Definition of money order: Fulfillment of written instructions of customers for transfer of money from branch of one bank to another branch of the same bank and/or other banks in one city or between two cities is called “money order”.
Types of money orders:
- SATNA (Real time Gross Settlement) Money Order: An electronic system that carries out processing and settlement of inter-bank transactions and instructions for urgent payments instantly and individually. In fact, instruction for payment refers to a request through which issuing party requests the bank in writing or through an electronic system to transfer sum of money through another bank to the account of the beneficiary. Applicants should provide IBAN Number (International Bank Account Number) of origin and destination. In SATNA system, money transfer for over IRR 150,000,000.00 is carried out without commission fee.
- PAYA (Automated Clearing House ) Money Order: PAYA with the possibility of entire processing of a great number of instructions for payments of corporate and organizational customers, establishes suitable grounds for inter-bank group sums of money for the users such as payment of pension and salary, interest of corporate shares and types of group transfer payments. Applicants shall provide the IBAN number of origin and destination. In PAYA system, money transfer for any amount will be made without commission fee.
- Telephone Money Order: It refers to the instruction for payment issued by the branch of one bank for another branch of the same bank by telephone. Intra-urban telephone money orders are not subject to commission fee and communication charge either.
- Money order check: It refers to the instruction issued for payment that is directly delivered by the branch charged on another specific branch by check to the buyer.