eBay

westernstargifts · ‎11-30-2015

Does anyone know if CP charges a fee for cashing a U.S. international postal money order? I know the banks do. I used to deposit them in a U.S. account but I closed it because it had been so long since I had received a U.S. cheque or money order.

femmefan1946 · ‎12-01-2015

Not in my experience.

Go to the Post Office, not a Postal Outlet. The clerks are more likely to be aware of how IPMOs work.

Now what exchange you will get is another question.

And the PO will not cash a USPS Domestic Postal Money Order. I have one kicking around since 2003. (Yes, I shipped. )

cumos55 · ‎12-01-2015

As long as I sell on eBay, there will always be some buyer that pays with a US dollar money order.

I will always have that US dollar bank account in my bank.

Open up another US dollar account and keep it open...

mr.elmwood · ‎12-01-2015

My Credit Union stopped taking any US cheques, any US MO's, many years ago: "Too many fakes", US account or not.

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pierrelebel · ‎12-01-2015

"Cashing a postal money order."

Postal money orders are meant to be negotiated (cashed) at the post office, not the bank.

For nearly thirty years I have cashed them at the franchised CP outlet without any problem although I suggest you wait until the afternoon to cash them - for large amounts - as many outlets do not have a large "cash float" in the morning.

Canadian bank accounts denominated in US dollars will always accept bank money orders such as those issued by Walmart, Amex, etc...

pierrelebel · ‎12-01-2015

"Now what exchange you will get is another question."

Typically, Canada Post works on a 3% currency exchange fee, build in the conversion rate they pay you (compared to 2.5% for PayPal and most banks), rounded up or down, whatever is best for Canada Post!

tobyshitzu · ‎12-01-2015

Been a few years but never paid a fee at TD. Would just dump them into the atm for my CAN$ account and they'd fix the exchange later. Its possible they've added a fee, but don't see any reference to one

westernstargifts · ‎12-01-2015

Thanks for all of the replies. In the past my credit union did charge $5 for every U.S. money order that I cashed which is the reason I opened a U.S. account at that time. They did not charge the fee when I made a withdrawal. It must be 3 years or more since anyone requested paying that way.

DH phoned the postal outlet that I use and they said they can cash it with no extra fee. They did have to look it up first because they just don't get the U.S. money orders. The exchange rate doesn't matter much right now since I list in U.S. dollars which makes up for the exchange rate and then some.

Anonymous · ‎12-01-2015

That is what my bank told me more than 15 years ago. They didn't want to accept US or even International money orders any more. That is why PayPal is more ideal.

westernstargifts · ‎12-02-2015

Ideally it is a better option but there are still buyers out there who do not want to use PayPal. I think there are various reasons...they don't like it, they don't trust it or maybe they don't want to open an account if there is only one thing they want to buy.

As long as I am not charged for cashing a money order I will accept them.

femmefan1946 · ‎12-02-2015

Money Orders, especially postal money orders are great for sellers.

And they can be cashed, not just deposited, at the PO. As western and a someone else mentioned, outlets may be a little confused by them, but post offices should be fine.

They will give you loonies in exchange of course.

And no PP fees.

The only problems with money orders are on the buyers' side.

If the seller won't admit to receiving it, there is little or no recourse for the buyer.

There is little or no help from eBay (and of course none from Paypal) if the item is Not As Described.

There is a fee to buy the MO. (Although some banks have low or no fee for seniors or certain types of accounts).

It takes time for the MO to arrive in the mail. (That was the problem that led to BillPoint and Paypal. Snail mail was slow, so the MO companies like Western Union, started sending out emails that the MO was on its way. Which was fine until the scammers figured out how to send fake emails..... Which of course was a seller problem.)