27 Aug 2024
Can you still use a money order to make a money transfer abroad? Money order is a money transfer method that includes paper payments. Money orders were introduced in the 18th century, but they faced a downfall due to high fee rates. However, during British rule, money orders became common, and their cost was reduced. There are many alternatives for money orders, but you can still place one. Although only 29 countries have accepted money orders, it is a secure way of sending money.
Although, from 2017 to 2021, money orders faced a severe decline. In 2021, only 9.7% of households used money orders to transfer money. Anyone can use money orders. They don't require a bank for transactions. Nowadays, money transfers are one of the least expensive modes of monetary transaction. You can send money to any part of the world using money orders. The only drawback of a money order is that it has a limit of $1,000, and it must be within the limit. If you want to send more money, you must place more orders. Scroll down to learn more about money orders.
In the 18th century, when the Britishers introduced money orders, it faced a decline due to extreme rates. So, they decided to sell it to a private firm. That firm lowered the fee, and people started using it more commonly to make a global money transfer. Later, the post office took hold of money orders and decreased the rates to facilitate people. It was the peak time for the commonality of money orders, but then, the advancement of technology replaced money orders.
Money orders have evolved. In ancient times, paper prevented theft and sent money safely to different locations. Initially, postal offices issued and delivered money orders, but in the 19th century, banks took hold. Though postal offices are open, people can also get money orders through banks.
With the modernization of technology, money orders have also become advanced and updated. Now, you can purchase a money order online and digitally. You can place a money order through online postal services to banks. Money orders are now more accessible to people; they can access them easily through different platforms and enjoy sending and receiving money.
In many countries, money orders are still being processed despite the tough competition of digital money transfer services in 2024. The system is active in almost 163 countries, including the UK, the US, Pakistan, Canada, the Philippines, India, and Australia. Australia and Germany are the top-ranking countries in postal services. Post offices issue money orders to send money to different countries. The following are the countries with active money order systems.
Deutsche Post is Germany's official post system. It is responsible for sending all the mail and money orders, as money orders do not carry cash and are paper-based. They are quickly sent through post offices.
The Postal Corporation is another leading postal office in Australia. It is highly active and deals with different operations simultaneously. It facilitates the sending of emails or money orders nationally or globally.
In 2023, Switzerland ranked third for its postal services. It does not support money orders but facilitates customers' direct money transfers from mail and parcels. Cash deliveries through the Swiss portal are safe and easy to access.
Money orders include a paper payment method for making a money transfer. The sender must submit the desired amount to the bank or post office. That specific institution generates a paper of similar worth where the address, contact number, and all the receiver's details are entered. The paper is sent to the receiver through the third institute, and the receiver has to withdraw the money showing that receipt. Read below to learn how to fill up money orders:
The price of a money order depends upon the institute from which you place the order, the amount of transaction, and the method of purchasing. The prices usually start from $2. Also, different countries have different rates for it. Moreover, if you place a money order online, you can find it cheaper.
Nowadays, digital banking is skyrocketing, but there are many reasons to choose money orders for sending money. The following are the benefits of money orders:
The history of money orders dates back to ancient times. For hundreds of years, money orders have facilitated people to send money to distant cities and countries through money orders. With time, money orders suffered many ups and downs, but still, in the 20th century, it's working and active. Though many things have evolved, money orders have become more accessible, convenient, and safe. Many well-developed nations are still running postal offices to deal with money orders. The best thing about money orders is that fraud and theft are not dangerous.
Britishers introduced money orders during their rule in different countries. Initially, its prices were so high that it was almost unaffordable. Later, a private company took hold and made money orders affordable and accessible. Money orders got the attention when postal services took hold of money orders. They introduced money orders at meager prices. Until now, people adhere to money orders because of high security. There is no dealing or physical transfer of cash in a money order. Senders pay to the postal office, and receivers receive cash from the post office showing that paper.
The working of a money order is complex because it includes three parties: the sender, the receiver, and the postal service. The sender pays a specific amount to make an online money transfer for which they issue a paper and send it to recover through the post. On the receiving end, receivers show the paper to the postal service again and get the money in cash. The only drawback is that money orders come with a limit. If you want to exceed the limit, you must buy another paper because a single paper cannot deal with large amounts. Countries like Germany and Australia are still known best for their postal services, which include the smooth flow of money orders.
A money order is a paper-based method of sending money. It's like a cheque but supports guaranteed payment, which cannot be bounced like cash. Money orders don't involve physical cash transactions. It is usually placed by post offices or banks.
Download the app of the post office in your country or any other bank that supports money orders, and place a money order online by filling in the requirements and paying through a bank or debit card.
Money orders are safe because they do not include physical cash during transactions. Even if someone steals your money order payment, they can only get the cash by verifying the receiver's identity. Also, you can track the process of your money order through serial numbers.
Money orders can be used to make a global money transfer. Different countries have postal offices for sending and receiving money orders, and you can also send them online.
Money orders are highly accessible, convenient, and safe. It entertains all the customers, even those who don't have a bank account.
Reference Links:
https://www.forbes.com/advisor/banking/what-is-a-money-order/
