What is a Money Order? What is a Money Order? and where you can purchase one Advertiser disclosure: You’re our top priority. Every every single time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product on the market however, we’re confident that the guidance we offer, the information we provide as well as the tools we design are objective, independent easy to use and completely free. How do we earn money? Our partners compensate us. This could influence which products we write about (and the way they appear on the site), but it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners do not pay us to guarantee favorable reviews of their products or services. . What is a money order? What is a Money Order operates and where to Get One A money order is a dependable payment that you can purchase at locations such as Walmart or the post office and even your bank. By Margarette Burnette Senior Writer Savings accounts and money market accounts banks Margarette Burnette has been a savings expert who has been writing about bank accounts since prior to the Great Recession. Her work has been published in , and other major newspapers. Prior to joining NerdWallet, Margarette was a freelance journalist with bylines in magazines like Good Housekeeping, and Parenting. She lives near Atlanta, Georgia. Nov 23rd, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor or writer, as well as research analyst in industries ranging from health care as well as market research. She earned a bachelor’s degree in history from University of California, Berkeley. University of California, Berkeley as well as a master’s degree of social science from University of Chicago. She can be reached via
. 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 an internationally published speaker and author. As an expert on financial psychology, 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 served as an adjunct faculty member of The McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor at Champlain College. At NerdWallet the content we publish goes through a rigorous . We are so confident about the accuracy and quality of our content that we allow outside experts inspect our work. Many or all of the items featured on this page are made by our partners, who pay 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’s a list of and . Table of Contents. Show More Table of Contents Key takeaways about money orders A cash advance is an safe option to use instead of cash, or a personal check and functions as the check and you can either cash it or deposit it into an account at a bank. If using personal checks or cash can put the risk of being harmed or isn’t acceptable for payment, you can use a money order instead. Cash or the debit card to purchase money order at post offices, Walmart, Western Union and other places. What is the process for money orders? The money order can be described as a piece of paper, which is a safe alternative to cash or personal checks. You can specify who will get the money order, and both you and that person must sign it for it to be valid, which cuts down on theft. You can also prepay for the money order before you purchase it. They’re available in U.S. post offices, Walmart, Western Union and other locations. Many have a $1,000 limit, including those that you buy at banks. Generallyspeaking, you need to pay for money orders using cash or debit card. Nerdy Tip A money order is an excellent option for sending money if you don’t have a bank account or do not want to share your banking information to the person receiving it. Money orders: Pros and cons There are benefits and disadvantages to making use of a money order. Be aware of these pros and cons before you decide to use one. Benefits: There is no bank account required to send or receive a cash order. Money orders are readily available. Cons When a money order is accepted (or lost) and then lost, it could be difficult, if not impossible, to recover your money, even if it was caused by a scam or fraud. Subject to cash advance fees and interest if bought with credit card. (Read more about .) How do I purchase a money order? Know how and who you’ll pay using cash or a debit card as well as your name, the person paying and the amount you wish to send. Credit card payments might be possible, but typically, it will cost more. The form must be completed in addition to the name of the recipient, you’ll need to add your name (and maybe the address) and also sign the purchase. (For step-by-step instructions follow NerdWallet’s tutorial on .) Make sure that everything is accurate since you’ll be unable to change the information afterward. Keep the receipt in your wallet: The receipt is an exact carbon copy of the money order or a paper slip that contains the details entered into the cashier’s note. It could be necessary to trace your money order or contact the person who received it. Follow your money order The receipt also has a tracking number that you can utilize to confirm that the money transfer was made to the recipient you intended. If any problems arise, contact the place that you purchased the money order for assistance. Return to top Where can I get a money order? What does a money order cost? It is possible to purchase an order for money at the post office, Walmart, Western Union and many other locations. Money orders for domestic use come with various costs starting at less than $1 all the way to about $5 depending on the location you purchase them. It’s cheaper at Walmart or the convenience store or supermarket but you’ll be charged more at banks. There aren’t all banks that have international money orders available; some post offices do, but they cost more than domestic money orders. Whatever you decide to purchase them, it’s better to purchase money orders in person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores, supermarkets, etc.) It depends on the service supplier. For example, some 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 to $700): $49.65. Banks and credit unions Depends on the financial institution. Often around $5. If you are looking for additional options for sending fund s ? We have a list of . What does a money order cost at some of the largest U.S. banks? Below is a table that outlines the cost of money orders and availability at some popular banks. Note that many banks will only sell money orders to account holders. Click here for information on the money order cost and availability at the most well-known banks Bank Money Order Details There is no offer. The bank is a member of FDIC Not available. Not offered. Up to $1,000 for $5 and free for premium accounts. Must be purchased in a branch. $5; $5 for premium customers of checking. $5 Free for premium customers with a checking account. $5 For premium customers who use their checking accounts. $5; no cost for members of the military. Up to $1,000 for $5. The money order must be made at the branch. Return to top Why should I use a money order? There are occasions that using personal or cash checks can expose you to risk or aren’t acceptable for payment. Here are four examples of why money orders are the best method of payment: You must to transfer money in a secure manner. In contrast to checks, money order do not include your bank account’s number, and they make sure that only the recipient can use it, unlike the process of sending cash. You’re concerned about the possibility of bouncing a check. Since they have been pre-paid, they can’t be rejected due to insufficient funds. Another option is a certified check or cashier’s check, both of which guarantee payment and don’t necessarily have an amount limit of $1,000, as do many money orders. ( as well .) If you’re sending money overseas. Some money orders don’t work overseas, but 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 money faster and are willing to pay more. Or check out our . You don’t have a checking account. Since cash advances require you make a payment prior to the date of purchase, you don’t require a bank account and you can pay your bills in a safe manner. A helpful tip for those who do not have a checking account, an alternative for paying for regular purchases and bills is to make use of an . Back to the top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can save money in a safe manner and earn interest. Savings accounts are an account where you can save money in a secure manner while earning interest. Member FDIC SoFi Checking and Savings APY 3.75 percent SoFi customers with direct deposit get up to 3.75 per cent per year in annual percentage return (APY) for savings accounts (including Vaults) and 2.50 percent APY on checking balances. No minimum direct deposit amount 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 get 1.20% 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. 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 with APY 3.50 percent 3.50% APY (annual per cent yield) with $0 minimum balance to earn stated APY. Accounts must have a healthy balance to continue to operate. APY valid as of 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to checking, savings or investment accounts into one. Cash management accounts are usually provided by non-bank financial establishments. These accounts offer features and services that are that are similar to checking, savings or investment accounts into one account. The cash management account is typically provided by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Account APY 4.05% min. amount for APY $1 on the Betterment website. Betterment Cash Reserve, Paid Non-Client Promotion APY 4.00 Percent Annual percent rate (variable) is as of 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposit) are a type of savings account that has a fixed rate and term typically, they have higher interest rates than standard savings accounts. CDs (certificates of deposit) are a type of savings account that has a fixed rate and term, and usually have more interest rates than traditional savings accounts. CIT Bank CD APY 4.60% Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APY (annual percent yield) at 01/25/2023. 1 year 1 year Member FDIC SoFi Checking and Savings APY 2.50% Members of SoFi with direct deposit may receive up 3.75 per cent per year in annual percentage yield (APY) in savings account balances (including Vaults) and 2.50% APY on checking balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings accounts and 2.50% APY for checking balances. Members without direct deposit are eligible to get 1.20% interest on balances in checking and savings (including Vaults). Interest rates are variable and subject to 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. Make use of the Axos Visa(r) Debit Card to make a maximum of 10 transactions each month (min $3 per transaction) or sign up for Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APY. Keep an average daily balance of $2,500 per month in an Axos managed Portfolios Investment Account for 0.20 percent APY. Maintain an average daily amount of $2,500 with An Axos Self Directed Trading Invest Account to earn 0.20 percent APR. Use Your Rewards Checking Account to pay your entire month’s Axos customer loan payment and earn 0.15 percent annual percentage yield. Monthly fee $0 Money market accounts pay rates that are similar to savings accounts and have some checking features. Market accounts pay rates that are similar to savings accounts and have certain checking features. Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY $1 Members 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 provided you’ve saved the receipt. The process is different according to 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 and the purchase price. Banks should be in a position provide you with the same details. If you don’t have the receipt, you’ll be required to file a request to find your money order’s serial number which is costly and long-winded. At MoneyGram, for example, it costs $40 and can take 60 days to complete. Just be sure to track the money order through the actual provider which could include Western Union or MoneyGram even in the event that you purchased it from an convenience store. The money order must clearly show or state the name of the service provider. Then, back to the top about Author: Margarette Burnette, a expert in the field of savings accounts at NerdWallet. Her work has been featured by USA Today and The Associated Press. In a similar vein… Find an improved savings account. Check out NerdWallet’s recommendations for the top high-yield savings accounts on the internet. 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