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What Is a Money Order? How a Money Order Works and Where to Buy One Advertiser disclosure: You’re our top priority. Each time. We believe that every person should be able to make financial decisions with confidence. Although our site doesn’t feature every company or financial product that is available on the market, we’re proud that the guidance we offer as well as the advice we provide as well as the tools we design are objective, independent simple, and completely free. So how do we make money? Our partners pay us. This can influence the products we write about (and the way they appear on our website), but it in no way affects our recommendations or advice that are based on many hours of study. Our partners cannot pay us to guarantee favorable reviews of their products or services. . What is a money order? How a Money Order works and where to Get One is a guaranteed payment you can buy at places such as Walmart, the post office as well as your bank. By Margarette Burnette Senior Writer Savings accounts and money market accounts bank accounts Margarette Burnette has been a savings expert who has been writing about bank accounts from before the Great Recession. Her work has been featured in , and other major newspapers. Prior to being a member of NerdWallet, Margarette was a freelance journalist who had bylines in magazines like Good Housekeeping, and Parenting. She is based close to Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn Assistant Assigning Banking Yuliya Goldshteyn is a bank editor for NerdWallet. She previously worked as an editor, writer and research analyst across a range of industries from health care and market research. She graduated with a bachelor’s degree in history from Berkeley at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. She can be reached via
. 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 was featured on TV and her work has been featured 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 2019. She is currently teaching 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 have external experts review our work. Many or all of the products featured here are from our partners, who pay us. This affects the products we review as well as the place and way the product appears on a page. But, it doesn’t affect our opinions. Our opinions are our own. Below is a list and . Table of Contents Table of Contents The most important lessons about money orders cash advance is an reliable substitute for cash and personal checks It functions like an actual check, which means you can either cash it or deposit it into the bank account. When using personal checks or cash can put you at risk or isn’t acceptable as payment, you could make use of a money order. It is possible to use cash or a debit card to buy money orders at the post office, Walmart, Western Union and other places. How do money orders work? The money order can be described as a piece of paper that is a secure alternative to cash or personal checks. You choose who receives the money order and both you and the person need to sign it in order in order for it to be legal which reduces theft. You also prepay for money orders when you buy it. You can purchase them in U.S. post offices, Walmart, Western Union and other locations. A lot of them have a limit of $1000, including those that you buy at banks. Generally, you must pay for money orders using cash or debit card. Nerdy Tip A money order is a good option to transfer money when you don’t have a bank account or don’t want to share your banking details to the person receiving it. Money orders: Advantages as well as cons pros and disadvantages to using a money transfer. Consider these advantages and disadvantages 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) or lost, it is difficult, if not impossible, to recover your money, even if it was due to fraud or scam. The cash advance fee is subject to change and interest when purchased using a credit card. (Read more about .) How do I purchase an order for money? Consider how and to whom you’ll pay: Be prepared with cash or a credit card and names of your person who will be paying and the amount you wish to transfer. Credit card payments might be possible, but typically, it will cost more. Complete the form: In addition to the name of the recipient it is necessary to add your name (and perhaps an address) and also sign the order. (For step-by-step instructions, check out NerdWallet’s guide on .) Make sure the accuracy of your information since you’ll not be able to change the information afterward. Keep the receipt: The receipt will be a carbon replica of the money order or a paper slip recording the information you entered on the money order. You may need it to trace your money order or contact the location where you received it. Follow your money order The receipt should also include an identification number you can use to verify that the money order got to the person you wanted it to. If you encounter any issues, contact the place that you purchased the money order for assistance. How do I obtain a money-order? How much does the cost of a money order? You can purchase an order for money at Post Offices, Walmart, Western Union and other places. Money orders for domestic use come with various costs that range from less than a dollar all the way to about $5 depending on where you buy them. You can find a cheaper price at Walmart or an upscale supermarket or convenience store but you’ll pay more at a bank. There aren’t all banks that provide international money orders, but certain post offices do, however they’re more expensive than the money orders issued for purchases in the United States. No matter where you purchase them, it’s best to buy money orders in the store in person. The seller 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. Money orders for military $55 cents. Foreign (up up to $750): $49.65. Credit unions and banks depend upon the institution that they work with. Often around $5. >> Looking for more options for sending fund s ? Here are our . What does a money order cost at the biggest U.S. banks? Here is an infographic that outlines the cost of money orders and available at a few popular banks. Be aware that some banks only sell money orders to accountholders. + Click here to find out the price of money orders and availability at a few popular banks. Bank Money Order Information There is no offer. , Member FDIC Not offered. Not offered. Up to $1,000 for $5 Free for premium accounts. It must be purchased at an office. $5; $5 for premium checking customers. $5; free for premium checking customers. $5 Free for premium customers with a checking account. $5; free for members in the army. Up to $1,000 for $5. It must be bought at a branch. Back to top When do I need to use money orders? There are occasions when cash or personal checks can expose you to risk, or they aren’t accepted for payment. Here are four examples of when cash orders can be the ideal method of payment: You must to make sure that you send money safely. In contrast to checks, money order don’t contain your bank account number, and help to make sure that only the recipient can use it, unlike sending cash. Are you worried about the possibility of bounced checks. Since they can be prepaid and are therefore able to pay, they won’t be rejected for insufficient funds. Another option: A certified check or cashier’s check both of which are guaranteed to be paid but don’t need to have the limit of $1,000 like most money orders. ( And .) You’re sending money internationally. Not all money orders work internationally, however U.S. Postal Service money orders can be sent to about 25 countries. Another option: A wire transfer (see ), if you require the funds quicker and you are willing to pay more. Check out our . You don’t have an account at a bank. Because the money orders you need make a payment prior to the date of purchase, you don’t require an account at a bank, but you can pay your bills in a safe manner. A helpful tip for those who don’t have a bank account, another method of paying for regular purchases and other bills is to use an . Return to the top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can keep money safe while earning interest. Savings accounts are an account where you can save money in a secure manner while earning interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking APY 3.75% SoFi members who make direct deposit receive up 3.75% annually-percentage yield (APY) in savings account balances (including Vaults) and 2.50 percent APY on their checking balances. There is no minimum amount of direct deposit needed to earn the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will receive 1.20 percent APY on all account balances in checking and savings (including vaults). Rates of interest are subject to change and subject to 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 Online Savings by Goldman Sachs account APR 3.50% 3.50% APY (annual per cent yield) with $0 minimum balance to earn the stated APY. Accounts must have a positive balance in order to be open. APY current as of 02/07/2023. Min. balance for APY $0 These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are usually 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 provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Account APY 4.05% min. balance for APY $1 on Betterment’s website Betterment Cash Reserve, Paid non-client promotion APY 4.00 percent annually percentage rate (variable) is at 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposit) are a type of savings account with a fixed rate and term generally, they come with higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a form of savings account that has an unchanging rate and term which usually come with higher rates of interest than regular savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 year FDIC Marcus by Goldman Sachs High-Yield CD APY 4.6 FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APR (annual per cent yield) as of 01/25/2023 Term 1 year Member FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit may get up to 3.75 per cent annual 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 required to qualify for the 3.75 percent APY for savings accounts and 2.50 percent APY on checking balances. Direct deposit members receive 1.20 percent APR on all balances in checking and savings (including Vaults). Rates of interest are subject to change and can change at any time. The rates listed 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. Use the Axos Visa(r) Debit Card to make a maximum of 10 transactions per month (min $3 per transaction) or join Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APY. Keep an average daily amount of $2,500 within an Axos Managed Portfolios Invest Account in order to receive 0.20% APR. Maintain a daily average amount of $2,500 within the Axos Self-Directed Trading Investment Account for 0.20% APY. Make use of Your Rewards Checking Account to make your full month’s Axos consumer loan payment to earn 0.15 percent annual percentage yield. Monthly fee of $0. Money market accounts pay rates comparable to savings accounts and include some checking features. Market accounts pay rates that are similar to savings accounts and have certain features for checking. Member FDIC UFB’s best Money Market Rate 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 money order It’s fairly easy to figure out where your money order is — so long as you’ve kept the receipt. The process is different by issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using details like the serial number that appears on your receipt as well as the purchase amount. The bank you use should be able give you the same details. Without the receipt, you’ll likely need to submit a research request to find your money order’s serial number as well as that’s costly and long-winded. At MoneyGram for instance the fee is $40, and takes up to 60 days to take to process. Be sure to keep track of the money order through the company that actually provides it which could have been Western Union or MoneyGram even if you purchased it at a convenience store. The money order must clearly state who the provider is. Back to top About the author: Margarette Burnette works as a expert in the field of savings accounts at NerdWallet. She has had her work highlighted by USA Today and The Associated Press. Similar to… Find the best savings account. See NerdWallet’s picks for the best high-yielding savings accounts online. Dive even deeper in Banking Get more smart money moves — straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics which matter to you the most along with other ways to help you make more value from your money.
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