BANKING AFFAIRS

Detailed explanation-1: -In eMO, the originating post office gives the receiving post office the details of the beneficiary electronically and the destination post office delivers cash to the beneficiary within 24 hours. The maximum amount that can be remitted is Rs 5, 000. The fee charged to the remitter is 5% of the remittance amount.

Detailed explanation-2: -Money orders are typically used for smaller amounts than cashier’s checks and that is reflected in the fee to purchase one. Depending upon where you purchase a money order, the fee ranges from $0.35 to $2.00. Money orders are typically capped at $1, 000. Some places may limit them to smaller amounts.

Detailed explanation-3: -Procedure of sending the Money Order Buy a money order form at the counter of the post office. A remitter is the person who send money order. The money order form duly filed in, together with the amount of the money order and commission either in cash or by Cheque be presented at the post office counter.