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Originally posted by MKBLR

I have an international money order in Can$ that's issued by a bank in Canada. I am not sure how to get hte money as I live in India. I am not sure if the banks in India take that like a cheque. Any suggestions how to go about it?

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You are right. It is like a bearer cheque. When an International M.O. is issued to anyone, they pay for the same in Local currency. So, you will see a Fixed value attached to it from the issuing country. ( They may have to pay all of the charges to obtain it at the sending end.)

When you receive it in a country, you have the physical possession of the same. Currently there are no expiry dates on it. Also it is better than a cheque, because it was pre paid and so it has a better value.

Most of the time if it is received in a country other than in which it was issued, the institutions that cashes it converts the same into their local currency and determines its value as equal to that days exchange rate. In India you will receive the equivalent value of it in Rupees.

In some foreign countries, they request that we make it available to them in a specific currency such as U.S. Dollars for their use and for onward travels. That is also possible and without any hassles.

An I.M.O. and a bearer's Cheque provides you with an exchange value and you get the cash on the spot. (Might ask for an I.D.) Bearer's cheque is like a crossed cheque. Its name changes from country to country.

Not many people like it, as it is prone to money laundering.

FH.