United States Postal Service (USPS) also sell money orders – and with over 30,800 post office locations in the U.S., it’s probably one of the most convenient ways to buy. Unlike other money order providers, USPS doesn’t actually use Western Union, nor MoneyGram – but will sell you their own brand money orders. Money orders may be used to pay bills, or to make credit card payments. A bank money order is simply a money order that is purchased from a bank, rather than a grocery store or post office, which are other locations where money orders can be obtained. A bank money order is not the same thing as a cashier 's check, which is a check that is drawn.
An international money order is similar in appearance and function to a regular money order. It is used across borders as a secure, prepaid form of payment. This method of payment usually is purchased at the buyer’s bank in the currency of the country he or she plans to visit. It is often more trusted than a personal check because the funds are guaranteed and identification is required to cash it. International money orders have drawbacks, however, including the potential for fraud, amount restrictions, and limited places of acceptance.
To obtain an international money order, the traveler must locate a bank or other organization that operates internationally. This organization needs to issue international money orders in the currency of the traveler’s intended country for it to be accepted there. The participating countries and policies differ from organization to organization. For example, the United States Postal Service (USPS) will not issue money orders worth more than $700 US Dollars (USD). In fact, the USPS limits some countries to $500 USD per international money order.
The purchase price of an international money order is usually a flat fee. In most cases, the recipient's bank also charges him or her a processing fee to cash it. These fees vary based on the receiving country. Depending on the jurisdiction in which the international money order was purchased, a service charge is usually applied six months to three years after the purchase date. International money orders normally do not have an expiration date, however.
Like regular money orders, fake international money orders are sometimes used to scam sellers. The buyer sends the seller a fake money order to purchase goods or sends more money than asked for and requests money back. In both cases, the fake money order is eventually rejected by the seller’s bank. To prevent being taken by fraudulent buyers, sellers can familiarize themselves with the appearance and value restrictions of real international money orders. In addition, they can wait until their bank officially accepts the money, or not accept international money orders at all.
Most financial institutions that accept international money orders require them to meet certain standards. Being printed on pink and yellow paper and including the words “international postal money order” are common standards. In addition, each country usually has a standardized width and length for both domestic and international money orders. Even if all criteria are met, however, some banks may refuse to honor this form of payment.
A money order machine is a computerized device used to print money orders to issue to customers. The United States Postal Service (USPS) issues unique money orders that are made available to the public for purchase. Money order machines may also be found at other authorized vendor locations including certain grocers, check cashing networks and a variety of other retail establishments.
Similar to bank checks, money orders are printed on specially designed paper that is preprinted with unique serial numbers and other pertinent identifying and security information. When this paper is inserted into the machine, money orders are created with a precise denomination as requested by the purchaser, as well as space for the purchaser’s information and who the money order will ultimately be paid to. The dispenser also prints a receipt that is attached to the money order, which is intended to be retained by the purchaser.
Whether a money order is created using USPS equipment or created using a machine at another authorized vendor, all money orders have unique features that are strategically placed on the draft. For example, all legitimate money orders bear a unique watermark that can only be seen by holding the money order up to a bright light. Other security features include colored ink and threads that are barely visible, but that are embedded into the paper the money order is printed on.
Money order machines are operated by an employee where the machine is located. When a customer approaches the sales counter to make a purchase, the employee manually types the denomination requested into the machine and prints a money order for the customer. For added security, most machines also require an employee password.
Some authorized vendors offer a more modern machine, however. New technology now allows customers to purchase money orders from a self-serve kiosk. Similar to a bank automated teller machine, a modern money order machine allows customers to insert cash or a bank card into a machine to pay for a requested money order amount that can be printed and dispensed through the machine without need of employee assistance.
What Does A Real Post Office Money Order Look Like 2020
Although an antique money order machine is of little use for its intended purpose, many people collect these machines just for nostalgia. These are sometimes sold at live auctions, at auction websites and can sometimes be purchased directly from antique dealers. Most are wireless devices that operate using manual printing techniques, which are no longer in use today.
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