Money orders allow you to securely send or receive payments, providing an alternative to cash, checks or credit cards. They are similar to checks, but, because they’re prepaid, money orders can’t bounce.

It’s important to know what information you’ll need to fill one out and where that information goes. In this article.

Postal Service. Each institution’s money order may differ slightly in appearance as well.

You’ll also need a form of payment to purchase the money order. Some issuers limit your payment options, too.

Write the name of the payee of the money order in the “pay to” or “pay to the order of” field. This could be a person’s name or the name of a business.

It’s important to fill out this section as soon as you purchase the money order, since this will be the only person authorized to cash or deposit it. If the money order is lost or misplaced without a payee’s name written down, it could be liable to fraud and someone else could write their name on it.

Fill in your address where the money order asks for the purchaser’s address. There may be a second address field for filling in the address of the payee.

A memo line allows you to note what the money order is designated for. The memo might specify that it’s a purchase for a particular item or a payment toward a debt, for example.

Some money orders may say “payment for” or “account number” instead of memo. Sign the front of the money order where indicated.

Don’t sign the back of the money order, which is where the payee endorses it. Be sure to keep the receipt because it contains a tracking number, which can be used to find out whether the right person cashed the money order.

A processing fee may apply for replacing a money order. The receipt can also help you cancel the money order should your plans change.

Postal Service, many grocery stores and some big-box stores. Avoid using a credit card to purchase a money order, since your credit card company may consider the purchase a cash advance and charge steep fees.

There may be limits on the size of the money order you can purchase. The Postal Service, for example, allows you to buy money orders up to $1,000 if you’re sending it within the U.S.

Money orders can be a useful alternative to checks or cash for paying bills, paying off debt or making large purchases, especially for those who don’t have a checking account. They’re a safe paper option for those who want to avoid a payment bouncing — they can’t be declined for insufficient funds, since they are prepaid.

Additionally, money orders are a good alternative to electronic payments when you prefer or are required to send money through the mail. They don’t contain bank account information, so it won’t end up in the wrong hands.

Money orders can be a useful way to send and receive money. They are a widely accepted way to make a payment, they never expire, and if they are lost or stolen, they can often be replaced.

Just be sure to fill out every field of the money order and write legibly, so that it’s not returned. –Freelance writer Mitch Strohm contributed to a previous version of this article.

Now, there are a dozen or so places that actually issue money orders. Some of the most popular money transfer companies include:

You get can get cash for a money order or get the funds deposited into an account, and we cover exactly how you can do this below. If you want to change your money order into cash, then here’s what to do:

So make sure that the sender puts your name on the money order in the same way it appears on your photo ID. Also, if there’s an address field on the money order, then make sure your photo ID has the same address too.

So, this can mean that you’re much more limited when it comes to cashing money orders than you are when it comes to buying them. Advertisements.

For example, there are many grocery stores, such as Publix, Meijer and Winn-Dixie that sell money orders, but do not cash them. However, you still do have quite a few options.

If you want to cash your money order for free, the best place, arguably, is at your local bank or credit union. Since banks have large amounts of money on the premises, they’re likely to be able to pay the full amount at once.

But you will generally need to pay a small fee. And, to cash large money orders, you usually need to be an account holder.

So what if you don’t have a bank account. How do you cash a money order without a bank account.

If you don’t have a bank account or you don’t have a branch nearby, then it’s a good idea to cash the money at a location of the organization that issued the money order. Money orders are issued by a number of different places, but some of the most popular include:

Here are a few popular places that issue money orders which, at some locations also cash them: Western Union sells money orders, but some of its locations may also be able to cash them.

It’s important to note that Western Union states that not all of its locations, including locations where you can buy a money order, are able to cash them. If you have a USPS money order, then going to your local post office is a great option for cashing a money order, as it’s so convenient.

You may want to call ahead if you have a large money order to cash. USPS usually charges around $1.25 for money orders up to $500, or $1.65 up to $1,000.

And it also cashes money orders at some of its locations. When you go directly to the issuer, it can reduce the amount of fees you have to pay.

And, you’re more likely to get the full amount of cash faster. Just check your money order to see who issued it and then visit one of that places locations.

There are so many Walmart stores around, so you’re likely to be able to find one near you. Through Money Services, you can cash money orders at Kroger, and other store brands in the Kroger family.

At Money Services desks you can cash a money order, by following the steps we mentioned above. You can get the money as cash or have it loaded onto a prepaid card.

Above, we’ve mentioned a few places to cash money orders. And, we also mentioned that the amount of places where you can actually cash money orders is much more limited, compared to the number of places where you can buy them.

There are a lot of stores that do that, like: It’s always worth calling your local stores, in general, to see which ones do offer money transactions and how much they charge.

Yes, the ones with outrages fees.

Because they charge crazy fees. Some charge as high as 10% or more.

The top cash checking places that also may cash money orders (with very high fees. ) include:

You don’t want the fees to eat into your actual payment. If you have a bank account or don’t require the cash from the money order, then getting the money deposited into your bank account, rather than cashing it, is generally a better option.

So the money is much less likely to be lost or stolen. Plus having the money right in your bank account is generally more convenient.

Getting the money deposited in your account involves the same process as getting the money order cashed. So you’ll need to endorse it and have an ID to get the funds.

These include: Generally, you’ll only want to accept money orders from friends and family.

It’s best to avoid taking money orders as payment if you’re selling stuff online, such as on a platform like Craigslist or eBay, for example. It’s okay to accept money orders as a payment method for in-person payments because you can check the money order, and you can also take a copy of their photo ID and exchange contact information should an issue with a money order arise.

So if any of these things are absent, or you see something like a handwritten dollar amount, then the money order may not be legitimate. Also, watermarks should only be visible when you hold the money order up to the light.

If you can see the watermark without holding the money order up to the light, then this is a potential warning sign. Also, check to see if there are any areas where the ink looks unusually lighter or darker or where the ink has bled, as these can be signs that the money order is fake.

If you notice any of the warning signs on a money order that you have, then call the money order issuer to verify the validity of it. It’s a good idea to look at photos of legitimate money orders online and compare your money order to these examples.

And, then the sender asks you to mail or digitally transfer part of the funds back to them. So never accept money orders that are worth more than the amount you’ve requested and never return money to the sender.

So if you want to ensure you get your money, then make sure that you cash your money order within a year of the date it was issued. The terms and conditions for money orders appear on the back, so check there to see if it expires.

Here are a few good resources with tips and tools to help you identify and avoid money transfer related scams and frauds. I hope this never applies to you, your loved ones or anyone for that matter, but if you’ve been a victim of Money Transfer related scams, please make sure to report it to the Consumer Financial Protection Bureau or the Federal Trade Commission (FTC) or by calling 1-877-382-4357.

You’ll generally need to pay a fee if you cash a money order anywhere other than your bank. So if you don’t have a bank account and regularly receive money orders, then you really should consider opening up an account.

Give these methods a go and get your money order cashed or deposited into your bank account quickly and easily.

Suppose you’ve decided to sell your old couch on Craigslist. You find a buyer who agrees to the price and wants to pay with a money order.

And is it going to be a big hassle to turn it into cash.

A money order is just like a check, but it’s prepaid. Instead of drawing it on their own account, the payer purchases it with cash.

As for cashing it, that’s even easier than cashing a personal check. You have more choices about where to do it, so you can choose the place and time that’s most convenient for you.

You can walk into your chosen location with your money order and walk out with cash in a matter of minutes. Here’s how to do it.

If you have an account at a bank or credit union, you can redeem your money order there for no charge. If you don’t have a bank account, or if your bank is closed when you go to cash the money order, there are many other places to do it.

Walk up to the desk and sign your name on the back of the money order. Don’t do this until you’re at the location and have determined that it will accept your money order.

When you submit your money order, you must also present an acceptable form of identification to prove you’re the intended recipient. To make sure your identification is accepted, use a government-issued photo ID.

Depending on where you cash your money order, you might have to pay a fee for the service. In most cases, this fee can simply come out of the amount of cash you receive.

Finally, the teller will take the money order and hand over your cash. Count the money before putting it in your wallet, and ask for a receipt if you didn’t get one.

There are many places to cash a money order, including: Most places that cash money orders charge a redemption fee, including banks where you’re not a customer.

At others, it’s a percentage of the total amount. And some places have a tiered price structure.

It costs $4 for a money order of up to $1,000. For money orders of $1,000 to $5,000, the fee is $8.

Check out our list of common questions and answers. The easiest way to avoid fees when you cash money orders is to take them to your bank or credit union.

In most cases, you can also avoid fees by taking your money order to the issuer. For instance, there’s no fee to cash a postal money order at the post office.

Depositing a money order at your bank is just like depositing a check. You just take the money order to a bank branch, endorse it, and list the amount of the money order on a deposit slip.

However, if you’re used to depositing checks into your bank account remotely using your mobile phone, you might not be able to do that with a money order. Some banks require you to hand the physical document over for processing.

You can if the original payee signs the money order over to you. The process is just like signing over a personal check.

At that point, the money order is effectively yours. You can cash or deposit it anywhere as if it were made out to you.

Money orders are a common tool for scammers on sites like Craigslist. These con artists use fake money orders as payment, knowing that it will take time for a bank or credit union to detect the fraud.

For instance, a con artist might give or send you a phony money order as payment for an item you’re selling. You deposit the money order, then ship the item.

Money orders also appear often in overpayment scams. The buyer sends you a fake money order for an amount that’s more than the price of your item, then asks you to pay back the extra out of your own account.

To prevent fraud, many issuers have added security features to their money orders. For instance, USPS money orders include a watermark and a multicolored thread woven into the paper.

Another thing to check when receiving a money order is the dollar amount. Some fraudsters purchase a money order for a small sum, then erase it and print over it with a larger amount.

If you’re not sure a money order you’ve received is legit, you can check by contacting the issuer. Visit the company’s website or call its listed phone number and ask it to check the serial number on the money order.

A money order can be a convenient form of payment. It’s easier to put in your pocket than a big wad of cash, and it can’t bounce like a personal check.

Fortunately, you can avoid this by depositing or cashing it at your bank or by taking it to the original issuer.

Even if you can’t find a local bank or credit union that offers free checking accounts, the amount you save on fees for cashing money orders could offset the monthly fee.

If you ever find yourself needing to mail a payment, a money order is a secure way to do just that. It’s safer than mailing cash or a check, since it can be tracked and canceled, and it’s addressed to a specific recipient.

Read on to learn what you need to know about purchasing, using and sending a money order from the United States Postal Service (USPS).

They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never expires.”.

But unlike checks, they’re paid for upfront, so they can’t bounce by the time the recipient tries to cash one.¹. You may be wondering, how does a money order work at USPS.

Money orders can be delivered by hand or sent through the mail. They can be used to send money domestically or overseas.

In short, they’re one of the most secure ways you can send someone money if you need to send it via mail. A money order purchased from USPS is very inexpensive, but you’re very limited on how much you can send.

Here’s what you can expect to pay for your money order at a post office: You can also buy a USPS money order at a military facility.

You can send money to 26 countries using a USPS money order. the full list can be found here.⁵.

For most of the countries that accept USPS money orders, the limit is $700 per order. The limit is $500 per order for El Salvador and Guyana.² Keep in mind that when you send a money order overseas, it has to be sent via mail, which can take a long time to arrive, depending on the destination.

Should you want to send more money or shop around for good exchange rates, you may want to look around. For example, with an international provider called Wise, you can send money at the mid-market rate to more than 70 countries.

You can also generate local account details in the US, United Kingdom, Europe, Singapore, Australia and New Zealand — essentially meaning, that you can pay and get paid just the same way a local person would in all these places and easily convert to and from your home currency.

If any of that sounds good, you can create a free account in minutes. Join Wise today.

To send a money order from USPS, you’ll need to: ². A USPS money order needs to be filled out the same way as any other money order — there’s not a lot of difference in the information you need based on where you buy your money order.

In general, money orders should arrive to the recipient in a couple of days. However, during weekends or holidays this might take longer.

On the USPS website, you can enter the serial number of your money order (which can be found on the receipt) to check its status, track or cancel it or report it lost or stolen.⁴. When sending money overseas, you have a lot of options.

Hopefully, this guide helped you get closer to a decision. Sources:

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely.

The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome.

Cashier’s checks and money orders are considered to be safer forms of payment compared to personal checks, but they differ in terms of where you can buy them, what they cost, and when it makes sense to use one over the other. You can use a money order or cashier’s check instead if you have to pay someone and you don’t want to use cash or write a personal check.

Investopedia / Joules Garcia. The bank takes the money from your checking or savings account and puts it in its own account when you purchase a cashier’s check.

You’ll typically pay a fee to the bank for a cashier’s check to the bank, with the average fee at the nation’s largest banks hovering around $10.

The bank takes the money directly from your account and puts it into its own, so the check is guaranteed not to bounce. Whoever you want to pay is guaranteed to receive the money.

Cashier’s checks aren’t entirely foolproof, however, and fraudulent cashier’s checks can feature in financial scams. A scammer might present you with what looks like an official cashier’s check, which you then deposit into your account.

A cashier’s check is an official check that’s issued by a bank. It’s not the same as a certified check, which is drawn on a depositor’s checking account after the bank has certified and put a hold on sufficient funds to pay the check’s amount.

Another key difference is that a bank representative will sign a cashier’s check because the funds are technically drawn from the bank’s own account whereas the bank certifies the customer’s signature on a certified check is genuine.

It’s not to be confused with a certified check, which is a check drawn on a depositor’s checking account that the bank certifies there are sufficient funds to pay. Money orders are also a safer form of payment compared to personal checks.

Postal Service, convenience stores, drug stores, grocery stores and check-cashing companies. These places generally will also cash a money order they’ve issued, or you can deposit a money order into your bank account.

You must pay for a money order with cash, a debit card or traveler’s checks when you purchase one. You generally can’t use a credit card or write a personal check, and the transaction could be treated as a cash advance if you are able to use a credit card.

The fee may be less than $1 or as much as $5 depending on where you buy a money order and how much it’s for.

You must request a new cashier’s check from the bank if it’s lost or stolen, and, in most cases, you must purchase an indemnity bond from an insurance company. This bond protects the bank if you lose the cashier’s check a second time.

Replacing a lost or stolen money order is often as simple as returning with your receipt to the place where it was purchased and asking for a replacement or refund. The money order issuer may charge you a fee to replace it, but you can get it right away instead of waiting months for a cashier’s check to be reissued.

Money orders are generally easier to buy, but cashier’s checks are more secure. So which should you use and when.

The safety factor makes cashier’s checks the better choice if you’re making a large payment, perhaps for a car or a boat. In fact, a cashier’s check may be your only payment option in some cases.

Money orders are less expensive, making them more suitable for smaller payments or when writing a personal check isn’t an option. You might want to use a money order to pay rent or to send a few hundred dollars to a friend who’s short on cash.

The maximum amount for a U.S. Postal Service, MoneyGram, or Western Union money order is $1,000 as of 2023.

Contact the bank that’s named on the check to make sure it’s authentic before you accept it for payment from an unknown party or try to cash or deposit it. Contact the issuing bank right away if your cashier’s check is lost or stolen.

The bank can decline to honor the check if it’s been stolen or presented for payment by someone other than the intended individual or business if you’ve taken the necessary steps to report the loss. Money orders and cashier’s checks can be a convenient way to pay someone or to receive money.

Most importantly, keep your receipt or statement showing when the money order or cashier’s check was purchased in case it’s lost, stolen, or damaged.

A money order is a directive to pay a pre-specified amount of money from prepaid funds, making it a more trusted method of payment than a cheque.

Around 1836 it was sold to another private firm which lowered the fees, significantly increasing the popularity and usage of the system. The Post Office noted the success and profitability, and it took over the system in 1838.

The only draw-back was the need to send an advance to the paying post office before payment could be tendered to the recipient of the order. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881.

A money order is purchased for the amount desired. In this way it is similar to a cashier’s check.

Money orders typically consist of two portions: the negotiable check for remittance to the payee (the receiver), and a receipt or stub that the customer retains for record. The amount is printed by machine or checkwriter on both portions, and similar documentation, either as a third hard copy or in electronic form and retained at the issuer and agent locations.

Money orders have limited acceptance in the insurance and brokerage industry because of concerns over money laundering. Because of provisions within the USA PATRIOT Act and the Bank Secrecy Act, money orders have far more regulatory processing requirements than personal cheques, cashier’s cheques, or certified cheques.

In India, a money order is a service provided by the Indian Postal Service. A payer who wants to send money to a payee pays the amount and a small commission at a post office and receives a receipt for the same.

A receipt from the payee is collected and delivered back to the payer at their address. This is more reliable and safer than sending cash in the mail.

It is commonly used for transferring funds to a payee who is in a remote, rural area, where banks may not be conveniently accessible or where many people may not use a bank account at all. Money orders are the most economical way of sending money in India for small amounts.

In the United States, money orders are typically sold by third parties such as the United States Postal Service, grocery stores, and convenience stores. Some financial service companies such as banks and credit unions may not charge for money orders to their clients.

However, just because a particular business can issue a money order does not necessarily mean that they will cash them. The U.S.

The United States Postal Service began selling money orders as an alternative to sending currency through the postal system in order to reduce post office robberies, an idea instituted by Montgomery Blair who was Postmaster-General 1861–1864. Money orders were later offered by many more vendors than just the postal service as a means to pay bills and send money internationally where there were not reliable banking or postal systems.

Obtaining a money order in the United States is simple, as they can be purchased at any post office, and are sold at many other locations. The US Postal Service’s international money orders are accepted in 29 countries.

An international money order is very similar in many aspects to a regular money order except that it can be used to make payments abroad. With it, a buyer can easily pay a seller for goods or services if they reside in another country.

International money orders are thought to be safer than sending currency through the post because there are various forms of identification required to cash an international money order, often including a signature and a form of photo identification.

Several countries are very strict that the money order be on pink and yellow paper and bear the words “international postal money order.” In particular, Japan Post (one of the largest banking institutions in the world) requires these features. Most other countries have taken this as a standard when there is any doubt of a document’s authenticity.

Foreign workers often use this method for reliably sending money “home.”. In the last decade, a number of electronic alternatives to money orders have emerged and have, in some cases, supplanted money orders as the preferred cash transmission method.

In Japan, the konbini system enables cash to cash transfers and is available at many of the thousands of convenience stores located in the country. In Italy, the PostePay system is offered through the Italian post office.

In the United States, PaidByCash is offered at 60,000 grocery and convenience stores. In Bangladesh, mobile banking services enable electronic transfer of money as well as retail transactions.

These cards can be “topped-up” at any location that uses the Pay-Point system and also at the Post Office for the Post Office card. PayPal has their own branded pre-paid card which can be “topped-up” using a PayPal account or Pay-Points.

You can cash your postal money order at any post office or at your bank for free.

Then you might be wondering where can I cash a postal money order for free.

However, there are other ways of cashing a postal money order for free too. That’s why in this post on where can I cash a postal money order for free, I will talk about all the ways to cash a postal money order for free.

So, stick here.

Check out Where Can You Cash Post Office Money Orders. In This Post.

It depends on where you are cashing it. Because most money order issuers banks and credit unions will cash money orders for free for their own customers.

Money orders are one of the cheapest and most secure ways to transfer money. Though it costs some fees to purchase a money order.

Moreover, it’s also possible to cash money orders for free from the money order issuer and your bank or credit union.

Usually, grocery stores charge the lowest fees for cashing money orders and check cashing shops charge the most. The fees range between $0.50 to $5 depending on the money order amount.

So, Where can I cash a postal money order for free.

USPS money orders do not expire, so you can cash them at any time. Moreover, if you go to a post office, it’s completely free to cash out.

So, here is a list of places where you can cash postal money orders for free. However, it is always best to call ahead to confirm if cashing a postal money order is free or not before you go to a bank or credit union to cash a money order.

On the other hand, you can cash a money order at Rural carriers only if they have enough cash. Apart from that if have a membership card then grocery stores or check cashing shops might not charge you any fees for cashing postal money orders as well.

Cashing a postal money order online for free can be a bit difficult. But it’s possible.

Here are the 2 best options for cashing a postal money order online for free. Remember if you want to cash a USPS money order for free online using the Ingo Money app then you might need to wait 10 days.

But before you submit your money order picture on an Online app, please make sure the app is legitimate.

You can cash a postal money order at grocery chains and check cashing stores on Sunday. But it won’t be free.

Banks, credit unions, and post offices are the only places where you can cash postal money orders for free. However, they are all closed on Sunday.

But they are rare. So, there is no way you can cash a postal money order for free on Sunday.

On Sundays, you can cash your postal money orders only at grocery shops and check-cashing stores. So, the cheapest option for you would be grocery shops that cash postal money orders.

By now we have found the answer to Where can I cash a postal money order for free near me. Now, let’s look at some of the related queries.

Here are some of the frequently asked questions related to this topic.

In fact, money orders are designed to serve people without bank accounts. So, it’s quite easy to cash one.

To cash a postal money order without a bank account go to any bank, grocery store, or check cashing shop with the money order and an ID card. However, it will require a fee too.

Yes, You can cash unused postal money orders as they do not have any expiration date. You just need the purchase slip to cash it on your own.

Cashing a postal money order for free is no difficult task. As many financial organizations offer it for free.

However, if you want instant cash then the best option would be a post office. Be sure to carry a valid ID card when cashing one.

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“A money order is a method of sending a prepaid amount of money to somebody,” explains Chane Steiner, chief executive officer of Crediful. “It’s considered very secure and is an excellent way to send money quickly in situations where a personal check is not appropriate.

Here’s how to cash a money order quickly and securely. The best banks also allow you to deposit money in a bank account if you prefer.

See Insider’s best checking accounts>>. The first thing to do when you receive a money order is double-check its value to make sure the amount is correct.

Also, make sure the name on the money order matches the name on your ID. You’ll also want to verify that the money order is legitimate.

Locations include a bank, credit union, grocery store, post office, retail store, or some convenience stores. Many retail locations have a money transfer outlet like Moneygram or Western Union counter to make the process convenient.

Bring your money order to a location that will cash it. If you receive a USPS money order, you can cash it out for free.

If you go directly to the place that issued your money order (again, that could be a place like Western Union, Moneygram, or Walmart) you might be able to minimize your fees. Going directly to the issuer is also a way to verify the money order.

The longer you hold on to the money order, there’s a chance it can be lost, damaged, or misplaced. Plus, cashing a money order quickly is a way to protect yourself against possible fraud, since the sender can cancel their money order.

This will include a picture ID: a driver’s license, passport, or other government-issued ID. You will need an ID to cash a money order.

add a signature to the back of the money order when you are at the counter. “Sign your money order only once you are handing it over to be cashed.

The fees tend to be low — a few dollars, or a percentage of the total. Count the money that you receive, and make sure to get and save your receipt.

You don’t have to tell them, but you might want to consider updating the sender that your transaction is complete. Yes, you may cash a money order at a financial institution, post office, or select retailers like Walmart.

Some financial institutions let you make a mobile money order deposit, but not all do. For example, the U.S.

Buying or selling items online. Sending money to a loved one overseas.

These situations all have one thing in common: They’ve got the potential to put your money at risk.

And sometimes cutting a personal check isn’t enough. That’s when a money order comes in.

But what is a money order. And when is it a good idea to use one.

A money order is basically a prepaid check.

You can go to a business that sells money orders—like a grocery store, pharmacy or post office—and buy a $500 money order. They’ll print it out with all the right details, including your name, who it’s for and the amount.

After that, you’ll give the money order to your cousin. He’ll give you the sound system.

It’s that easy.

And it helps protect you too (more on that in a minute).

Charging it to a credit card is basically like taking out a loan: You get something with real cash value and say you’ll pay it back. But for all the business knows, you might not.

That’s why most businesses won’t actually accept credit cards as payment for money orders. And the ones that do will charge you extra fees to try to make up for the risk they’re taking on.

In other words, just pay up front with cash or debit.

That’s how they make money on these things.

but not a lot money. Post offices and stores charge less than $2 per money order.1 And some stores, like Walmart, charge less than $1.2.

Most banks charge about $5 per money order. And if you use them regularly, those repeat fees add up.

So basically, the bank is charging you more than double what other locations are for the “privilege” of sending your money somewhere outside their building. This is just another way they use outrageous fees to suck the life out of their own customers.

The best thing to do is shop wisely and purchase your money order from a store or post office instead.

Luckily, you don’t have to go out of your way to get a money order, because you can buy them at places where you’re probably already running errands. As we said earlier, one of the most popular places to get them is at the post office.

Budget every dollar, every month. Get started with EveryDollar.

You can also get a money order from a financial agency, like your bank or a MoneyGram or Western Union. But again, you’ll likely pay the biggest fees at these locations.

When you hear about money orders, you’ll usually hear about cashier’s checks too. The main differences are where you get them, how much they cost and how much they’re worth.

Cashier’s checks are also prepaid checks, but unlike money orders, you can buy cashier’s checks only from a financial institution like a bank or credit union.

But it’s mostly because when you buy a cashier’s check, you’re actually putting your money into the bank’s account. So when the recipient deposits the cashier’s check, the funds come out of the bank’s account, not yours.

This transfers the risk to the bank, so they use that increased risk as an excuse to charge even higher fees—around $10.

But certified checks aren’t prepaid—they come from your checking account like a personal check would. “Certified” just means someone who works at the bank looked at your account and said, “Yep, you’ve got enough money.” That way, the person receiving the check knows it won’t bounce.

The crazy part is that banks charge as much or more for certified checks than for prepaid ones. Most certified check fees run from $5 to $15, which is a ridiculous price to pay for someone taking three seconds to print and stamp a check.

The other problem is that since certified checks withdraw directly from your account, they’ve got your name and account info written on them. And that can be a really bad idea for security reasons.

Money orders let you send and receive large amounts of money safely without stupid bank fees. And most importantly, they help guard your personal information.

Sure, money orders will include your name and address, but unlike a personal or certified check, they won’t include your bank account or routing numbers. It’s a lot harder for people to steal your financial identity without that info.

And that’s good. You need to make identity theft as difficult as possible—because the sad truth is, thieves and scammers just can’t wait to steal your identity and money if they get even the smallest chance.

Every money order also comes with a receipt and a tracking number for extra security. So that way, if your cousin tries to say, “Hey, you owed me $500 and only gave me $100,” you can whip out that receipt to show that the money order was worth the full $500.

The tracking number is obviously helpful when you’re mailing a money order, especially abroad, because you can tell exactly where it is and make sure it reaches the right person. That cuts way down on the risk of someone lying about lost funds—and on the chance of an actual loss.

Here are a few of the most common times you might need to pay with a money order:. Remember, you’re not buying a $5 garden gnome at a yard sale.

Since money orders protect your banking info, you can feel safe knowing the seller can’t access your bank account or debit card info from the money order. That’s super important if you’re buying from an online seller you don’t know (or if your neighbor Joe turns out to be a huge jerk when he sells you his iMac).

When you’re the seller, you need to know the buyer can actually pay for whatever you’re selling. The last thing you want is for them to write a bad check and disappear into the sunset.

You can help prevent that by asking buyers to pay with a money order for valuable items. Since the money order is prepaid, you can feel pretty confident that they have the funds.

These days, you can send money through a ton of digital payment platforms. But there are still some legit reasons to send money physically—like putting down a security deposit on a new apartment or giving funds to a family member in the military.

Mailing cash or checks can be risky. They might get stolen, lost or damaged.

But with a money order, the tracking number lets you see where it is and when the recipient got it. And only the person whose name is on the money order can use it.

This one might surprise you because most people pay debts with checks or online. But if you owe a lot of money or you’re dealing with scummy collection agencies, those payment methods may actually cause more problems.

Let’s say you send the collection agency a check. Just like scammers, collection agents can use the account and routing numbers from your check to access your account.

Even if you said they could only take $100, most of these companies don’t listen. They’ll take the money you planned to use for the house payment, the utility bill and the kids’ clothes.

What’s really wild is that most banks will not only let this happen but also charge you overdraft and low balance fees after the collectors drain your account. Talk about kicking you while you’re down.

If you can’t count on your bank to protect you, you may have to take matters into your own hands and pay your debt with a money order.

When you’re behind on a lot of bills, you may have trouble catching up because you’re not sure how much you can afford to pay on each one. If that’s you, start with these steps to get back on your feet.

The important thing is, you’re still paying what you owe. You’re just protecting your accounts and identity from crummy collectors while you do it.

As great as money orders are at protecting your identity, you still need to use good judgment and watch out for scams, like counterfeit money orders. And you have to be on your guard because your bank won’t catch these scams for you.

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While it would be nice to have one form of payment for everything, it’s not always so convenient. Sometimes the person you’re paying doesn’t want the liability of paper money, or it’s important to keep your personal banking information hidden.

In moments like these, a money order can save the day. A money order is a form of payment that people can use to pay bills or make purchases.

Money orders are a form of payment printed on a piece of paper that looks similar to a check. Unlike a check, a money order is prepaid with cash or a debit card.

Money orders are useful when you need to send payment through the mail. Paying for goods or services with a money order is a simple process.

Once you have the money order in hand, you can fill it out and send or deliver it to the recipient. The recipient can cash or deposit the money order just like a check.

It also allows you to track the money order to make sure it arrived and was cashed by the right person. In some cases, a money order can post as soon as the same day it’s deposited in an account, with the funds available for next-business-day withdrawals.

Consider using a money order when:. Just like other forms of payment, money orders have their pros and cons.

Although it is possible to buy a money order online, in most cases, you need to visit a bank or store to purchase one. Here’s how:

Postal Service. Supermarkets, convenience stores and check cashing stores often sell money orders.

The cost of a money order includes the actual amount of the money order plus a transaction fee. This fee varies depending on where you purchase the money order.

You can cash a money order anywhere you would cash a check. Start with your bank or credit union — especially if you’re planning to deposit the funds.

Note that some stores will charge a fee for the service.

Here are a few ways to protect yourself when you choose to pay with a money order. Instead of buying a money order, here are some other options.

Personal checks are a form of payment drawn on a bank account. They have some similarities to money orders but also offer some notable advantages, such as convenience and cost.

They are issued by banks and drawn on the bank’s account. However, they are more secure than money orders or personal checks.

Wire transfers send money directly from one online account to another. They are often used in real estate transactions and involve fees.

Prepaid debit cards look and function like traditional debit cards. But the card isn’t linked to your checking account.

Here are two advantages of this option:. Cynthia Measom contributed to the reporting for this article.

Information is accurate as of Nov. 15, 2022.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct.

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A money order is a safe alternative to cash or a personal check, usually issued by a government or banking institution, that works similarly to a check. A money order can be cashed or deposited into a bank account.

Money orders are readily accepted and converted to cash and are often used by people without access to a standard checking account. They are an acceptable form of payment for debts, both personal and business, and can be purchased for a small service fee from most institutions.

If you buy a money order, you will have to fill out the name of the recipient on a form and the amount that the recipient should receive. Most money orders have a maximum limit of $1,000.

Be sure to fill out the money order carefully. it’s a one-off purchase and you need to keep good records of it.

The financial institution or authorized body that issues the money order to the person paying will have the name of the person or entity being paid, the issuer’s name, and the amount of money that can be cashed. This dollar value doesn’t include the fees charged.

A bank or credit union normally will charge more than a convenience store to issue money orders.

You should keep this information until you’re certain the money order has cleared. Without a receipt, tracing a money order can be difficult or even impossible.

A money order is harder to trace than a check, so keep your receipt until you are sure the order has been received and cashed. Doesn’t include sensitive information.

Can be deposited into a bank account. Can be issued in one country and cashed in another.

Buying and cashing the money order can incur a fee. Funds could be delayed, depending on where it’s cashed.

You can buy a money order at any bank or credit union, as well as most grocery stores, convenience stores, and any store that offers check cashing or money services such as MoneyGram or Western Union. The U.S.

To order one, you simply need to bring enough money to pay for the money order, either in cash or with a debit card.

This information is used to prevent money laundering. Although there is an additional cost for issuing a money order, the fee is generally only a small fraction of the value of the order.

Postal Service charges $1.75 for money orders of up to $500, and $2.40 for orders from $500.01 up to $1,000. Fees are lower for money orders issued in military postal facilities.

Money orders from commercial institutions may have different prices, but the fees will tend to be similar. However, international money orders may incur higher fees.

A cashier’s check is similar to a money order, in that both are sometimes used for payment in situations where cash or a personal check would be impractical. Neither can be bought with credit—you have to use cash.

But unlike a money order, a cashier’s check is simply a check written by a financial institution against its own assets. This is considered more reliable than a personal check because there is no chance of the check bouncing.

For this reason, cashier’s checks are frequently used to make large purchases, such as for a house or vehicle. Whereas banks might place a hold on a personal check for that much money, funds issued by a cashier’s check should be available the next business day.

In contrast, money orders are typically used for smaller transfers, such as for rent or mortgage payments. Many institutions, such as the U.S.

In addition to checks and money orders, other ways to send guaranteed funds to an individual or business include traveler’s checks, wire transfers, bank drafts, and cashier’s checks. But money orders are frequently used for payment in situations where the party being paid isn’t set up to receive cash.

In some cases, a personal check, debit card, credit card, or even online payment apps might also be acceptable for payment. However, money orders are slightly different from these alternatives.

And, unlike checks, a money order can’t bounce.

Write the name of the intended recipient in the “Pay to the Order” field, and your full legal name and address in the appropriate fields. Fill in the amount to be transferred.

Finally, sign and date the money order, and keep the receipt. You can cash a money order in the same places that issue money orders, such as a bank, credit union, post office, check-cashing store, or even some convenience and grocery stores.

There may be a small fee for cashing the money order, which you can skip by depositing the money order into a bank account. Money orders don’t expire, but depending on the state and issuer, they may incur additional service charges if you cash them more than a year after they were issued.

However, domestic money orders from the U.S. Postal Service will never expire or lose value.

For that reason, money orders are a popular way to make small to medium-size payments in circumstances where cash or personal checks aren’t practical. Unlike cash, lost money orders can be replaced (with a receipt presented), and they can’t bounce due to insufficient funds.