What Is A Money Order?
Posted on June 9th, 2016 by Scott Hershman
A money order is a form of prepaid payment that is used to send money to people as a safe alternative to cash or check. Think of it like a “prepaid check”. When you create a money order you will specify who will be receiving. Both you as the sender and the recipient will need to sign for the money order for it to be valid. Typically, a money order will not expire. Also, you are usually able to track and cancel the order if it is lost or stolen.
Who Uses Money Orders?
There are certain situations when using cash or a personal check may not be a wise decision, such as needing to pay someone that you do not want to have your bank information. Maybe you do not have a checking account and you need to pay bills. No matter the reason, a money order is a perfect substitute for sending cash or a check.
What Are The Benefits To A Money Order?
Aside from being a substitute for cash and checks, there are many benefits to sending a money order.
- Prevent a check from bouncing
- Ensures that only the recipient can use the money
- Money orders provide security by not including your bank account number
- Send money overseas quickly
Where Can I Send A Money Order?
All West Suburban Currency Exchanges are licensed and bonded by the State of Illinois. You can send a money order worldwide from any of our locations. Our customers use them to pay bills and mail money to relatives. For more information, stop by a location nearest you!
