What is a Money Order? How a Money Order Works and Where to Buy One Advertiser disclosure You’re our first priority. Each time. We believe that everyone should be able to make financial decisions without hesitation. While our website doesn’t feature every company or financial product available on the market, we’re proud of the advice we provide, the information we provide and the tools we develop are independent, objective easy to use and 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 doesn’t affect our recommendations or advice, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. . What is a Money Order? How does a money Order operates and where to Get One is a guaranteed payment you can purchase at locations such as Walmart, the post office and your bank. By Margarette Burnette, Senior Writer Savings accounts as well as money market accounts banking Margarette Burnette is an expert specialist in saving and has written about bank accounts since before when she was writing about the Great Recession. Her writing has been featured in , and other major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines such as Good Housekeeping, and Parenting. She is based near Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn Assistant editor Yuliya Goldshteyn is a banking editor with NerdWallet. She was previously an editor as well as a researcher and writer in a variety of industries, from health care and market research. She graduated with a bachelor’s degree in the field of history from Berkeley at the University of California, Berkeley as well as a master’s degree in social sciences from the University of Chicago. You can reach her 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 widely published speaker and author. As an expert in the psychology of money, Kathleen was featured on TV, and her work has been highlighted by 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 in the college of Champlain College. At NerdWallet our content is put through rigorous . We have such confidence in the accuracy and quality of our content that we let outside experts inspect our work. The majority of products featured here are from our partners, who pay us. This influences which products we feature and where and how the product is featured on the page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Below is a list and . Table of Contents Table of Contents Key lessons about money orders money order is a reliable substitute for cash and personal checks; it works like a check so you can either cash it or deposit it into an account at a bank. When using personal checks or cash can put you at risk, or they aren’t accepted as payment, you could use a money order instead. You can use cash or the debit card to purchase cash at the postoffice, Walmart, Western Union and many other locations. What is the process for money orders? A money order is a piece of paper that is a secure alternative to cash or personal checks. You specify who will receive the money order, and you and that person need to sign it in order for it to be valid that reduces theft. It is also possible to prepay the money order before you purchase it. They are available from U.S. post offices, Walmart, Western Union and other places. Many have a $1,000 limit which includes those you purchase at banks. Generally, you must pay for money orders using cash or a debit card. Nerdy Tip A money order is a great option for sending money if you don’t have a bank account or do not want to share your banking details for the beneficiary. Money orders: Pros and Cons There’s pros and disadvantages to using a money order. Consider these pros and cons before you use one. Pros: No bank account is required 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 not impossible, to get your money back, even if it was due to fraud or scam. Cash advance charges may apply and interest when purchased using credit card. (Read the details about .) How can I buy a money order? Consider how and to whom you’ll pay using cash or a debit card, your name, the person who will be paying and the amount you’d like to pay. Paying with a credit card might be possible, but typically, it will cost more. Complete the form: In addition to the name of the recipient, you’ll need to add your name (and maybe the address) and then sign the order. (For steps-by-step instructions follow NerdWallet’s tutorial on .) Make sure the accuracy of your information since you’ll not be able to alter the information later. Keep the receipt: The receipt is a carbon copy of the money order or a paper slip recording the details entered into the cashier’s note. You might need it to trace the money order or to contact the person who received it. Follow your money order Your receipt will also have an tracking number which you can use to confirm that the money transfer was made to the recipient you intended. If there are any issues you should contact the location that you purchased the money order for help. Return to top Where can I get a money order? What is the cost of a money order cost? You can get money orders at a post office, Walmart, Western Union and many other locations. Domestic money orders have an array of prices that range from less than a dollar all the way to about $5 depending on where you buy them. You’ll get a better deal at Walmart or a convenience store or supermarket but you’ll pay more at a bank. Not all providers provide international money orders, but certain Post offices offer them, however they’re more expensive than domestic money orders. And no matter where you purchase them, it’s better to purchase money orders in the store in person. Provider Cost Walmart Up to $1. Money transfer agents (convenience stores supermarkets, convenience stores, etc.) It depends on the service provider. For instance, certain 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. Foreign (up up to $750): $49.65. Credit unions and banks rely upon the institution that they work with. Often around $5. >> Looking for more options for sending fund s ? These are the options we have . What is a money order cost at the biggest U.S. banks? Here is an infographic that outlines the cost of money orders and availability at some popular banks. Note that many banks will only offer money orders to account holders. Click here to find out the money order cost and availability at the most well-known banks. Bank Money Order Information Not offered. , Member FDIC Not available. It is not available. $5 for up to $1,000; free on premium accounts. Must be purchased in the branch. $5; $5 for premium checking customers. $5 Free for premium customers with a checking account. $5; free for premium customers with a checking account. $5; no cost for members of the military. Up to $1,000 for $5. The money order must be made at an office. Return to top Why do I need to use money orders? There are instances that using personal or cash checks can put you at risk or may not be accepted as payment. Here are four instances where you should consider using money order as the ideal payment method: You need to transfer money in a secure manner. Unlike checks, money orders don’t contain the bank account number and help to ensure that only the recipient can use it, unlike sending cash. You’re concerned about bounced checks. Since the money orders can be prepaid and are therefore able to pay, they won’t be rejected due to insufficient funds. Another option is a certified check or a cashier’s cheque, both of which are guaranteed to be paid and don’t have to be accompanied by the limit of $1,000 like the majority of money orders. ( as well .) You’re 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 a wire transfer (see ) for a wire transfer if you need the money there quicker and you are willing to pay more. You can also check out our . You don’t need a checking account. Since the money orders you need to pay in advance, you do not need an account at a bank, but you are able to pay for bills without risk. The best advice for you if you don’t have a bank account, another option for paying for your regular purchases and other bills is to use an . Return to the top Savings Cash Management CD Checking Money Market A savings account is a place where you can save money in a safe manner while earning interest. Savings accounts are a place where you can store money securely while earning interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Checking and Savings with APY of 3.75% SoFi members who make direct deposit are eligible to receive up 3.75 per cent per year in annual percentage yield (APY) for savings accounts (including vaults) and 2.50 percent APY on checking balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Members without direct deposit will get 1.20 percent APR on all balances in checking and savings (including Vaults). The rates of interest are variable and may change at any point. 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 by Goldman Sachs Online Savings account APY 3.50 35% 3.50% Annual Percentage Yield (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must be in healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY Cash accounts are $0 and offer a variety of services and features comparable to savings, checking and/or investment accounts into one. These accounts for managing cash are generally provided by non-bank financial institutions. These accounts offer services and features similar to checking, savings and/or investment accounts in one account. These accounts for managing cash are typically offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Account APY 4.05 percent min. Balance for APY $1 on Betterment’s website Betterment Cash Reserve Paid non-client promotions APY 4.00 percent annually percent yield (variable) is at 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposit) are a type of savings account that has fixed rates and terms typically, they have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that has fixed rates and terms, and usually have higher interest rates than standard savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APY (annual percentage yield) at 01/25/2023. 1 year Member FDIC SoFi Checking and Savings APY 2.50% SoFi members who have direct deposit may earn up to 3.75 percent annually percentage return (APY) on savings balances (including vaults) and 2.50 percent APY on their checking balances. There is no minimum amount of direct deposit needed to be eligible for 3.75 percent APY for savings accounts and 2.50% APY for checking balances. Members without direct deposit will get 1.20 percent interest on balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any time. These rates are current at 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 your Axos Visa(r) debit card to make a maximum of 10 transactions each month (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30 percent APY. Keep an average daily amount of $2,500 on the Axos Managed Portfolios Invest Account to earn 0.20% annual percentage yield. Keep an average daily balance of $2,500 per month in An Axos Self-Directed Trading Investment Account in order to receive 0.20 percent APY. Make use of your Rewards Checking account to pay the full month’s Axos customer loan payment to earn 0.15 percent annual percentage yield. Monthly fee $0 Market accounts earn rates that are similar to savings accounts and have certain checking features. Money market accounts pay rates similar to savings accounts and have certain checking features. Member FDIC UFB Best Money Market APY 4.21% Min. balance for APY $1 Member FDIC Discover Bank Money Market Account APY 3.20 percent Min. balance for APY $1 tracking of money orders It’s pretty easy to figure out where a money order is as long as you’ve kept the receipt. But the process varies slightly depending on the issuer. The U.S. Postal Service and MoneyGram allow you to track online with details such as the serial number that appears on your receipt as well as the amount of your purchase. Your bank should be able provide you with the same information. Without a receipt, you’ll probably need to submit a research request to locate your money order’s serial number, and that’s expensive and lengthy. For MoneyGram, for example the fee is $40, and could take up to 60 days to process. Make sure you track the money order with the actual provider — it might be Western Union or MoneyGram even when you bought it from the convenience store. The money order must clearly state the name of the service provider. Return to top About Author: Margarette Burnette, a expert in the field of savings accounts at NerdWallet. Her work has been highlighted by USA Today and The Associated Press. Similar to… Find the best savings account. See NerdWallet’s top picks for high-yield savings accounts on the internet. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. Sign up and we’ll email you Nerdy content about the money topics which matter to you the most and other strategies to help you get more value from your money.
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