But an official postal money order from Canada Post is what most people are referring to when they use the term ‘money order.’ Pros & cons of money orders in CanadaĮven though money orders aren’t as popular as they used to be, they do have many advantages. You can also get money orders from private companies like Western Union. In Canada, the vast majority of money orders are what we call a postal money order, which is defined as a “certified, cashable document guaranteed by Canada Post.” These postal money orders are backed by the government and they can be used to send and receive funds at any Canada Post branch in the country. ![]() This makes money orders similar to a cheque, but with some unique security features and benefits. In other words, a money order is a piece of paper that you can mail to a business or individual in order to send them money, either as a gift or to pay them for goods and services. So that raises the question: what even is a money order?Ī money order is a type of mail-based physical payment method. In fact, in a world that’s quickly moving toward becoming a cashless society, it’s totally understandable if you’ve never even heard of a money order before. ![]() If you’re reading this article, chances are pretty high that money orders aren’t exactly something you deal with on a regular basis. Up next, we’ll discuss the basics of money orders, including their fees, features, pros, and cons, so you can decide whether using one is right for your needs. ![]() To help you understand how money orders work in Canada, we’ve put together this helpful guide. Money orders are one of the most secure physical payment methods out there and they’re particularly popular among people who don’t have bank accounts.īut if you’ve never used a money order before, the idea of sending funds through the mail might sound a bit far-fetched. But of all the different money transfer options available in Canada, few cause as much confusion as the money order.Ī money order is a type of physical payment that you can use to send funds to individuals and businesses via Canada Post. From cheques and bank drafts to PayPal and Interac e-Transfers, Canadians have a whole host of different ways to send and receive money.
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