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What Is a Money Order? How does a Money order Work and Where to Buy One
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What is a money order? How does a Money order Work and Where to Purchase One
Money orders are a payment that you can purchase at locations like Walmart and the post office and your bank.
By Margarette Burnette, Senior Writer Savings accounts as well as money market accounts banking Margarette Burnette is a specialist in saving and has been writing about bank accounts from before when the Great Recession. Her writing has been featured in , and other major newspapers. Prior to becoming a part of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines like Good Housekeeping, and Parenting. Margarette is located in Atlanta, Georgia.
Updated Nov 23, 2022
Edited by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a banking editor with NerdWallet. She has previously worked as an editor, writer and a research analyst across a range of industries from health care as well as market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in sociology from University of Chicago, with the focus on Soviet cultural history. She lives within Portland, Oregon.
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 widely known writer and speaker. As an expert in financial psychology, Kathleen has appeared on television, and her work has been published by The New York Times, The Wall Street Journal, "PBS NewsHour,"" Money magazine, Today Money, Forbes and CNBC. Kathleen worked as an adjunct faculty member at McCallum Graduate School from 2009 to 2019. McCallum Graduate School at Bentley University from 2009 until the year 2019 and currently teaches in the college of Champlain College.
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Table of Contents. Show More
Table of Contents
The most important lessons to learn regarding money orders
A money order can be a reliable substitute for cash and personal checks and functions as a check so you can cash it or transfer it to an bank account.
If using personal checks can put you at risk, or they aren't accepted for payment, you can use an alternative method of payment, which is a money order.
You can make use of cash or a debit/credit card to buy money orders at the Post Office, Walmart, Western Union and many other locations.
How do money order transactions work?
A money order is a piece of paper that's a safe alternative to personal checks or cash. The money order specifies who will receive the money order, and 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 buy it. They are available at U.S. post offices, Walmart, Western Union and other locations. There are many that have a limit of $1,000 which includes those are purchased at banks. Generally, you must make payment for money orders by cash or debit card.
Nerdy Tip
Money orders are an excellent option to send money if you don't have an bank account or don't want to share your bank information to the person receiving it.
Money orders: Pros and pros and
There are pros and cons of using a money-order. Consider these advantages and disadvantages before you make a purchase.
Pros:
No bank account required to send or receive a money order.
Money orders are widely available.
Cons:
When a money-order is cashed (or lost), it can be difficult if not impossible to recover your money even if it was a result of a scam or fraud.
The cash advance is subject to fees and interest if purchased with credit card. (Read about .)
How can I buy an order for money?
Know how and who you'll pay: Be prepared with cash or a debit card as well as with the names of your payee and the amount you wish to pay. Paying with a credit card is possible, however, it generally, it's more expensive.
Fill it out and add the name of the person who is paying and address, you'll have to include your name (and perhaps an address) and also sign the order. (For steps-by-step instructions read NerdWallet's advice on .) Make sure that everything is accurate because you'll be unable to alter the data afterward.
Keep the receipt. The receipt will be an electronic duplicate of the money order , or a slip of paper that contains the details that are included in the order. You may need it to trace your money order or contact the place where you got it.
Monitor your money order: Your receipt will also include an tracking number which you can use to verify that the money order got to the intended recipient. If there are any issues you should contact the location where you bought the money order to get help.
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Where can I find a money order? What is the cost of an order for money cost?
You can purchase a money order at the post office, Walmart, Western Union and many more. Money orders for domestic use come with an array of prices that range from less than a dollar all the way to about $5 dependent on the place you purchase them. You'll get a better deal at Walmart or the market or convenience store but you'll typically pay more at a bank.
Not all providers provide international money orders, but certain post offices do, but they are more expensive than the money orders issued in the US. No matter where you purchase them, it's more secure to buy money orders in person.
Provider
Cost
Walmart
All the way to $1.
Transfer agents for cash (convenience stores supermarkets, convenience stores, etc.)
Depends on the service provider. For example, some in the San Francisco area Western Union providers charge $1.
U.S. Postal Service
Up to $500: $1.65. $501-$1000: $2.20. Military money orders $55 cents. International (up to $700): $49.65.
Credit unions and banks
Depends on the financial institution. Often around $5.
Are you looking for other ways to send money ? Here are some of our .
What is a money order cost at some of the biggest U.S. banks?
Here is a table that lists the money order cost and availability at some popular banks. It is important to note that banks generally only offer money orders to account holders.
Click here to find out the price of a money order and availability at several well-known banks
Bank
Money Order Details
Not available.
Member FDIC
There is no offer.
Not available.
$5 up to $1,000. Free for premium accounts. It must be purchased at the branch.
$5; free for premium checking customers.
$5; no charge for premium checking customers.
$5; Free for premium customers of checking.
$5; no charge for members who are military members.
$5 for any amount up to $1000. It must be bought at the branch.
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When do I need to make use of an order for money?
There are instances when cash or personal checks can put you at risk, or they aren't accepted as payment. Here are four instances of when money orders are the ideal method of payment:
You need to send money safely. Unlike check, money orders don't contain your bank account number, and they help ensure that only the person who is receiving it can make use of it, not unlike sending cash.
You're concerned about the possibility of bouncing the check. Because they can be redeemed, they cannot be rejected for insufficient funds. Another option is a certified check or a cashier's check, both of which ensure payment and don't have to be accompanied by an amount limit of $1,000, as do the majority of money orders. ( as well .)
It's a matter of sending money internationally. Money orders are not all compatible with sending money internationally, however U.S. Postal Service money orders can be sent to more than 25 countries. Another option: A wire transfer (see ) for a wire transfer if you require money quicker and you are willing to be able to pay more. Check out our .
You don't have a bank account. Because money orders require that you pay in advance, you don't require an account with a bank account and you can still make payments safely.
Nerdy Tip
For those who don't own a bank account, a different option for paying for regular purchases and bills is to use a .
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Savings accounts are an account that lets you keep money safe while earning interest.
A savings account is an account that lets you store money securely and earn interest.
Member FDIC
Savings and SoFi Checking
The APY is 4.00 Per cent SoFi Members with direct deposit are eligible to earn up to 4.00% annually-percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on checking balances. No minimum amount for direct deposits needed to earn the 4.00 percent APY on savings. Members without direct deposit will receive 1.20 percent APY on all balances of their checking accounts and savings (including Vaults). The rates of interest are variable and subject to change at any time. The rates listed are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance to APY $0
Member FDIC
Marcus from Goldman Sachs Online Savings Account
APY 3.75 percentage 3.75% APY (annual percent yield) with no minimum balance to earn stated APY. Accounts must have at least a positive balance in order to stay open. APY valid as of 02/14/2023.
Min. balance required for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance to APY $5,000
They combine the services and features similar to savings, checking and/or investment accounts into one product. Cash management accounts are usually offered by non-bank financial institutions.
The cash accounts offer features and services that are similar to savings, checking and/or investment accounts in one package. The cash management account is usually offered by non-bank financial establishments.
on Wealthfront's site
Cash Account at Wealthfront
APY 4.30%
Min. balance to APY $1
on Betterment's website
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 percent Annual percentage yield (variable) is at 03/27/2023.
Min. balance required for APY $0
CDs (certificates of deposit) are a kind of savings account with a fixed rate and term typically, they offer higher rates of interest than regular savings accounts.
CDs (certificates of deposit) are a kind of savings account with the option of a fixed rate and time typically, they offer higher interest rates than regular savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05 5 % APY (annual percentage yield) as of 03/28/2023. Special Offer Expires 09/15/2023.
The term is 10 months
CIT Bank No-Penalty CD
APY 4.80 percent
The term is 11 months
Deposits are FDIC Insured
Current Account
APR N/A
Monthly fee: $0
Chime Checking Account
APY N/A
Monthly fee $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent. Your annual percentage yield may be up to 3.30 percent, based on the following combined rate rewards direct deposits (not including intra-bank transfers from an account) totaling $1,500 or more every month earn 0.40 percent. A direct deposit that is eligible for a qualifying amount is required to satisfy the remaining eligibility requirements for interest rates. Ten (10) points of sale transactions per month, using Your Rewards Visa(r) debit card to make regular purchases, with at least $3 for each transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) earn 0.30%; maintaining an average daily balance of $2,500 per month within your Axos Self Directed Trading Invest account will earn 1.00%. Maintaining the average balance per day of $2,500 on An Axos managed Portfolio Invest account will earn 1.00%; and making a monthly installment for an existing Axos bank consumer loan (commercial or business loans exempted) via transfers from the rewards checking account will earn a maximum of 0.60%.
Monthly fee $0
Market accounts for money pay interest rates similar to savings accounts, and come with some checking features.
The money market accounts have rates that are similar to savings accounts. They also have certain checking features.
Member FDIC
Bank Money Market Account - Discover Bank Money Market Account
APY 3.50 percent
Min. balance to APY $1
Tracking of money orders
It's relatively simple to find out where the money order is located -- as long as you've kept the receipt. The process is different depending on the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using information such as the serial number found on your receipt as well as the purchase amount. Banks should be in a position to provide you with the same information.
Without a receipt, you'll likely need to file a request to find the serial number of your money order it's costly and lengthy. For MoneyGram, for example, it costs $40 and can take 60 days to finish.
Be sure to trace the money order with the company that actually issued it -- it might have been Western Union or MoneyGram even in the event that you bought it at an convenience store. The money order must clearly indicate who the company is.
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Author bios: Margarette Burnette is a savings account specialist at NerdWallet. The work she has done was featured by USA Today and The Associated Press.
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