at the buyer's bank in the currency of the country he plans to visit. It is often more trustworthy than a personal check because the means are guaranteed and identified. However, international cash orders have disadvantages, including fraud potential, amount limited and limited.
In order to obtain an international money order, the traveler must find a bank or other organization that operates internationally. This organization must issue international money orders in a currency of the intended country of travelers to be accepted there. The participating countries and politicians differ from organization to organization. For example, the United States postal service (USPS) does not issue money orders worth more than $ 7 00 (USD). In fact, USPS limits some countries to $ 500 for an international money order.
The purchase price of an international money order is usually a flat fee. In most cases, the beneficiary's bank charges the processing fee for earning it. These fees vary depending on the country's receiving. Depending on the jurisdiction in which an international money order was purchased, the service fee usually applies six months to three years after the date of purchase. However, international money orders usually do not have the expiry date.
as well as common cash orders, fake international money orders are sometimes used for fraud. The buyer sends a fake cash order to purchase goods or sends more money than asks for it and requires money back. In both cases, a false cash order is finally rejected by the seller's bank. In order to avoid fraudsters, they can become acquainted with the limitation of the appearance and the value of real international cash orders. In addition, they can wait until their bank ofIlicially to accept money or not to accept international money orders at all.
Most financial institutions that accept international money orders require to meet certain standards. Common standards are printed on pink and yellow paper and including the words "International Postal Order". In addition, each country usually has a standardized width and length for domestic and international money orders. However, even if all criteria are met, some banks can refuse to honor this form of payment.