How do money orders work in Canada?

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How do money orders work in Canada?

Rounding it up

  • A money order is a secure way to make payments through Canada Post.

  • Money orders are good alternatives to cash payments because they can only be redeemed by the designated payee.

  • Using a money order can also be helpful if either you or a recipient doesn't have a bank account because you can redeem them at any Canada Post location for cash.

  • Canada Post guarantees all money orders, so you can get a refund for your payment if it gets lost or destroyed.

  • There are a few downsides to money orders, especially if you need to send money quickly. If you need a fast and cheap payment method, consider making a free Interac e-Transfer through your KOHO account instead.

6 min read

Gaby Pilson
#money order#safety#fraud prevention

Gaby Pilson

Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.

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