International Money Orders

Today I had a requirement to look into taking an International Money Order. I found out there were some large fees in this method. I am located in the US.

To Summarize, my bank has the following fees/restrictions:

International Money Order drawn on non-US funds. $45.00, 3-4 weeks before funds available.

International Money Order drawn on non-US bank, US dollars. $45.00, 3-4 weeks before funds available.

These Items go into the banks collections department.

A wire transfer from my bank cost $30.00, receiving a wire transfer - $10.00

Has anyone else run into these fees ? Or something similar ?

International money orders - stay away from them. Too much hassle, big fees (sometimes bigger than those estimated), very slow, no protection.
Always use PayPal when possible - the cheapes and fastest method.
Wire transfer -unpredictable fees, depends if you are the buyer or seller, usually the buyer has to pay for the fees of both banks.
I haven't really tried Moneybookers, but seems to be a very cheap method - but both of you have to be registered there. (you can upload money to your moneybookers account per credit or bank transfer, you don't pay fees because the wire transfer is within your country).

I didn't mention that Paypal, even with its' fees, is the easiest, cheapest

Will,
I think those are pretty standard fees for a money order, I don't use them as way too expensive, I use Paypal for small items, wire transfer for larger. I only pay A$20 (about US$16) for wire transfer, so it doesn't need to be too big to make that the cheaper option. Usually available in their account 2-3 days after.

I think the MO are a hassle for the bank, so they charge accordingly. The few times I have got some US ones they have taken a long time to clear, sometimes a month.

Glen

Try Wester Union I used them a few times and i had no problem what so ever.
Their fees will probably be a bit higher, depending on the ammount involved etc. but if speed is of the essence then this would be your best option, to transfer cash without getting involved with banks and forms uppon forms.
And you can do it online if you want. I went to my local post office, sent the funds, which where picked up the following day with 1 form of ID by the person i send it to.

My former bank (years ago) also had pretty stiff fees for money orders, and most other services too. I took my business to another bank who offer services like this for free. I just call it in and tell them on which bank I want it, and its in my mailbox the day after. They even give me a nice interst rate on my transaction account. That's the situation in Sweden though. Don't know if it's easy to switch to another bank in the US. But try to find a bank that offers reasonable services.

StefanFS said:

My former bank (years ago) also had pretty stiff fees for money orders, and most other services too. I took my business to another bank who offer services like this for free. I just call it in and tell them on which bank I want it, and its in my mailbox the day after. They even give me a nice interst rate on my transaction account. That's the situation in Sweden though. Don't know if it's easy to switch to another bank in the US. But try to find a bank that offers reasonable services.

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The banks that I have dealt with over the last few years all have lots of rules and requirements. Most will not cash anything unless you have an account with them. Then, depending on the bank, services and the fees are tied to how much you deposit, Put in $3,500 and you get free checking and a lower interest rate for loans. Then there are the 30 day rules, so, long story short I would have to go seriously out of my way to make this work at a reasonable rate in a reasonable amount of time.

International works best with credit cards or paypal. I still want to look into Western Union.

Anytime I've had to send a MO to the US I use my bank (no fees for seniors) and buy a USF MO which is as good as cash for the recipient but also has the advantage of being tracked and cancelled if lost or stolen. Works for me. Otherwise I use PP if I can.

Hi Will. I'm not too sure what an international money order is but I've sent cashier's cheques (manager's cheques/bank drafts) from Trinidad without problems. Guess I'm lucky because my bank has an affiliate bank in the US so there are no extra fees for the seller to pay. The cheque is usually processed in a week's time (but takes a month to reach).

Although PayPal recently acknowledged Trinidad and Tobago as one of the countries they deal with, a friend of mine tried to register and was rejected. PayPal is not an option for me....

There are a lot of variables involved with all this. In some cases, some countries have US Banks or Branches which can make things easier. There is no one clear answer to this - It depends....