Money orders - LOWEST COST?
Are there any outlets that do it at a more affordable $1-2 range? Any advice?
Jun 13th, 2019 5:06 pm
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Jun 13th, 2019 9:20 pm
just because this is in Canada. American Money Order costs at most $1.20 US. Most of the time you pay < $1 each
Jun 13th, 2019 10:50 pm
Jun 14th, 2019 12:50 pm
There is no way it costs $4.50 per transaction to fund a piece of paper drawn on a money order account. It might cost them 10 cents between the paper templates they have printed up and the 2 minutes of staff time it takes a clerk to take the cash and write it up... $7.50 is downright absurd.macnut wrote: ↑Jun 13th, 2019 6:34 pmAs winnipeger1 said, if the funds are coming out of your account at a bank or other financial institution, in my experience they will do a bank draft for no charge.
But as you are asking about a money order specifically you are presumably funding it with cash over the counter.
Money Orders have always been a chargeable item. The post office clearly charges what they consider their time and materials involved plus a markup.
Anywhere charging less than $4.50 would surely be doing it as a loss leader.
Jun 14th, 2019 12:57 pm
I don't always like comparing to the US, its a different system and you can never compare dollar to dollar. Our currency is as different to the US currency as a Euro or a Yen (people forget this). HOWEVER, this is one item where you can tell there's severe price gouging going on, despite the different currency.
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They aren't attached to your social insurance number or your identity in the same way, and not every money order system is processed through the traditional big banks. Western Union is an example. Money orders also are like cash, no holds on your funds, none of the limitations that services like PayPal institute (the $1,000 limit per money order at the post office, for example, is overcome by simply getting a second money order).