Post Office System of Payment
1. Postage Stamps: This is a means by which small sum can be sent by post e.g sending for samples.
2. Postal Order: It is an not a negotiable instrument. It is useful for the transmission of small sums of money by post. It can be cashed at the post office if it is not crossed.
3. Money Order: The post office provides this means to people who wish to transmit large sums of money. It is useful when the sender has no current account.
4. Telegraphic Money Order: Here, money is sent from one place to another without wasting time. A telegram is send to the payee’s post office and the payee must give proof of his identity before being paid.
5. Postal Giro: The account is opened with the post office as an alternative to postal order or money order.