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Q. Why are money orders so expensive? $10 for a money order seems excessive.
A. The consumer demand for money orders has decreased greatly over the years. So much so, that these instruments are no longer considered part of Synergy’s core business, and are offered only as a convenience. In addition to low volume demand, other factors are costs due to the labour intensive nature of money orders and for insurance once they have been issued.
If you do not wish to purchase a money order or use your personal cheques, an alternative might be an online transfer via Hyperwallet. Hyperwallet is similar to PayPal where you can make purchases online or transfer money between two people, even if they are a member of another financial institution in another country. Hyperwallet transfers can cost less than $1 for a transfer however, there may be a 2 to 3 business day delay, but this would be similar to sending a money order in the mail.
Hyperwallet is available via our MemberDirect online banking should you wish to try this service. If you need assistance to set this up or how to use the service, we would be happy to assist you. If you do not have a home computer, every Synergy branch location has a computer station for member use. We would also be glad to walk you through this process if needed.
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