Postal orders are a Christmas tradition for those who can remember their names. Postal orders still exist despite mobile and online banking being so popular, as well as the existence of cheques. But do you know How Postal Orders Work?
How Postal Orders Work
What Is A Post Order?
Postal orders can be compared to cheques and can transfer up to PS250. These are slips of paper that allow money transfers without needing financial information. They are ideal for people who are reluctant or don’t have bank accounts.
There are two types: crossed and uncrossed postal orders. Crossed postal orders cannot be paid into a bank account directly or used to pay a bill. Uncrossed postal orders can be exchanged for money.
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This proven method will help you better manage your money.
Not all postal orders can be used to send money. These are the only permitted scenarios.
Postal Order Fees
Cost is the main disadvantage to using a postal order over a bank transfer or cheque. There are four price brackets for the fee.
- PS0.50- PS4.99 – 50p
- PS5.00 – PS9.99
- PS10.00 – PS99.99: 12.5% off the face value
- PS100.00- PS250.00: Capped at PS12.50
How To Cash A Post Order
You will need ID to cash postal orders. To cash a post order, you must sign it back to confirm its validity, just like a cheque. 1d and crossed postal orders. Make sure to sign the back of the paper the same way you wrote it on the front. Don’t forget your middle name if it hasn’t been printed. The mandatory fee will be due. It can be either paid separately or taken from the postal order. Then, ta-da! Now you have some money.
One quick reminder: make sure to cash your postal order within six months of its sending! The money is not returned to the sender but is taken by the postal office.
What Is The Postal Order Number?
You can find the postal order number on your receipt. It is the long number at the bottom of your slip.
What Happens If Your Postal Order Is Lost? You Can Also Get A Refund For Your Postal Order
A postal order is just a piece of paper and can easily get lost. If you do lose your slip, don’t panic!
After you have posted the slip, wait 15 days before you can receive a lost mail form, a P58. A P58 can be picked up at your local post office. Royal Mail will need a photocopy and proof of purchase. You will receive an ID number upon receipt of the original postal order. This number is required to file a claim for the lost slip.
Report the theft to the police. You will be issued a Crime Reference number. If the order has not been cashed, you can contact the Post Office with the Crime Reference Number to get a refund.
You can easily get a refund from the post office if you have a receipt. If you don’t have a receipt, you can send your request along with the slip to Postal Order Team at 1 Future Walk Chesterfield S491PF. You will receive a payout letter once your request has been approved. This letter can be taken to your local post office to get a cash refund. Remember to bring a valid identification!
We hope that this has answered all your questions about postal orders.
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