My Profile
Constructing Relationships With Instant Same Day Payday Loans Online
What is a Money Order? How does a Money order Work and where can you purchase one
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions without hesitation. While our website doesn't feature every company or financial product that is available, we're proud of the guidance we provide, the information we provide and the tools we develop are independent, objective, straightforward -- and completely free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on our website) However, it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive review of their services or products. .
What Is a Money Order? How a Money Order Works and where to purchase one
A money order is a purchase at places such as Walmart and the post office or your bank.
By Margarette Burnette Savings accounts as well as money market accounts bank accounts Margarette Burnette is a specialist in saving and has written about bank accounts from before even the Great Recession. Her writing has been featured in major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist who had bylines in magazines such as Good Housekeeping, and Parenting. She lives close to Atlanta, Georgia.
Updated 23rd November 2022
Written by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She has previously worked as an editor, a researcher, and a writer in industries ranging from medical care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with the focus on Soviet culture and history. She is located at Portland, Oregon.
Review 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 an internationally recognized as a speaker and author. As an expert on financial psychology, Kathleen is a regular on the television, and her writing has been featured on The New York Times, The Wall Street Journal, "PBS NewsHour,"" Money magazine, Today Money, Forbes and CNBC. Kathleen was an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor for the Champlain College. Champlain College.
At NerdWallet our content is put through a rigorous . We have such confidence in the quality and utility of our content that we have external experts review our work.
The majority or all of the items featured on this page are from our partners who compensate us. This impacts the types of products we write about and where and how the product is featured on a page. However, it does not affect our assessments. Our views are our own. Here's a list and .
Table of Contents. Show More
Table of Contents
The most important lessons to learn about money orders
A money order is a secure option to use instead of cash, or personal checks; it works like an actual check, so you can cash it or deposit it into an bank account.
If using personal checks puts you at risk, or aren't accepted for payments, you can opt for an alternative method of payment, which is a money order.
You can make use of cash or a debit card to buy money orders at the post office, Walmart, Western Union and many other locations.
How do money orders work?
The money order can be described as a piece of paper that's a secure alternative to cash or personal checks. You can specify who will get the money order and both you and that person must sign it in order for it to be legal that reduces the risk of theft.
You also prepay for money orders before you buy it. You can purchase them from U.S. post offices, Walmart, Western Union and other locations. A lot of them have a limit of $1000 which includes those you buy at banks. Typically, you need to make payment for money orders by cash or debit cards.
Nerdy Tip
Money orders are a good option for sending money if you don't own an bank account or don't want to share your banking information for the receiver.
Money orders: The pros and pros and
There are pros and cons when using a money order. Consider these pros and cons before making a decision to use one.
Pros:
No bank account required to send or receive an money order.
Money orders are easily available.
Cons:
Once a money order is cashed (or lost), it can be difficult if not impossible to retrieve your money, even if it was a result of fraud or a scam.
Subject to cash advance fees and interest if purchased with credit card. (Read the full details here .)
What can I do to purchase a money order?
Know how and who you'll be paying: Prepare with cash or a credit card, with the names of your person who will be paying and the amount you'd like to send. The option of paying with credit cards is possible, however, it will usually cost extra.
Fill it out and add the payee's name in addition, you'll need to write your name (and maybe the address) and then sign the purchase. (For step-by-step instructions read NerdWallet's advice on .) Be careful to ensure that the information you input is correct since it is impossible to edit the information later.
Keep the receipt. The receipt will be an electronic copy of the money order , or a slip of paper that contains the details that are included into the cashier's note. It could be necessary to track your money order or contact the person who gave you it.
Monitor your money order: Your receipt will also include an tracking number which you can utilize to verify that the money order was delivered to the recipient you intended. If any problems arise, contact the place that you purchased the money order to get help.
Back to top
Where can I obtain a money order? How much does the cost of a money order?
It is possible to purchase money orders at a post office, Walmart, Western Union and many other locations. Domestic money orders have a range of costs, from under a dollar up to $5 dependent on the place you purchase them. You'll get a better deal at Walmart or a market or convenience store but you'll typically pay more at a bank.
Not all providers provide international money orders, but certain Post offices will, but they're more expensive than money orders for domestic customers. And no matter where you buy them, it's safer to buy money orders in person.
Provider
Cost
Walmart
Up to $1.
Transfer agents for cash (convenience stores supermarkets, convenience stores, etc.)
Depends on the service provider. For example, some areas in San Francisco Western Union providers charge $1.
U.S. Postal Service
For up to $500: $1.65. $501-$1000: $2.20. Military money orders are 55 cents. International (up up to $750): $49.65.
Credit unions and banks
Depends on the financial institution. Often around $5.
>> Looking for more ways to send money ? Here are our .
What will a money-order cost at the biggest U.S. banks?
Here is a table listing the money order cost and the availability of some well-known banks. It is important to note that banks generally only sell money orders to customers who have accounts.
Click here to discover the money order cost and availability at some popular banks.
Bank
Money Order Details
Not available.
, Member FDIC
There is no offer.
Not available.
Five dollars for up to $1,000; free to premium account holders. You must purchase the account at a branch.
$5; free for customers with premium checking accounts.
$5; Free for customers who have premium checking.
$5; free for premium customers of checking.
$5; free for members from the Military.
$5 for as much as $1,000. You must purchase it at a branch.
Return to the top
When should I use the money order?
There are instances where personal or cash checks could be risky, or they aren't accepted as payment. Here are four examples of where cash orders can be the ideal option for payment:
It is essential to transfer money in a secure manner. Unlike checks, money orders don't include you bank account number, and they ensure that only the person who is receiving it can use it, unlike mailing cash.
You're worried about bouncing the check. Because the money orders can be redeemed, they can't be rejected because of insufficient funds. Another option: a certified check or a cashier's cheque, 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. ( And .)
It's a matter of sending money internationally. Some money orders don't work internationally, however U.S. Postal Service money orders can be sent to about 25 countries. Another option is to use a wire transfer (see ), if you require the funds faster and can spend more. You can also check out our .
You don't have a checking account. Because money orders require that you pay by advance, there is no need a bank account and you can still pay bills safely.
Nerdy Tip
For those who don't own a bank account, a different option for paying for your everyday purchases and bills is to use a .
Return to the top
Credit Card for Savings and Cash Management. Money Market
A savings account is a place where you can store money securely with interest.
Savings accounts are an account where you can store money securely and earn interest.
Member FDIC
SoFi Savings and Checking
The APY is 4.00 Per cent SoFi Members who have direct deposit can get up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. There is no minimum amount of direct deposit needed to earn the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all balances of their checking accounts and savings (including vaults). The rates of interest are variable and subject to change at any point. 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 is a product of Goldman Sachs Online Savings Account
APR 3.75% 3.75% APY (annual percentage yield) with $0 minimum balance to earn the stated APY. Accounts must be in at least a positive balance in order to stay open. APY valid as of 02/14/2023.
Min. balance to APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance required for APY $5,000
The cash accounts offer features and services similar to checking, savings or investment accounts into one product. Cash management accounts are typically offered by non-bank financial establishments.
These cash accounts combine services and features similar to savings, checking or investment accounts into one account. The cash management account is typically provided by non-bank financial institutions.
on Wealthfront's site
The Wealthfront Cash Account
APY 4.30%
Min. balance required for APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 Percentage of annual percentage yield (variable) is at 03/27/2023.
Min. balance to APY $0
CDs (certificates of deposit) are a form of savings account that has an interest rate fixed and a term generally, and have higher interest rates than standard savings accounts.
CDs (certificates of deposit) are a form of savings account with an interest rate fixed and a term, and usually have higher interest rates than regular savings accounts.
Member FDIC
Marcus by Goldman Sachs High-Yield 10-Month CD
APY 5.05 5 % 5.05% APY (annual percent yield) as on 03/28/2023. Special Offer Ends 09/15/2023.
The term is 10 months
CIT Bank No-Penalty CD
APY 4.80%
Term 11 months
Deposits are FDIC Insured
Current Account
APR N/A
Monthly fee: $0
Chime Checking Account
APR N/A
Monthly fee $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30% Your annual percentage yield can be as high as 3.30 percent depending on the following combination rate-rewards: direct deposits (not including transfers between banks from another account) totaling $1,500 or more every month earn 0.40%. A direct deposit that is eligible for a qualifying amount is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month, using your Rewards Checking Visa(r) Debit Card for regular purchases, with at least $3 for each transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) earn 0.30%; maintaining each day a balance that is $2,500 for the Axos Self-Directed Trading Invest account earns 1.00 percent; and maintaining the average balance per day of $2,500 per month within An Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly installment towards an active Axos Bank consumer loan (commercial or business loans exempted) through a transfer from your Rewards Checking account earns a maximum of 0.60%.
Monthly fee of $0
The money market accounts have rates that are similar to savings accounts, and come with some checking features.
Market accounts for money pay interest rates similar to savings accounts, and come with certain checking features.
Member FDIC
Discover Bank Money Market Account
APY 3.50 percent
Min. balance to APY $1
Tracking of money orders
It's fairly easy to figure out where a money order is as 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 information such as the serial number that appears on the receipt along with the purchase price. Banks should be in a position to provide the exact information.
Without a receipt, you'll likely have to file a research request to discover your money order's serial number, and that's expensive and lengthy. With MoneyGram, for example it's $40 and can take up to 60 days to finish.
Be sure to trace the money order with the company that actually issued it -- it might be Western Union or MoneyGram even when you bought it from a convenience store. The money order must clearly show or state who the company is.
Return to the top
The author's bio: Margarette Burnette is a savings account expert at NerdWallet. Her work has been featured on USA Today and The Associated Press.
On a similar note...
Find a savings account that is more efficient
See NerdWallet's picks for the most high-yielding online savings accounts.
Dive even deeper in Banking
Learn more about smart money strategies right to your inbox
Sign up and we'll send you Nerdy posts on the financial topics that matter most to you and other ways to help you get more from your money.
If you have almost any questions concerning wherever in addition to how to utilize payday loan online bad credit same day, you can email us at the webpage.