What's a money order?

DSmiffy

Hi All, Just sold an item on ebay and stated that I would post to USA and payments for this item are accepted via paypal, cheque or postal order. Buyer has emailed and said they will send a money order. What is a money order and can I cash it in England?
Anyone help?
Thanks

blackwid0w

You can accept a money irder in US$. Some banks will allow you to bank them without charge, most however will charge you a hefty fee (mine for instance is £10 (A&L)),

I send any that I get to http://www.auctionchex.com who will then convert it into UK£ and send it to my bank account.

Check the fees and exchange rate so that you can ask your buyer for the correct amount so as to not end up out of pocket.
You do need to be quite specific to your buyer as I have had several in the past only send half the money because they just changed the pound sign for the dollar sign assuming they were one and the same. Bless.

Money orders can be bought quite cheaply in the US from most convenience stores (for around a dollar) and are guaranteed money once in your hand (unlike Paypal).

jenniferpa

Also tell the buyer to check that the money order can be cashed overseas. Some money orders are only valid in the USA.

Jennifer

loonee

If you do accept a money order definitely check that it can be cashed outside of the US. I have been sent one that can't be and I've had to send it back to the buyer for him to sort out.

Sugar_Coated_Owl

Same here. I was sent a money order for $60.00 and my bank (HSBC) wouldn't accept it.

jenniferpa

As I understand it none of the Postal Service ones can be cashed in the U.K. The domestic ones are (surprise) just for domestic use, and the intenational ones can only be used in certain countries (not U.K.) Western Union say theres can be cashed but only if the bank in question has a relationship with a U.S. bank (whatever that means). I would push your buyer to use paypal (and change your listing to read U.K. postal orders only).

Jennifer

blackwid0w

loonee wrote:

If you do accept a money order definitely check that it can be cashed outside of the US. I have been sent one that can't be and I've had to send it back to the buyer for him to sort out.

The green MOs that are bought from convenience stores do state 'not negotiable outside of the USA and possessions'. However, I have sent them to Auctionchex before without problem as Eddie (Auctionchex head chap) tells me they aren't actually 'negotiated' until the they get back to the States anyway.