Question

Distinguish between money order and postal order

Answer 1

Answer:

Explanation:

Money order and Postal order are financial instrument to send money from one person to another.

The following are some of the differences between Money order and Postal order:

• A Postal money order is one which we purchase from local Post office whereas Money order is purchased from various sources banks.
• A Postal money order is not a legal tender but a type of promissory note which is used for sending money through mail whereas Money order is an order for a specific sum of money.
• A Postal money order is immediately honored whereas a Money order may not be eligible for immediate cashing as it needs a bank account to be credited.

  Hope this helps.