A Postal Money Order is a certified, cashable document guaranteed by Canada Post. It’s a safe way to send money to make bill payments or purchases locally or anywhere in Canada. Money orders are also a great alternative when you don’t want to mail cash.
Do money orders work in Canada?
Postal Money Orders are certified cashable documents that you send through the mail. You can use them to make payments or purchases in Canada.
How much do money orders cost in Canada?
Some examples of where to get a money order and how much it will cost: Canada Post: $7.50 fee. Canadian Imperial Bank of Commerce: $9.95 fee. Western Union: Fee varies depending on payee’s location and method of payment.
What are the disadvantages of money order?
The Downsides of Money Orders
- They’re not always a convenient form of payment. Money orders must be purchased in person.
- They have a purchase maximum.
- They come with fees attached.
- They’re commonly used in scams.
Are money orders just as good as checks?
Just like personal and cashier’s checks, money orders are secure forms of payment, representing an amount of money. Unlike checks, a money order does not pull funds directly from your account.
How do I deposit a money order in Canada?
A money order issued in Canada may be cashed at any post office in Canada (without charge). You can also cash or deposit your money order at your financial institution. A money order payable to a business or other organization may only be cashed at their financial institution.
Are money orders risky?
There’s no risk of a money order bouncing, and if it’s lost or stolen, you can often receive a refund or cancel it. If you’re looking for a secure, inexpensive way to send or receive funds, money orders can be a good option.
How long is a money order good for in Canada?
No, money orders do not have an expiration date.
How much is a money order for $100?
Fees may vary by agent location, but you can generally expect to pay $1.25 for a money order up to $100, or $1.50 for one up to $1,000. This is less than you will pay at either banks or credit unions, and even a few cents cheaper than the US Post Office.
How much does a $500 money order cost?
Money Order Fees
| Dollar Amount | Fee |
|---|---|
| $0.01 to $500.00 | $1.65 |
| $500.01 to $1,000.00 | $2.20 |
| Postal Military Money Orders (issued by military facilities) | $0.55 |
Can a money order be rejected?
A money order may not be cashed if there is even just one small mistake on it, such as an incorrect date or unreadable writing.
Is a money order safer than a check?
Cashier’s checks are generally considered more secure than money orders. Although there are check scams involving fake cashier’s checks and money orders, a cashier’s check has more security features than a typical money order.
Can a money order get declined?
Because money orders are prepaid, they can’t be rejected for insufficient funds. Another option: A certified check or a cashier’s check, both of which guarantee payment and don’t necessarily have a $1,000 limit, unlike many money orders. (Read up on certified checks and find out more about cashier’s checks.)
What are the pros and cons of a money order?
Pros and cons of money orders
| Pros | Cons |
|---|---|
| Trackable and safer than cash | Low maximum amounts (often around $1,000) |
| Don’t need a bank account | Fees |
| Can be used internationally | Can be counterfeited or altered |
| Funds are guaranteed | Must be purchased in person |
Why are money orders sketchy?
Although money orders are generally inexpensive, they almost always involve a purchase fee and sometimes a redemption fee for the recipient. Money orders are an attractive tool for fraudsters, so it’s important to check the visual security features on any money order you receive.
How long does it take for a money order to clear?
10 The clearing process can take a few weeks, even if your bank’s funds availability policy allows you to use the money immediately. If you use the funds and the money order turns out to be fake, the bank will require you to repay the amount.
Does a money order deposit instantly?
A money order is a secure way to send money or make a payment — up to $1,000. Many recipients prefer money orders because, unlike a personal check, a money order can’t “bounce” and clears almost immediately; therefore, they provide a fast, risk-free form of payment.
How can you tell if a money order is real in Canada?
1-800-563-0444 is the only phone number used to verify validity. Fraudsters might use an alternate phone number and provide false validation codes.
Do banks accept money orders for deposit?
If you prefer to put your funds directly into your checking account, you can deposit a money order instead of cashing it. Banks usually accept post office money orders like they would a regular check at branches, ATMs or even on a mobile app. Money orders from other sources may need to be deposited at a branch.
Can someone steal my money order?
Money order payments are more secure than cash, but there’s always a chance that the money order could get lost or stolen. You may pay more fees with money orders than other payment types, like paper checks.
Why do people use money orders?
Money orders let you send and receive large amounts of money safely without stupid bank fees. And most importantly, they help guard your personal information. Sure, money orders will include your name and address, but unlike a personal or certified check, they won’t include your bank account or routing numbers.