Money order

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An instrument used to remit money to the named payee, often used by persons who do not have a cheque account relationship with a financial institution, to pay bills or transfer money to another person or to a company.

There are three parties to a money order: the remitter (payor), the payee and the drawee.

Drawees are usually financial institutions or post offices.

Payees can either cash their money orders or present them to their bank for collection.


See also