What is a money order company?
A money order company specialises in processing this type of payment request on behalf of their customers. Those who are sending or receiving money via the somewhat old fashioned payment method of a money order - also known as a postal order - can access such services online or in-person, through these companies.
Certain banks around the world also offer these services, albeit with less competitive exchange rates and slower transfer speeds.Check out our guide to International Money Orders
How does a money order work?
Similar in design to a cheque, a money order is a piece of paper that is purchased for a prepaid amount, used as a payment method. Money orders are generally deemed safer than cash and more flexible than cheques, and they never expire. In addition to this, money orders are a particularly useful way to deliver money to someone without a bank account.
Money orders include details such as contact information about the recipient, the beneficiary and the value. Most money orders stipulate a maximum value of $1,000 (or equivalent) which will cause problems for anyone who needs to transfer larger sums of money.
A money order can only be redeemed when the designated recipient fills out a form provided by the issuer.
Is a money order the best option for you?
If you are looking for a guaranteed prepaid way of sending money overseas, then international money orders might be for you. However, there are many online alternatives available in this day and age, many of which offer quicker and cheaper ways to transfer your funds abroad.Top 10 International Money Transfer Companies
The Top Money Order Companies
Here we will present our pick of the companies we consider the best options for international money orders.
Western Union is one of the longest standing, most well-established remittance companies and continues to support money orders as a convenient alternative to cash or cheque. Purchasing a money order through Western Union is super convenient thanks to the company’s easy to use website and mobile app, as well as their network of over 500,000 physical WU agent locations around the globe.
As with Western Union, MoneyGram is a brand that can be found almost anywhere in the world, which means it is easy to send a money order with this company. Simply head to a MoneyGram location, equipped with all the necessary information, to begin the transfer process. There is a lot of useful information on the company’s website which includes a helpful Live Chat option if you have any questions.
At the time of writing there are 11,678 Post Office locations dotted around the UK, making this a widely accessible provider of money orders. The Post Office refers to these payments as “postal orders” and impose a maximum limit of £250 to each item, with a minimum sending amount of £0.50 (or equivalent). Most national postal operators outside of the UK also offer money order services, but they may only be suitable for domestic transfers.