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Similar to a domestic money order, an international money order is used for making payments overseas without relying on digital services. International money orders are not the best way to send money abroad, so consider your other money transfer options before buying and sending one in the mail.
A money order is a paper document that is used as a method of payment, similar to a personal check. An international money order operates exactly the same way as a domestic money order, by letting you prepay an amount that’ll be used as a secure form of payment. The main difference is that international money orders are accepted by other countries instead of being limited to the US.
No, an international money order is almost never the cheapest way to send money internationally. Because of the uncertainty involved in sending an international money order, your recipient may end up paying fees and suffering from poor exchange rates when cashing the money order at a bank or local post office.
International money orders are outdated and unnecessarily risky. Consider using a money transfer to benefit from lower fees, stronger exchange rates and faster delivery speeds.
To see what your transfer could cost, enter the country you want to send to and the amount you want to send, then click Calculate.
Let’s say you need to send $1,000 to family in Mexico and want to know if sending an international money order is your best choice. Here’s what you might face as far as fees, exchange rates and sending speeds are concerned.
Digital money transfer service | Cash transfer | International money order | |
---|---|---|---|
Fee | $0 | $4.99 | $20.75 + additional fees to cash |
Exchange rate | 1 USD = 22.224 MXN | 1 USD = 22.291 | 1 USD = 21.028 |
Transfer speed | 1-2 day | Minutes | 3-10 days |
Amount received | MXN 22,224 | MXN 22,202 | MXN 20,592 |
Verdict |
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The international money order is both the slowest and most expensive option. There may be additional fees charged when cashing the international money order, and the exchange rate featured in our table is based on bank rates – the exchange rate offered when cashing the money order may be weaker.
A cash transfer service could almost always have the money there faster and available for cash pickup at hundreds of locations, while a digital service could deliver the money directly to your recipient’s bank account if desired.
Because an international money order is physically sent to your recipient, make sure that everything is filled out correctly to avoid any delays. Because your recipient may have to pay fees to cash the money order, consider sending more than needed to help cover fees and exchange rates.
After filling out the money order you’ll want to:
Money orders can be cashed in the same way as a check, but international money order cashing locations may be restricted depending on where you live. Follow these steps to cash an international money order:
As sending money shifts to online, money orders will become less common. There are many ways to send money internationally that can be done entirely online from the comfort of your home. To learn how to get started with these types of transfers, head over to our guide on transferring money and send your first transfer today.
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