Saturday, May 30, 2020
   
Text Size

Money Order

A money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown, it is a more trusted method of payment than a personal cheque. Money orders are readily accepted and converted to cash and are often used by people without access to a standard current account. It is an acceptable form of payment for small debts - both personal and business. The cost for a money order may vary among the commercial banks. A money order functions much like a cheque in that the person who purchased the money order may stop payment.