money order ?

[Mag]

Explain to me the process of transaction in good details.. and give me advantage and disadvantages of using this method. Right now, I'm trying to sell this item to this person (this isn't ebay, so there is no money protection whatsoever). I like to know how it is done, and wanted to know good safety tips.

[Alpha]

There are no safety tips really..

You go to the post office and tell them you need either a National or International money order for the desired amount of money. If it's $15.. they'll probabaly charge you a $5 fee? I don't know how the interest works, but the more money it is, the higher it goes. (I only used International Money Orders, so the fee is more) And don't stick cash in envelopes, it's not safe at all. Learn it from me and stick with the money orders if you can't send the guy a check as well.

[ken_cinder]

Person buying it:

Pros - Once you've given the bank/post office your money for it, it's guaranteed money.

There are security features built into the printing, and only the person it's made out to can cash it. So if it's lost or stolen, you could go back to the place you got it (WITH your reciept) and get a replacement.

 

Cons - Costs money to purchase one in most cases

 

Person recieving it:

Pros - Guaranteed funds, since it's not a personal cheque.

Only you can cash it, so again, if it's lost or stolen, you can inform the sender to obtain a replacement.

 

Cons - You may have to wait a certain number of days for it to clear, if it's from a different country.

[Daeval]

Cinder pretty much covered it.

 

One important note though: Don't bother getting one at the post office or your bank. Go to a reputable grocery/drug store and pick one up. They've got the same pros and cons, they can still be cashed at any bank, except they're usually a dollar or two no matter the amount. USPS or a bank will usually charge at least $5.

[ken_cinder]

Cinder pretty much covered it.

 

One important note though: Don't bother getting one at the post office or your bank.  Go to a reputable grocery/drug store and pick one up.  They've got the same pros and cons, they can still be cashed at any bank, except they're usually a dollar or two no matter the amount.  USPS or a bank will usually charge at least $5.

 

I've always found that wierd, you can cash paycheques, get money orders and even buy liquor in grocery/convienence stores in the US.

Can't do that here in Canada, at best we have places like "Money Mart" etc that will give you payday advances, or cash your paycheque if you don't have a bank account etc.

 

Oh and I get 5 free money orders a month through my bank, but thats because I have their highest tier account, and it costs me a higher service charge per month. Though it's well worth it in my case of always using my bank card for everything, never carrying cash on me etc

[Weirdy]

are you not using ebay so you don't have to include that in your income tax?