You can buy money order online, but your options are more limited than if you bought it from your local bank or grocery store.
We've all seen commercials in which a person in need of money, in dire need of money to pay bills, bills, or other emergencies, calls a friend or family member to get financial help quickly. The usually loving but angry parent travels to the nearest bank or money transfer service and makes arrangements to send a money order to their hopeless loved ones. Everyone around them smiles happily when everyone - including the bill collectors - gets the financial help they need. However, thanks to the world wide web and some enterprising services, you no longer need to leave your home when you give someone unexpected financial benefits. Money transfers are now available online, although they are slightly different from those you buy in person.
Regular money orders can be purchased at your local grocery store, bank, or post office. There are some limitations to wire money transfers, but they are easy to get around. For example, the amount cannot exceed $ 1,000, but you can buy more than one at a time. So, if you have to send $ 5,000, just buy five money orders worth a thousand dollars a piece. The US Postal Service will charge $ 1.50 per order if shipped to a US customer; sending overseas cost $ 3.85 per 700. The
ability to send money transfers online is still a relatively new development, and most major banks and financial institutions do not offer this service yet. However, there are several companies that will allow you to use the Internet to purchase money transfers.
Read on to find out what to expect from a regular internet money transfer.
Sending money order online
As with anything related to banking, fees, payment limits, and online money transfer methods vary from company to company. For example, if you buy online money transfer from Payko - possibly the leading company offering online money transfers - you can pay using your PayPal account, which is linked to either your bank account or your credit or debit card. While convenient, Payko's customers do not have the flexibility of physical transactions as the service currently limits each account to one $ 200 online money order per day. According to their website , this is the highest remittance amount currently available on the Internet.
However, using Payko will cost a little more than sending a traditional money order. Company commissions range from $ 3.49 to $ 4.99, plus up to 5.49 percent of the total shipment. Also, unlike standard internet transactions, exchanges are not instantaneous. The physical money order is still printed and may take several days to send, depending on the type of service and the shipping method you choose. For example, sending a money order by express mail costs $ 15 more than regular first class mail, which is free but takes longer.
There are several other websites offering money transfers over the Internet, but most of them are located in India and you and the recipient must be located in the country to use these services. Other companies advertise online money transfers but are actually offering money transfers, which are not the same thing.
However, we must state that the online money transfer business is a volatile industry. While researching the information for this article, we found several web companies that appeared to offer money transfers but have recently shut down. Even Payko's website went offline for a few days from the time this article was written to its publication.
Before buying an online money transfer, do a little research to make sure the company is reliable, especially if it appears to be a new one. If you are unsure of something, you can head to your local bank, post office, or grocery store to purchase it in person. It may not be so convenient, but it will be cheaper and you will not have to worry about the legality of the transaction.
MONEY TRANSFER FRAUD
There have been many cases of fraud, especially against older people, where callers claim to be family members in financial distress. The victim then unwittingly sends the money order to the fraudster. It is important to be extremely careful when sending a money order because there is usually no refund once it has been cashed.
