Business Analysis : How do money orders ?

Wednesday, October 9, 2013

How do money orders ?

By money order can be made a money transfer to a recipient , both within a country and abroad, in exchange for a service fee and % of the amount sent . This article summarizes the conditions for a postal money order or through a company specializing in shipments.

National Money Orders through postal

In Spain , it is possible to make money transfers through the service provided by the Post and Telegraph company that offers rates and delivery periods shorter than private companies , being a public interest entity of the state.

For domestic shipments , within the peninsula , and including Andorra, the service has a fixed cost of 1.60 euros ( to July 2011 ), plus 0.80% of the amount sent , for amounts from 0.10 up to 300 euros (July 2011 ) for receptions in cash, and up to 3,000 euros ( to July 2011 ) for checks or transfers received .

The delivery time is 3-5 business days and is considered urgent if the money is deposited before 13h and goes to large cities .
International shipments with Post and shipping companies

For international shipments , there are 4 modes of transmission:

    Shipping via an agreement between public correspondence services in the countries of origin and destination, with the possibility of delivery to the recipient's address , with a fixed cost of 1.81 euros (July 2011).

- Electronically , for 4.59 euros (July 2011) , from Spain to countries like Ireland, Japan, Belgium , Germany , Portugal and Switzerland .

- For fast-track , 5 euros (July 2011) fixed cost , to be delivered to the post office in countries such as Chile , Morocco , Ecuador , Peru or Colombia .

    And through the telegraph Postfin express service , which is a fixed cost of 24.45 euros ( to July 2011 ) .

In all cases , Correos Spain charges between 0.77 and 0.80% of the amount sent .

Finally , another option are private companies who ship electronic transfer , to more than 150 countries , and an option to collect the money in post offices , public establishments , travel agencies , etc. . with a fixed cost based on the amount sent , for example , in the case of Western Union, is charged EUR 10.50 ( to July 2011 ) for amounts of less than 45 euros (July 2011) , to a maximum of 107 , 50 for amounts that reach 3005 euros (July 2011).

Thus, it is possible to choose between various options in terms of time , safety and cost , depending on the country of destination and the urgency of the shipment.

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