Cashiers Check vs. Money Order
A cashier’s check and the money order are just two of the most popular ways of making financial transactions and sending money to people from any point in the country or even all over the globe. They have certain similarities. On the other hand, they also have differences as well.
It is important for you to understand these similarities and differences so that you can aptly decide which option is the best to go for in your circumstance. To help you with that, here are some of the basic points of convergence and divergence of a cashiers check vs. money order.
This should be one of the foremost considerations in your list when you are dealing with financial transactions. It is not a hidden fact that money can be difficult to earn these days. Hence, you should be utterly careful when you are sending or receiving money.
It is important that you do secured transactions. And in this case, among the strengths of both the money order and the cashier’s check is that the financial transactions are done in secured lines or processes. More than that, the funds are also guaranteed.
If you go for a money order, the payment will be issued by a registered post office. At the same time, you can track down the current location of your money as it is being transferred. Hence, you can be sure that the recipient of the cash will be able to get it at the order end.
Aside from that, the money order company will cover the expenses if ever your money gets lost or is damaged in the transfer process.
On the other hand, a cashier’s check will get the funds from your bank account. From then one, the bank takes full responsibility for paying the recipient of the money. The process is done simultaneously and instantly.
Ease and convenience
In terms of easiness and convenience in transaction, the cashiers check vs. money order face off draws to a tie once more. Both of them are easy to purchase. You can get the cashier’s check from a branch of the specific bank nearest you. On the other hand, money orders can be bought from grocery stores, the post office, the official stations of the money order company and even a bank.
The verification processes is just as easy. You as well as the recipient will just have to bring a state or government issues ID. This is especially true if the amount involved in the transaction is large.
This is one of the aspects where a cashiers’ check and a money order varies. The latter actually has a dollar limit. Typically, you cannot send more than 1,000 USD through a money order service. But if you really need to, there are times that you can go as high as 3,000 USD. But you have to present a proof of identification that is issued by either the state or the government.
Finally, another major point of difference between the cashiers check vs. money order is their cost. The cashier’s check is usually more costly compared to the money order. This is partly because of the difference in source (banks vs. mass market retailers like grocery stores) as well as the remittance limits which is higher in cashier’s checks.