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.