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Similar to a domestic money order, an international money order is used for making payments overseas without relying on digital services. International money orders are not the best way to send money abroad, so consider your other money transfer options before buying and sending one in the mail.
What is an international money order?
A money order is a paper document that is used as a method of payment, similar to a personal cheque. An international money order operates exactly the same way as a domestic money order, by letting you prepay an amount that will be used as a secure form of payment. The main difference is that international money orders are accepted by other countries instead of being limited to Australia.
Pros
Safer than mailing cash
A bank account typically isn't required
Can't bounce – paid for in advance
Can be tracked internationally
Cons
Fees for both the sender and receiver
If you cash it in a foreign currency, you probably won't get a good exchange rate
Cancellation and refunds can be expensive and take upwards of 30 days
Not globally accepted – double check the country you're sending to
Has to be physically delivered before it can be cashed
Low sending limits – typically $1,000 or less per money order
May require multiple forms of ID to cash
Is using an international money order my best option?
No, an international money order is almost never the cheapest way to send money internationally. Because of the uncertainty involved in sending an international money order, your recipient may end up paying fees and suffering from poor exchange rates when cashing the money order at a bank or local post office.
Compare money transfer services
International money orders are outdated and unnecessarily risky. Consider using a money transfer to benefit from lower fees, stronger exchange rates and faster delivery speeds.
To see what your transfer could cost, enter the country you want to send to and the amount you want to send, then click Calculate.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Let's crunch the numbers: Sending $2,000 to the US
Let's say you need to send $2,000 to family in the US and want to know if sending an international money order is your best choice. Here's what you might face as far as fees, exchange rates and sending speeds are concerned as of 1 April 2020.
Digital money transfer service
Cash transfer
International money order
Fee
$3.99
$30
$24 + additional fees to cash
Exchange rate
1 AUD = 0.60 USD
1 AUD = 0.58 USD
1 AUD = 0.57 USD
Transfer speed
1-3 days
Minutes
2-4 days
Amount received
US$1,198
US$1,143
US$1,126
Verdict
Best value
Fastest
Slowest and most expensive
The international money order is both the slowest and most expensive option. There may be additional fees charged when cashing the international money order, and the exchange rate featured in our table is based on bank rates – the exchange rate offered when cashing the money order may be weaker.
A cash transfer service could almost always have the money there faster and available for cash pick-up at hundreds of locations, while a digital service could deliver the money directly to your recipient's bank account if desired.
How to fill out an international money order
Because an international money order is physically sent to your recipient, make sure that everything is filled out correctly to avoid any delays. Because your recipient may have to pay fees to cash the money order, consider sending more than needed to help cover fees and exchange rates.
Steps to fill out your international money order
Check availability. International money orders will not be accepted everywhere. Before you purchase one, make sure your recipient will be able to cash it at a local bank or post office.
Fill in the recipient's name. Because your recipient may need to show ID when cashing the money order, write their name exactly as it shows on their ID to avoid any complications. Some international money orders, like those from OFX , require you to fill in the recipient's address in addition to their name.
Use the memo section. If you're paying an international bill, include the account number and purpose of payment under the memo section. If you're sending money to family, consider putting your name and address in the memo section and label yourself as the purchaser.
Sign the money order. International money orders without a signature may be rejected.
After filling out the money order you'll want to:
Keep your receipt.
Ask about expected delivery dates.
Have OFX or the transfer agent verify you've filled it out correctly.
How do I cash an international money order?
Money orders can be cashed in the same way as a cheque, but international money order cashing locations may be restricted depending on where you live. Follow these steps to cash an international money order:
Find a location. Before you have an international money order sent to you, verify that a local bank, post office or convenience store will be able to cash it.
Endorse the money order. You must sign the back of the money order before it can be cashed, but wait to sign it until you're about to hand it over to the cashier.
Provide identification. Your ID will need to match the name on the international money order and be government-issued, such as a passport, driver's licence or military card.
Pay associated fees. Unfortunately, you may have to pay fees and agree to poor exchange rates to cash your international money order. You may be able to have these charges deducted from the money order total. Ask the cashier if this is an option.
Count your cash. Verify that the amount of money you received is correct before you leave the counter. Any missing money is not the responsibility of the cashier if you notice the mistake after finalising the transaction.
Bottom line
As sending money shifts to online, money orders will become less common. There are many ways to send money internationally that can be done entirely online from the comfort of your home. To learn how to get started with these types of transfers, head over to our guide on transferring money and send your first transfer today.
Frequently asked questions
Do international money orders have a maximum limit?
Sometimes, depending on the provider. For example, WorldRemit limits daily transactions to $50,000.
Can you track an international money order?
Yes. Use your receipt to track your order by calling the company you sent it through or visiting the location from which you sent the money order.
Can you cancel an international money order?
It depends. If the money order has been cashed you may not be able to cancel it. If it is still in transit you may be able to call the company that issued the money order and cancel it for a refund, but chances are low.
My international money order was stolen. Now what?
A lost or stolen money order can be replaced, but you'll often face a fee to do so. You'll need to report the stolen money order to the company that issued it, provide details found on your receipt and then typically wait anywhere between 30 and 60 days for a resolution.
I received an international money order from a stranger. Should I cash it?
No. Never cash an international money order that you weren't expecting; it is a scam. To learn more about what to do in this situation, visit our money transfer scams page to learn more.
Zak Killermann is a staff writer at Finder specialising in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been travelling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.
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