Money order

Paper documents known as "flying cash" were used in China from the 800s, while the Hawala practice of informal financial remittances through a widespread system of brokers can be traced to India in the 1300s and remains common in parts of Asia and Africa.

The modern western money order system was established by a private firm in Great Britain in 1762, though due to high costs was not very successful.

Money orders typically consist of two portions: the negotiable check for remittance to the payee (the receiver), and a receipt or stub that the customer retains for record.

The amount is printed by machine or checkwriter on both portions, and similar documentation, either as a third hard copy or in electronic form and retained at the issuer and agent locations.

[3] A payer who wants to send money to a payee pays the amount and a small commission at a post office and receives a receipt for the same.

Some financial service companies such as banks and credit unions may not charge for money orders to their clients.

Companies that now offer money orders include 7-11, QuikTrip, Cumberland Farms, Safeway, Western Union,[4] MoneyGram, CVS, Wal-Mart, and 3T Solutions.

[6] Obtaining a money order in the United States is simple, as they can be purchased at any post office, and are sold at many other locations.

International money orders are often issued by a buyer's bank and bought in the currency that the seller accepts.

In Bangladesh, mobile banking services[11][12] enable electronic transfer of money as well as retail transactions.