Money Order
A money order is a prepaid payment instrument issued by a bank, post office, or retailer. It is used as a secure alternative to cash or personal checks.
Money orders are purchased for a specific amount and typically include a serial number for tracking. They are often used when the payer does not have a checking account. Travelers also used traveler's checks for prepaid payments.
Related Terms
Check
A check (or cheque in British English) is a written order instructing a bank to pay a specific amoun...
Cashier's Check
A cashier's check is a check guaranteed by a bank, drawn from the bank's own funds rather than a per...
Certified Check
A certified check is a personal check that the bank has verified and stamped, confirming that suffic...
Wire Transfer
A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...
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