The Bank Drafts vs. Money Orders might be somewhat unclear if an individual does not use either option often. Both are very secure ways of paying for an item or sending money. They are both usually accepted both at home and abroad as valid currency similar to cash. Neither of these means of payment may be cashed by a person other than the individual whose name is on the front. They might seem to have few differences but there may be occasions to prefer one over the other.
Money orders may be issued by the post office and are guaranteed by the postal service. They could be issued by banks as well and the bank stands good for the payment. Both of these forms are paid at the time of issuance and neither is issued in amounts greater than one thousand CAD/USD.
A money order might be purchased from almost any bank or any post office which makes it very convenient to buy. The costs for them vary with the post office according to where it is to be sent and what currency it is sent in. The rates charged by banks are around the same as the post office charges, or sometimes a bit lower and range from 4 to 6 CAD.
Bank drafts are also secured forms of payment which means that the amount is paid before the draft is issued. Canadian teller checks or drafts might be issued in almost any currency a person desires. They are specially watermarked, printed with special inks and have other security measures to discourage counterfeits much in the same way currency is protected.
The cost of a draft from a bank is similar to that of the money order. A draft however, can be issued in amounts greater than one thousand dollars. This may be particularly useful when money of a larger amount must be sent to another location.
Both of these means of payment are much more secure ways to pay or send money. They can only be cashed by the person whose name is on the draft or money order, whereas cash can be used by anyone if the payment is waylaid or misplaced. If either of these has gone astray then it might be replaced, but this depends on the circumstances.
Both of these pre-paid methods are recognized both at home and abroad. Both of them are also easily obtained from convenient locations and the fees are very minimal. While either will serve admirably for smaller amounts only the draft is usable for larger payments.
Money orders may be issued by the post office and are guaranteed by the postal service. They could be issued by banks as well and the bank stands good for the payment. Both of these forms are paid at the time of issuance and neither is issued in amounts greater than one thousand CAD/USD.
A money order might be purchased from almost any bank or any post office which makes it very convenient to buy. The costs for them vary with the post office according to where it is to be sent and what currency it is sent in. The rates charged by banks are around the same as the post office charges, or sometimes a bit lower and range from 4 to 6 CAD.
Bank drafts are also secured forms of payment which means that the amount is paid before the draft is issued. Canadian teller checks or drafts might be issued in almost any currency a person desires. They are specially watermarked, printed with special inks and have other security measures to discourage counterfeits much in the same way currency is protected.
The cost of a draft from a bank is similar to that of the money order. A draft however, can be issued in amounts greater than one thousand dollars. This may be particularly useful when money of a larger amount must be sent to another location.
Both of these means of payment are much more secure ways to pay or send money. They can only be cashed by the person whose name is on the draft or money order, whereas cash can be used by anyone if the payment is waylaid or misplaced. If either of these has gone astray then it might be replaced, but this depends on the circumstances.
Both of these pre-paid methods are recognized both at home and abroad. Both of them are also easily obtained from convenient locations and the fees are very minimal. While either will serve admirably for smaller amounts only the draft is usable for larger payments.
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