What Is a Money Order? What is a Money Order? and where you can purchase one Advertiser disclosure You’re our first priority. Each time. We believe that everyone should be able make financial decisions without hesitation. And while our site does not include every company or financial product that is available 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, straightforward — and completely free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on the site), but it does not affect our recommendations or advice, which are grounded in many hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. . What is a Money Order? How does a money Order Works and Where to Buy One A money order is a sure payment you can buy at places such as Walmart Post Office and even your bank. By Margarette Burnette Savings accounts as well as money market accounts banking Margarette Burnette is a savings expert who has written about bank accounts since before when she was writing about the Great Recession. Her work has been published in , and other major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines like Good Housekeeping, and Parenting. She is located in Atlanta, Georgia. Nov 23rd, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor for NerdWallet. She has previously worked as an editor, writer and research analyst in industries ranging from healthcare as well as market research. She earned a bachelor’s degree in history at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. You can reach her 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 finance psychology Kathleen is a regular on the television, and her writing has been published 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 The McCallum Graduate School at Bentley University from 2009 to 2019. She is currently teaching for Champlain College. At NerdWallet the content we publish goes through rigorous . We have such confidence in the accuracy and quality of our content that we have external experts review our work. A majority or all of the products we feature are provided by our partners, who pay us. This affects the products we write about as well as the place and way the product appears on a page. However, this does not affect our assessments. Our views are our own. Below is a list and . Table of Contents Table of Contents Important points to remember about money orders A Money order can be a reliable option to use instead of cash, or personal checks; it works like an actual check, which means you can either cash it or deposit it into a bank account. If personal checks or cash puts you at risk, or they aren’t accepted for payment, you can make use of a money order. Cash or debit cards to purchase cash at the postoffice, Walmart, Western Union and many other locations. How do money order transactions work? A money order is a small piece of paper, which is a safe alternative to cash or personal checks. You specify who will receive the money order and both you and the person need to sign it in order for it to be valid, which cuts down on theft. You can also prepay for a money order when you buy it. You can purchase them in U.S. post offices, Walmart, Western Union and other places. Many have a $1,000 limit, including those that you purchase at banks. Generallyspeaking, you need to pay for money orders using cash or debit card. The Nerdy Tip: A money order is a good alternative to send money if you don’t have a bank account or you don’t wish to divulge your bank information for the beneficiary. Money orders: Pros and Cons There’s pros and disadvantages of using a money order. Be aware of these pros and cons before you make a decision to use one. Pros: No bank account required to send or receive a money order. Money orders are widely available. Cons If a money-order is cashable (or lost), it can be difficult, if it is not impossible to get your money back even if it’s because of a scam or fraud. Subject to cash advance fees and interest if bought with a credit card. (Read the details about .) How can I buy an order for money? Be aware of how and with whom you’ll pay: Prepare using cash or a debit card as well as the name of the payee and the amount you wish to pay. Paying with a credit card might be possible, but will usually cost extra. The form must be completed with the following information: Alongside the name of the person who is paying it is necessary to add your name (and perhaps an address) and then sign the purchase. (For detailed instructions on how to do this, check out NerdWallet’s guide on .) Be sure to verify that everything is accurate since you’ll be unable to alter the information later. Keep the receipt: The receipt will be a carbon duplicate of the money-order or a paper slip recording the information entered in the order. You may need it to trace the money order or to contact the place where you got it. Follow your money order The receipt should also include an identification number you can use to verify that the money transfer was made to the person you wanted it to. If you encounter any issues, contact the place where you purchased the money order for assistance. Back to top Where can I obtain a money-order? What does a money order cost? It is possible to purchase a money order at a post office, Walmart, Western Union and many other locations. Domestic money orders come in an array of prices starting at less than $1 all the way to about $5 dependent on the place you purchase them. It’s cheaper at Walmart or the convenience store or supermarket, and you’ll typically spend more at a bank. Some banks don’t offer international money orders; some Post offices offer them, but they are more expensive than domestic money orders. Whatever you decide to purchase them, it’s best to purchase money orders in the store in person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores supermarkets, convenience stores, etc.) Depends on the supplier. For instance, certain San Francisco-based Western Union providers charge $1. U.S. Postal Service Up To $500 $1.65. $501-$1000: $2.20. Money orders for military $55 cents. International (up up to $750): $49.65. Credit unions and banks rely of the bank. Often around $5. If you are looking for additional options for sending fund s ? We have a list of . What is a money order cost at the largest U.S. banks? This table that outlines the money order cost and available at a few popular banks. Be aware that some banks only offer money orders to accountholders. + Click here to learn about the cost of a money order and availability at some popular banks. Bank Money Order Information Not offered. Members of the FDIC Not available. The offer is not offered. Up to $1,000 for $5; free to premium account holders. Must be purchased in the branch. $5; no cost for premium checking customers. $5; free for premium customers with a checking account. $5 Free for premium customers who use their checking accounts. $5; no cost for members in the army. Up to $1,000 for $5. It must be bought at an office. Back to top When should I make use of money orders? There are instances when cash or personal checks can be risky, or they aren’t accepted as payment. Here are four examples of where you should consider using money order as the ideal payment method: You need to make sure that you send money safely. Contrary to checks, money orders do not include your bank account’s number, and they ensure that only the recipient can use it, unlike sending cash. You’re worried about bouncing a check. Since the money orders can be prepaid and are therefore able to pay, they can’t be rejected due to insufficient funds. Another option is a certified check or cashier’s cheque, both of which guarantee payment but don’t need to have an amount limit of $1,000, as do many money orders. ( and .) You’re sending money internationally. Not all money orders work overseas, but U.S. Postal Service money orders can be sent to up to 25 countries. Another option: A wire transfer (see ), if you need the money there quicker and can be able to pay more. You can also check out our . You don’t need a checking account. Since money orders require you to pay in advance, you don’t need a bank account and you can pay your bills in a safe manner. Nerdy Tip If you don’t have a checking account, another option for paying for regular purchases and bills is to make use of the . Back to top Savings Cash Management CD Checking Money Market Savings accounts are a place where you can save money in a safe manner and earn interest. A savings account is a place where you can store money securely while earning interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking with APY of 3.75% SoFi members who make direct deposit get up to 3.75 percent annual percentage yield (APY) on savings balances (including vaults) and 2.50% 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% APY for checking balances. Direct deposit members will get 1.20% APR on all balances in checking and savings (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: $0 Member FDIC Marcus Online Savings by Goldman Sachs Bank with APY 3.50 percent 3.50% Annual Percentage Yield (annual per cent yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance in order to be open. 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. These accounts for managing cash are usually offered by non-bank financial institutions. They combine the features and services that are similar to savings, checking and investment accounts into one package. The cash management account is generally provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Accounts APY 4.05 percent min. amount to APY $1 on Betterment’s site Betterment Cash Reserve Paid Non-Client Promotion APY 4.00 Percent Annual percent return (variable) is at 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposits) are a type of savings account with a fixed rate and term, and usually have higher interest rates than standard savings accounts. CDs (certificates of deposit) are a type of savings account with a fixed rate and term typically, and have more interest rates than traditional savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 years FDIC Marcus by Goldman Sachs High-Yield CD APY 4.6 FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APY (annual per cent yield) at 01/25/2023. 1 year Member FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can receive up 3.75 percent annually percentage return (APY) in savings account balances (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 percent APY on checking balances. Customers who do not deposit direct deposits receive 1.20 percent APY on all account balances of savings and checking (including Vaults). The rates of interest are subject to fluctuation and are could 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) Credit Card for up to 10 transactions each monthly (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30 percent APY. Maintain an average daily amount of $2,500 in an Axos managed Portfolios Investment Account for 0.20 percent APR. Maintain a daily average balance of $2,500 with an Axos Self Directed Trading Invest Account in order to receive 0.20 percent APR. Utilize Your Rewards Checking Account for the full month’s Axos customer loan payment to earn 0.15% APR. Monthly fee $0 Market accounts earn rates comparable to savings accounts, and come with some checking features. Market accounts earn rates that are similar to savings accounts, and come with some checking features. Members FDIC UFB Best Money Market APY 4.21 Percentage 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 relatively simple to find out where a money order is — provided you’ve saved the receipt. However, the procedure varies depending on the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using details like the serial number on the receipt along with the purchase amount. Banks should be in a position provide you with the same information. If you don’t have the receipt, you’ll probably be required to file a request to find your money order’s serial number, and that’s expensive 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 with the provider that you actually use — it might be Western Union or MoneyGram even when you bought it from the convenience store. The money order should clearly show or state the name of the service provider. Back to top About the author: Margarette Burnette, a expert in the field of savings accounts at NerdWallet. She has had her work highlighted in USA Today and The Associated Press. Similar to… Find an improved savings account. Check out NerdWallet’s recommendations for the top high-yielding savings accounts online. Explore Banking further Find more money-saving strategies right to your inbox. Sign-up and we’ll send you Nerdy posts about the money topics that matter most to you and other strategies to get more from your money.
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