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What is a money order? How does a money order work and where to purchase one Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. Although our site does not include every company or financial product in the marketplace however, we’re confident that the guidance we offer as well as the advice we provide and the tools we develop are objective, independent simple, and free. So how do we make money? Our partners compensate us. This could influence which products we review and write about (and where those products appear on our website) However, it doesn’t affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable review of their services or products. . What is a Money Order? What is a Money Order works and where to Get One Money Order is a guaranteed payment which you can buy from places like Walmart Post Office and your bank. Written by Margarette Burnette Savings accounts and money market accounts bank accounts Margarette Burnette is a financial expert who has been writing about bank accounts since prior to even the Great Recession. Her work has been featured in 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 located close to Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She was previously an editor, writer and research analyst in a variety of industries, from healthcare as well as market research. She received a bachelor’s level degree in history at University of California, Berkeley. University of California, Berkeley and a master’s degree in social sciences 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 author and speaker. As an expert on the psychology of money, 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 served as an adjunct faculty member of McCallum Graduate School from 2009 to 2019. McCallum Graduate School at Bentley University from 2009 until 2019. She is currently teaching for Champlain College. At NerdWallet, our content goes through an extensive . We are so confident about our reliable and valuable content that we let external experts review our work. The majority of products we feature are provided by our partners who compensate us. This affects the products we write about and the location and manner in which the product appears on the page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . Table of Contents Table of Contents Important points to remember about money orders A money order is a reliable alternative to cash or a personal check and functions as a check so you can cash it out or deposit it into an account at a bank. When using personal checks or cash puts your security at risk, or they aren’t accepted as payment, you could make use of a money order. Cash or debit cards to purchase cash at the postoffice, Walmart, Western Union and other places. How do money order transactions work? A money order is a small piece of paper that’s a safe alternative to personal checks or cash. You can specify who will get the money order and you and that person need to sign it in order for it to be valid, which cuts down on theft. It is also possible to prepay money orders when you buy it. You can purchase them at U.S. post offices, Walmart, Western Union and other locations. A lot of them have a limit of $1000 and include those that are purchased at banks. Generallyspeaking, you need to pay for money orders using cash or debit card. Money orders is a good option for sending money if you don’t have a banking account or don’t want to divulge your bank information for the beneficiary. Money orders: Pros as well as cons advantages and disadvantages of making use of a money order. Be aware of these pros and cons before you use one. Pros: No bank account needed to send or receive a money order. Money orders are readily accessible. Cons: Once a money order is cashable (or lost) or lost, it is difficult if not impossible to retrieve your money even if it’s caused by a scam or fraud. The cash advance fee is subject to change and interest if purchased with credit card. (Read more about .) How can I buy money orders? Be aware of how and with whom you’ll pay with cash or a credit card, the name of the payee and the amount you’d like to transfer. Credit card payments might be possible, but will usually cost extra. Complete the form: In addition to the name of the recipient it is necessary to add your name (and perhaps the address) and then sign the payment. (For detailed instructions on how to do this, check out NerdWallet’s guide on .) Make sure that everything is accurate since you’ll be unable to edit the data afterward. Keep the receipt: The receipt will be an exact carbon duplicate of the money-order or a paper slip that contains the information entered into the cashier’s note. It could be necessary to trace the money order or to contact the person who received it. Follow your money order The receipt also has an tracking number which you can utilize to confirm that the money order was delivered to the recipient you intended. If any problems arise, contact the place that you purchased the money order for help. Return to top Where can I obtain a money-order? How much does an order for money cost? You can get money orders at the post office, Walmart, Western Union and many other locations. Money orders for domestic use come with an array of prices, from under a dollar up to around $5, dependent on the place you purchase them. It’s cheaper at Walmart or a convenience store or supermarket, and you’ll typically be charged more at banks. There aren’t all banks that offer international money orders; certain postal offices will, however they’re more expensive than the money orders issued for purchases in the United States. Whatever you decide to buy them, it’s safer to purchase money orders in the person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores supermarkets, convenience stores, etc.) It depends on the service company. For example, some San Francisco-based Western Union providers charge $1. U.S. Postal Service up 500$: $1.65. $501-$1000: $2.20. Military money orders 55 cents. Foreign (up of $700): $49.65. Banks and credit unions Depends of the bank. Often around $5. If you are looking for additional options to send money ? Here are our . What will a money-order cost at the largest U.S. banks? Here is an infographic with the money order cost and available at a few popular banks. It is important to note that many banks only sell money orders to customers who have accounts. Click here to find out the price of money orders and availability at a few popular banks. Bank Money Order Information Not available. The bank is a member of FDIC Not offered. Not offered. Up to $1,000 for $5 Free to premium account holders. You must purchase the account at the branch. $5; $5 for premium customers who use a checking account. $5 For premium checking customers. $5 For premium checking customers. $5; free for military members of the military. Up to $1,000 for $5. Must be purchased in the branch. Back to top When do I need to use a money order? There are times that using personal or cash checks could be risky, or they aren’t accepted for payments. Here are four examples of where money orders are the most secure option for payment: You have to make sure that you send money safely. In contrast to checks, money order don’t contain the bank account number and they make sure that only the recipient can use it, unlike sending cash. You’re concerned about bounced checks. Since the money orders have been pre-paid, they can’t be rejected because of insufficient funds. Another option is a certified check or cashier’s check both of which are guaranteed to be paid and don’t have to be accompanied by a $1,000 limit, unlike the majority of money orders. ( as well .) It’s sending money abroad. Not all money orders work abroad, but U.S. Postal Service money orders can be delivered to around 25 countries. Another option is a wire transfer (see ) If you require the funds faster and are willing to spend more. Check out our . You don’t need an account with a bank. Since the money orders you need make a payment prior to the date of purchase, you don’t require an account with a bank and can pay your bills in a safe manner. The best advice for you if you don’t have a checking account, another option for paying for your regular purchases and bills is to make use of an . Return to top Savings Cash Management CD Checking Money Market Savings accounts are the perfect place to keep money safe and earn interest. Savings accounts are a place where you can save money in a secure manner as well as earn interest. Member FDIC SoFi Checking and Savings APR 3.75% SoFi members who make direct deposit can get up to 3.75 per cent annually-percentage return (APY) for savings accounts (including vaults) and 2.50 percent APY on checking balances. No minimum amount of direct deposit required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Direct deposit members will get 1.20% interest on balances in checking and savings (including Vaults). Interest rates are variable and may change at any point. The rates listed 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 APY 3.50 percent 3.50% Annual Percentage Yield (annual percent yield) with a minimum balance of $0 to earn the APY stated. Accounts must have a positive balance in order to be open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and offer a variety of services and features comparable to checking, savings and/or investment accounts in one product. The cash management account is typically provided by non-bank financial institutions. These accounts offer features and services that are that are similar to checking, savings and/or investment accounts in one package. The cash management account is usually offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Account APY 4.05% min. Balance to APY $1 on Betterment’s site Betterment Cash Reserve, Paid non-client promotions APY 4.00 percent annually percentage rate (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposits) are a type of savings account that comes with a fixed rate and term generally, they come with higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with fixed rates and terms typically, and have higher rates of interest than standard savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 year Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% annual percentage yield (annual percentage yield) as of 01/25/2023 Term 1 year Member FDIC SoFi Checking and Savings APY 2.50% Members of SoFi with direct deposit may get up to 3.75 percent annual percentage yield (APY) for savings accounts (including Vaults) and 2.50 percent APY on checking balances. No minimum amount of direct deposit required to qualify for the 3.75% APY for savings accounts and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances of savings and checking (including vaults). The rates of interest are subject to fluctuation and are can 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 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 for up to 10 transactions each month (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30 percent APY. Keep an average daily amount of $2,500 on An Axos managed Portfolios Investment Account in order to receive 0.20 percent annual percentage yield. Maintain an average daily amount of $2,500 in the Axos Self-Directed Trading Invest Account in order to receive 0.20 percent APR. Utilize your Rewards Checking account to pay your entire month’s Axos customer loan payment to earn 0.15% APR. Monthly fee $0 Money market accounts have rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have certain checking features. Members FDIC UFB’s Best Money Market APR 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 a money order is provided you’ve saved the receipt. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow users to track their online transactions using details such as the serial number found on your receipt as well as the amount of your purchase. The bank you use should be able provide you with the same information. Without the receipt, you’ll likely be required to file a request to locate the serial number on your money order as well as that’s costly and lengthy. At MoneyGram for instance, it costs $40 and could take up to 60 days to take to process. Make sure you track the money order to the company that actually provides it which could have been Western Union or MoneyGram even in the event that you purchased it from the convenience store. The money order should clearly show or state who the provider is. Back to top About Author: Margarette Burnette works as a expert in the field of savings accounts at NerdWallet. Her work has been featured in USA Today and The Associated Press. Similar to… Find the best savings account. See NerdWallet’s top picks for high yield savings accounts online. Explore Banking further Get more smart money moves — straight to your inbox. 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