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What is a Money Order? How does a money order work and Where to Buy One Advertiser disclosure You’re our first priority. Every every time. We believe that every person should be able to make financial decisions without hesitation. Although our site does not feature every business or financial product that is available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent easy to use and completely free. So how do we make money? Our partners compensate us. This could influence which products we review and write about (and the way they appear on our website) however it doesn’t affect our recommendations or advice that are based on hundreds of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. . What is a money order? How a Money Order works and where to Buy One is a sure payment you can purchase at locations such as Walmart, the post office and even your bank. Written by Margarette Burnette, Senior Writer Savings accounts as well as money market accounts banks Margarette Burnette is a specialist in saving and has written about bank accounts from before when she was writing about the Great Recession. Her writing has been featured in , and other major newspapers. Prior to being a member of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines such as Good Housekeeping, and Parenting. She is based in Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn Assistant editor Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously an editor, writer and research analyst in a variety of industries, from healthcare to market research. She earned a bachelor’s degree in history at the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. You can reach her by email at
. 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 a widely published speaker and author. As an expert in the psychology of money, Kathleen is a regular on the television, and her writing has been highlighted in 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 The McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches in the college of Champlain College. At NerdWallet, our content goes through an extensive . We have such confidence in our reliable and valuable content that we allow external experts review our work. Many or all of the products we feature are provided by our partners who compensate us. This affects the products we feature as well as the place and way the product appears on a page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Below is a list and . Table of Contents Table of Contents Important points to remember about money orders A cash advance is an safe option to use instead of cash, or personal checks; it works like the check and you can either cash it or deposit it into a bank account. If cash or personal checks puts the risk of being harmed, or they aren’t accepted as payment, you could make use of a money order. Cash or the debit card to purchase cash at the postoffice, Walmart, Western Union and other places. What is the process for money orders? Money orders are a piece of paper that’s a safe alternative to personal checks or cash. You specify who will receive the money order and both you and the person who will receive it must sign the order in order to make it valid that reduces theft. You also prepay for money orders when you buy it. They’re available in 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 pay for money orders with cash or a debit card. The Nerdy Tip: A money order is a good option to transfer money when you don’t have a banking account or you don’t wish to share your banking details with the recipient. Money orders: pros and cons There are pros and disadvantages to using a money transfer. Consider these pros and cons before you use one. Pros: No bank account required to make or receive a cash order. The money order is widely available. Cons If a money-order is accepted (or lost) or lost, it is difficult, if it is not impossible to get your money back even if it’s because of fraud or scam. Subject to cash advance fees and interest if purchased with a credit card. (Read the details about .) What can I do to purchase money orders? Be aware of how and with whom you’ll pay with cash or a debit card, your name, the person paying and the amount you’d like to transfer. Paying with a credit card might be possible, but typically, it will cost more. Fill it out with the following information: Alongside the name of the recipient it is necessary to add your name (and maybe an address) and also sign the payment. (For step-by-step instructions follow NerdWallet’s tutorial on .) Be sure to verify the accuracy of your information because you won’t be able to edit the data afterward. Keep the receipt in your wallet: The receipt is an exact copy of the money order or a slip of paper that records the information you entered in the order. You may need it to track your money order , or even to call the person who received it. Track your money order: The receipt should also include an identification number you can utilize to confirm that the money order got to the person you wanted it to. If any problems arise you should contact the location that you purchased the money order to get assistance. How do I find a money order? What does a money order cost? You can purchase an order for money at a post office, Walmart, Western Union and other places. Money orders for domestic use come with various costs starting at less than $1 up to $5 dependent on the place you purchase them. You can find a cheaper price at Walmart or a convenience store or supermarket however, you’ll usually be charged more at banks. There aren’t all banks that have international money orders available; certain post offices do, however they are more expensive than money orders for domestic customers. And no matter where you buy them, it’s safer to buy money orders in person. The seller Cost Walmart Up to $1. Agents for money transfer (convenience stores, supermarkets, etc.) The cost depends on the company. For instance, certain San Francisco-based 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. Banks and credit unions Depends upon the institution that they work with. Often around $5. >> Looking for more options to send money ? Here are our . What does a money order cost at some of the biggest U.S. banks? Below is a table that outlines the money order cost and available at a few popular banks. Note that many banks will only sell money orders to accountholders. + Click here for information on the money order cost and availability at a few popular banks. Bank Money Order Information Not available. Members of the FDIC Not offered. The offer is not offered. Up to $1,000 for $5 Free to premium account holders. It must be purchased at a branch. $5; no cost for premium customers of checking. $5 Free for premium checking customers. $5 For premium customers who use their checking accounts. $5; free for military members in the army. Up to $1,000 for $5. Must be purchased in an office. Return to top Why should I make use of a money order? There are instances when using cash or personal checks can put you at risk or aren’t acceptable as payments. Here are four instances of why you should consider using money order as the ideal option for payment: You have to transfer money in a secure manner. Contrary to checks, money orders do not include the bank account number and they help make sure that only the recipient can use it, unlike mailing cash. You’re concerned about the possibility of bouncing a check. Since the money orders can be prepaid and are therefore able to pay, they cannot be rejected due to insufficient funds. Another option: A certified check or cashier’s check both of which guarantee payment but don’t need to have the limit of $1,000 like the majority of money orders. ( as well .) You’re sending money internationally. Not all money orders work internationally, however U.S. Postal Service money orders can be delivered to around 25 countries. Another option: a wire transfer (see ) for a wire transfer if you need the money there faster and are willing to be able to pay more. You can also check out our . You don’t have an account at a bank. Because the money orders you need to pay in advance, you don’t require an account at a bank, but you can still pay bills safely. Nerdy Tip If you don’t have a checking account, another method of paying for your regular purchases and bills is to use the . Back 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 and earn interest. A savings account is the perfect place to save money in a secure manner while earning interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking APR 3.75 Percent SoFi Members who make direct deposit earn up to 3.75 per cent annually-percentage yield (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. There is no minimum amount of direct deposit that is required to be eligible for 3.75 percent 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 Member $0 FDIC Marcus Online Savings by Goldman Sachs Account APR 3.50% 3.50% APY (annual percent yield) with $0 minimum balance to earn the stated APY. Accounts must be in positive balance to remain open. APY current as of 02/07/2023. Min. balance for APY $0 These cash accounts combine services and features similar to savings, checking and/or investment accounts in one product. These accounts for managing cash are usually offered by non-bank financial institutions. These accounts offer services and features similar to checking, savings and investment accounts into one package. These accounts for managing cash are usually offered by non-bank financial establishments. on the Wealthfront website. Wealthfront Cash Accounts APY 4.05% min. amount to APY $1 on Betterment’s website Betterment Cash Reserve Paid Non-Client Promotion APY 4.00% Annual percent return (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a type of savings account that comes with a fixed rate and term, and usually have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a type of savings account that comes with a fixed rate and term, and usually have more interest rates than traditional savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 years Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APR (annual per cent yield) as of 01/25/2023 . 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can get up to 3.75% annually percentage return (APY) in savings account balances (including vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Direct deposit members receive 1.20% APR on all balances in checking and savings (including vaults). Rates of interest are subject to change and can 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 the Axos Visa(r) Debit Card for up to 10 transactions per calendar month (min 3 cents per transaction) or enroll for Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APR. Keep an average daily balance of $2,500 within the Axos managed Portfolios Investment Account to earn 0.20 percent APR. Maintain a daily average amount of $2,500 in the Axos Self Directed Trading Investment Account to earn 0.20% APR. Use the Rewards checking account to make the full month’s Axos customer loan payment and earn 0.15 percent annual percentage yield. Monthly fee $0 Money market accounts pay rates similar to savings accounts, and come with some checking features. Market accounts earn rates comparable to savings accounts, and come with certain checking features. Members FDIC UFB Best Money Market APY 4.21 Percentage Min. balance for APY $0 member FDIC Discover Bank Money Market Account APY 3.20 percent Min. balance for APY $1 Money order tracking It’s pretty easy to figure out where your money order is provided you’ve saved the receipt. The process is different by issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using details such as the serial number that appears on your receipt as well as the amount of your purchase. The bank you use should be able provide you with the same information. If you don’t have the receipt, you’ll probably need to submit a research request to find the serial number on your money order which is costly and lengthy. At MoneyGram, for example the fee is $40, and could take up to 60 days to take to process. Just be sure to track the money order with the actual provider which could have been Western Union or MoneyGram even when you bought it from a convenience store. The money order must clearly indicate the name of the company. Back to top About Author: Margarette Burnette works as a savings account expert at NerdWallet. The work she has done for NerdWallet was highlighted by USA Today and The Associated Press. In a similar vein… Get the best savings account. See NerdWallet’s recommendations for the top high-yield online savings accounts. Go deeper into Banking Make smarter money decisions — straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics that matter most to you and other strategies to help you make more from your savings.
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