Or it could be for services rendered to you.Ī money order may also serve as a personal check. Perhaps you’re looking to give money to someone as a purchase price for an item you bought. There are several reasons why you want to get a money order. This usually happens upon the sender’s deposit of the money with the third-party company. Payment will only be possible when the recipient has presented proper identification, required transaction serial number, or other similar requirements.įor facilitating the transfer of cash, the sender pays the third-party company the corresponding fees for the transaction. This order comes with the instruction to pay the recipient a specific amount of cash that the sender provided. To make the transfer of cash from its sender to the recipient happen, a third-party company will take the order from the branch where the sender is and communicate it to the branch where the recipient is. For its part, the third-party company will give the cash to the recipient.Ī money order transaction is usually resorted to when the sender of the cash and the recipient do not reside in the same locality thus, the possibility of physically handing over the cash in person may not be possible. To expedite the transfer of money, the sender pays a third-party company, like Western Union or MoneyGram, to receive the cash. This convenient financial device helps facilitate the exchange of money in various transactions.īut unlike the usual exchange of money, there is a third party that makes the transfer of cash possible. On the part of the money sender, there’s no possibility of overdrawing and its consequent charges. If the recipient of the cash presents proper identification or other requirements, he or she will get the full amount. Unlike a personal check, a money order can’t bounce.
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