Sending money orders and drafts

Money orders

Money orders are particularly recommended for sending money to individuals and making payments to organizations. Available in Canadian and U.S. funds.

Features

  • Can only be cashed in Canada and the U.S.
  • No stop payments
  • Maximum $1,000

Drafts

Drafts are available in several currencies with no maximum. They can be cashed everywhere in the world by a recipient with a bank account

  • Unlike traveller's cheques, they are cashable for a period that depends on the beneficiary's credit standing.

Features

  • No maximum amount
  • Payment can be stopped (except for drafts in Canadian dollars)

Cost less than money transfers but can be cashed for a longer period.