BANKING AFFAIRS

Detailed explanation-1: -A ‘Payee’ is the person named in money order as the person to whom the money is to be paid . The advantage of sending money to someone through money order is that the money is delivered at the house or his place of stay. Buy a money order form at the counter of the post office.

Detailed explanation-2: -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.

Detailed explanation-3: -When sending money by mail, use money orders as a safe alternative to cash and personal checks. U.S. Postal Service® money orders are affordable, widely accepted, and never expire. Your money order receipt will help you track your payment and show proof of value in case the money order gets lost, stolen, or damaged.

Detailed explanation-4: -The recipient can cash the order at a local bank or credit union-there’s no requirement to go to the issuer to have it cashed. Money orders can also be deposited into a bank account, for no fee. The money order can be issued in one country and be cashed in another country.

Detailed explanation-5: -Money orders can be delivered by mail or in person.