What Is a Money Order? How a Money Order Works and where to purchase one Advertiser disclosure You’re our first priority. Each every time. We believe everyone should be able to make financial decisions without hesitation. While our website does not feature every business or financial product available on the market however, we’re confident of the advice we provide, the information we provide as well as the tools we design are objective, independent, straightforward — and completely free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the website) However, it does not affect our advice or suggestions that are based on hundreds of hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. . What is a money order? What is a Money Order operates and where to Get One is a sure payment you can buy at places like Walmart Post Office as well as your bank. Written by Margarette Burnette Senior Writer Savings accounts as well as money market accounts banks Margarette Burnette is an expert specialist in saving and has been writing about bank accounts since before even the Great Recession. Her writing has been featured in major newspapers. Prior to joining NerdWallet, Margarette was a freelance journalist who had bylines in magazines like Good Housekeeping, and Parenting. She is based near Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She has previously worked as an editor as well as a researcher and writer across a range of industries from healthcare as well as market research. She received a bachelor’s level degree in history from Berkeley at the University of California, Berkeley and a master’s degree in sociology from the University of Chicago. She can be reached at
. The book was reviewed by Kathleen Burns Kingsbury Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is a well-known speaker and author. As an expert on the psychology of money, Kathleen has appeared on television and her work has been featured in The New York Times, The Wall Street Journal, “PBS NewsHour,” Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member of The McCallum Graduate School at Bentley University between 2009 and 2019. She is currently teaching for Champlain College. At NerdWallet the content we publish goes through an extensive . We are so confident in our accurate and useful content that we let outside experts inspect our work. Many or all of the items featured on this page are made by our partners, who pay us. This influences which products we write about as well as the place and way the product is featured on the page. However, this does not affect our opinions. Our opinions are our own. Below is a list and . Table of Contents. Show More Table of Contents Important points to remember about money orders A Money order can be a secure option to use instead of cash, or personal checks and functions as a check so you can cash it out or deposit it into an account at a bank. When using personal checks or cash can put your security at risk or isn’t acceptable for payment, make use of a money order. You can use cash or a debit card to buy cash at the postoffice, Walmart, Western Union and other places. What is the process for money orders? The money order can be described as a piece of paper that’s a safe alternative to cash or personal checks. You specify who will receive the money order, and both you and that person who will receive it must sign the order in order for it to be legal, which cuts down on theft. It is also possible to prepay a money order when you purchase it. You can purchase them at U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000 which includes those you purchase at banks. Generally, you must pay for money orders using cash or debit card. Money orders is an excellent option for sending money if you don’t have a banking account or do not want to divulge your bank information with the recipient. Money orders: Pros and Cons There’s benefits and disadvantages of using a money order. Take a look at these advantages and disadvantages before you make a decision to use one. Pros: No bank account is needed to send or receive a money order. Money orders are widely available. Cons: Once a money order is cashable (or lost) and then lost, it could be difficult, if it is not impossible to get your money back regardless of whether it was due to fraud or scam. The cash advance fee is subject to change and interest if purchased with credit card. (Read more about .) How can I buy an order for money? Be aware of how and with whom you’ll pay: Prepare with cash or a debit card, the name of the person who will be paying and the amount you want to transfer. Credit card payments may be possible, however it generally, it’s more expensive. Fill it out with the following information: Alongside the payee’s name, you’ll need to add your name (and maybe an address) and also sign the payment. (For detailed instructions on how to do this read NerdWallet’s advice on .) Make sure that all information is correct because you won’t be able to alter the information later. Keep the receipt in your wallet: The receipt is an exact carbon copy of the money order or a paper slip recording the information you entered into the cashier’s note. You may need it to trace the money order or to contact the person who received it. Follow your money order The receipt also has an identification number you can use to confirm that the money order was delivered to the intended recipient. If any problems arise you should contact the location that you purchased the money order to get help. Back to top Where can I get a money order? What is the cost of an order for money cost? You can purchase a money order at a post office, Walmart, Western Union and many other locations. Domestic money orders come in a range of costs starting at less than $1 up to $5 depending on the location you purchase them. You’ll get a better deal at Walmart or the convenience store or supermarket however, you’ll usually pay more at a bank. Not all providers offer international money orders; certain Post offices offer them, however they cost more than domestic money orders. Whatever you decide to purchase them, it’s better to buy money orders in the store in person. Provider Cost Walmart Up to $1. Agents for money transfer (convenience stores supermarkets, convenience stores, etc.) It depends on the service supplier. For example, some San Francisco-based Western Union providers charge $1. U.S. Postal Service Up To $500 $1.65. $501-$1000: $2.20. Money orders for military 55 cents. Foreign (up of $700): $49.65. Credit unions and banks rely of the bank. Often around $5. >> Looking for more options to send money ? We have a list of . What is a money order cost at the largest U.S. banks? Below is a table containing the money order cost and the availability of some well-known banks. Note that many banks will only offer money orders to customers who have accounts. Click here to learn about the price of money orders and availability at the most well-known banks Bank Money Order Details Not offered. Members of the FDIC Not available. It is not available. $5 for up to $1,000 Free to premium account holders. You must purchase the account at an office. $5; free for premium customers of checking. $5 For premium checking customers. $5 Free for premium checking customers. $5; no cost for members who are military personnel. Up to $1,000 for $5. The money order must be made at the branch. To the top of the page When do I need to use money orders? There are instances when using cash or personal checks could put you at risk, or they aren’t accepted for payments. Here are four examples of where money orders are the ideal method of payment: You must to send money securely. Unlike checks, money orders don’t include your bank account’s number, and they ensure that only the recipient is able to make use of it, as opposed to the process of sending cash. You’re worried about bouncing a check. Because the money orders have been pre-paid, they cannot be rejected because of insufficient funds. Another option is a certified check or a cashier’s check, both of which guarantee payment and don’t have to be accompanied by an amount limit of $1,000, as do many money orders. ( And .) It’s sending money abroad. Some money orders don’t work abroad, but U.S. Postal Service money orders can be delivered to around 25 countries. Another option: A wire transfer (see ) If you need the money there quicker and you are willing to pay more. Check out our . There is no need for an account with a bank. Because the money orders you need for payment in advance, this means you don’t need an account at a bank, but you can still pay bills safely. A helpful tip for those who don’t have a bank account, another method of paying regular expenses and bills is to use an . Return to the top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can save money in a safe manner with interest. A savings account is the perfect place to store money securely as well as earn interest. Members FDIC SoFi Checking and Savings APR 3.75% SoFi members who make direct deposit receive up 3.75 per cent annual percentage return (APY) for savings accounts (including vaults) and 2.50% APY on checking balances. No minimum amount of direct deposit that is required to be eligible for 3.75% APY for savings, and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits will receive 1.20% APR on all balances of savings and checking (including Vaults). Interest rates are variable and may change at any time. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY: $0 Member FDIC Marcus Goldman Sachs Online Savings Account APY 3.50 35% 3.50% APY (annual per cent yield) with a balance of zero to earn the APY stated. Accounts must be in healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to checking, savings or investment accounts into one. These accounts for managing cash are typically provided by non-bank financial institutions. These accounts offer features and services that are similar to checking, savings and investment accounts into one account. Cash management accounts are usually offered by non-bank financial establishments. on Wealthfront’s website Wealthfront Cash account APY 4.05% min. balance of APY $1 on Betterment’s site Betterment Cash Reserve Paid non-client promotions APY 4.00% Annual percent rate (variable) is at 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposit) are a kind of savings account that comes with a fixed rate and term, and usually have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that has an unchanging rate and term which usually come with more interest rates than traditional savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 year Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APY (annual per cent yield) at 01/25/2023. 1 year 1 year Member FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can get up to 3.75 per cent annually percentage return (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY for savings and 2.50 percent APY on checking balances. Members without direct deposit are eligible to get 1.20 percent APR on all balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any point. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Upgrade Rewards Checking APY N/A Monthly fee $0 Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Member FDIC Axos Bank(r) Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Make use of the Axos Visa(r) Debit Card for up to 10 transactions per monthly (min $3 per transaction) or join Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30 percent annual percentage. Keep an average daily balance of $2,500 per month within an Axos managed Portfolios Investment Account to earn 0.20% APY. Maintain a daily average balance of $2,500 per month with an Axos Self-Directed Trading Invest Account to earn 0.20 percent APY. Make use of the Rewards checking account for the full each month Axos customer loan payment and earn 0.15% APY. Monthly fee: $0. Market accounts earn rates comparable to savings accounts and include certain checking features. Market accounts pay rates similar to savings accounts and include certain checking features. Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY zero member FDIC Discover Bank Money Market Account APY 3.20 percent Min. amount for APY $1 Money order tracking It’s relatively simple to find out where your money order is — so long as you’ve kept the receipt. However, the procedure varies according to the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using details like the serial number on your receipt as well as the purchase amount. The bank you use should be able provide you with the same information. If you don’t have the receipt, you’ll be required to file a request to find the serial number on your money order, and that’s expensive and lengthy. For MoneyGram for instance the fee is $40, and can take 60 days to complete. Make sure you track the money order to the provider that you actually use that could be Western Union or MoneyGram even when you bought it from an convenience store. The money order should clearly state who the provider is. Then, back to the top about Author: Margarette Burnette, a savings account expert at NerdWallet. The work she has done for NerdWallet was highlighted in USA Today and The Associated Press. In a similar vein… Discover the best savings account. See NerdWallet’s top picks for high-yield savings accounts on the internet. Go deeper into Banking Find more money-saving strategies delivered straight to your inbox. Sign up and we’ll email you Nerdy content on the topics in finance which matter to you the most as well as other methods to help you make more value from your money.
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