These include banks, credit union offices, post offices, brick and mortar retailers, and even gas stations, all of which are authorized by a small number of currency exchange providers such as Western Union, MoneyGram, and the US Postal Service (USPS). International money orders can be bought and cashed at a variety of third-party providers across the world. While rather old-fashioned in the wake of more modern electronic funds transfer methods, international money transfers are still widely used, especially for transfers from the US to Latin American countries. Simply put, an international money order is a printed, pre-paid certificate that the sender mails abroad to the receiver who, in turn, is able to exchange that certificate for cash after they receive it. What Is an International Money Order, Anyway?
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In this guide, we'll delve into how to send international money orders with several major providers, and then explore whether or not this transfer method makes sense for you. However, unlike their domestic counterparts, international money orders can be rather pricey, and you can expect to pay higher fixed fees in addition to a hidden exchange rate margin for exchanging currencies. Offering a variety of benefits to people sending money across borders, international money orders are easy to send, safe, private, guaranteed not to bounce, and can reach the recipient even if they don't have a bank account. While money orders are in general a very cheap way of sending money from one person to another within a country, when sent internationally, they can become pricey.
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