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What Is a Money Order? How a Money Order Works and where to purchase one Advertiser disclosure We make you our top priority. Each every time. We believe that everyone should be able to make financial decisions without hesitation. Although our site does not feature every business or financial product that is available in the marketplace We’re pleased of the advice we provide, the information we provide and the tools we develop are independent, objective simple, and completely free. So how do we make 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 doesn’t affect our recommendations or advice, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive review of their services or products. . What is a Money Order? How does a money Order works and where to Get One Money Order is a sure payment you can purchase at locations like Walmart, the post office and your bank. Written by Margarette Burnette, Senior Writer Savings accounts, money market accounts, bank accounts Margarette Burnette is an expert financial expert who has been writing about bank accounts from before even the Great Recession. Her writing has been featured in , and other major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist with bylines in magazines like Good Housekeeping, and Parenting. She is based close to Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as an editor or writer, as well as research analyst in industries ranging from health care to market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago. You can reach her by email at

. 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 well-known author and speaker. As an expert in financial psychology, Kathleen is a regular on the television 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 was an adjunct faculty member at The McCallum Graduate School at Bentley University between 2009 and 2019 and currently teaches in the college of Champlain College. At NerdWallet our content is put through a rigorous . We have such confidence in our accurate and useful content that we let outside experts inspect our work. Many or all of the products we feature are provided by our partners who compensate us. This affects the products we review as well as the place and way the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of and . Table of Contents Table of Contents Important takeaways about money orders A Money order can be a safe alternative to cash or personal checks and functions as an actual check, which means you can either cash it or deposit it into the bank account. If personal checks or cash puts the risk of being harmed or isn’t acceptable for payment, you can make use of a money order. It is possible to use cash or the debit card to purchase cash at the postoffice, Walmart, Western Union and other places. What is the process for money orders? The money order can be described as a piece of paper that’s a safe alternative to cash or personal checks. You can specify who will get the money order, and both you and the person must sign it for it to be valid that reduces theft. You can also prepay for the money order before you purchase it. You can purchase them in U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000, including those that are purchased at banks. Generallyspeaking, you need to make payment for money orders by cash or a debit card. Money orders is a good option for sending money if you don’t have a banking account or do not want to share your banking details with the recipient. Money orders: Pros and Cons There’s pros and disadvantages to using a money transfer. 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 available. Cons When a money order is cashable (or lost) or lost, it is difficult, if not impossible, to recover your money, even if it was because of fraud or scam. Cash advance charges may apply and interest if bought with credit card. (Read about .) How can I buy an order for money? Be aware of how and with whom you’ll pay with cash or a credit card as well as the name of the person who will be paying and the amount you’d like to transfer. Credit card payments may be possible, however it will usually cost extra. Fill it out with the following information: Alongside the payee’s name and address, you’ll have to include your name (and maybe your address) and also sign the purchase. (For detailed instructions on how to do this follow NerdWallet’s tutorial on .) Be careful to ensure that all information is correct since you’ll be unable to change the information afterward. Keep the receipt: The receipt will be an exact duplicate of the money-order or a paper slip that contains the information you entered into the cashier’s note. You may need it to trace the money order or to contact the location where you received it. Follow your money order The receipt should also include an identification number you can use to confirm that the money transfer was made to the person you wanted it to. If you encounter any issues you should contact the location where you purchased the money order to get help. Back to top Where can I get a money order? How much does an order for money cost? It is possible to purchase money orders at the post office, Walmart, Western Union and many other locations. Money orders for domestic use come with an array of prices starting at less than $1 all the way to about $5 depending on the location you purchase them. You can find a cheaper price at Walmart or an upscale supermarket or convenience store however, you’ll usually pay more at a bank. Some banks don’t have international money orders available; some postal offices will, but they’re more expensive than money orders for domestic customers. No matter where you buy them, it’s safer 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 provider. For instance, certain San Francisco-area Western Union providers charge $1. U.S. Postal Service Up 500$: $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. Are you looking for other options to send money ? We have a list of . What is a money order cost at some of the largest U.S. banks? Below is a table containing the cost of money orders and availability at some popular banks. It is important to note that many banks only sell money orders to account holders. Click here to learn about the price of money orders and availability at the most well-known banks Bank Money Order Details There is no offer. , Member FDIC Not offered. Not offered. Up to $1,000 for $5; free on premium accounts. Must be purchased in an office. $5; free for premium checking customers. $5 For premium checking customers. $5; free for premium checking customers. $5; no cost for members in the army. $5 up to $1,000. The money order must be made at the branch. Return to top Why should I make use of a money order? There are times when using cash or personal checks could put you at risk or aren’t acceptable for payments. Here are four instances of when money orders are the best option for payment: You have to transfer money in a secure manner. In contrast to checks, money order don’t contain your bank account number, and they make sure that only the recipient can use it, unlike mailing cash. You’re concerned about the possibility of bouncing a check. Since money orders are prepaid, they can’t be rejected because of insufficient funds. Another option: A certified check or cashier’s check both of which guarantee payment and don’t have to be accompanied by a $1,000 limit, unlike the majority of money orders. ( and .) It’s sending money abroad. Not all money orders work internationally, however U.S. Postal Service money orders can be delivered to around 25 countries. Another option is a wire transfer (see ) for a wire transfer if you require the funds quicker and you are willing to pay more. Check out our . You don’t have a checking account. Because money orders require you for payment in advance, this means you don’t require an account with a bank and are able to pay for bills without risk. A helpful tip for those who do not have a checking account, another option for paying regular expenses and bills is to make use of an . Back to the top Savings Cash Management CD Checking Money Market A savings account is a place where you can keep money safe while earning interest. A savings account is an account where you can save money in a secure manner as well as earn interest. Members FDIC SoFi Checking and Savings with APY of 3.75 percent SoFi customers who make direct deposit receive up 3.75 per cent per year in annual percentage yield (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. The minimum direct deposit amount needed to earn the 3.75 percent APY for savings, and 2.50 percent APY on checking balances. Members without direct deposit will earn 1.20 percent interest on balances of savings and checking (including Vaults). The rates of interest are variable and may change at any time. 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 Member $0 FDIC Marcus by Goldman Sachs Online Savings Bank APY 3.50 35% 3.50% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must be in positive balance to remain open. APY is valid until 02/07/2023. Min. balance for APY Cash accounts are $0 and provide a range of services and features similar to savings, checking and/or investment accounts into one. Cash management accounts are generally provided by non-bank financial institutions. These accounts offer features and services that are similar to savings, checking and/or investment accounts in one package. These accounts for managing cash are typically offered by non-bank financial establishments. on the Wealthfront website. Wealthfront Cash Accounts APY 4.05% Min. balance of 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 CDs is $0 (certificates of deposit) are a type of savings account that has an unchanging rate and term typically, they have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a form of savings account with an unchanging rate and term typically, and have higher interest rates than regular savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 year FDIC Marcus by Goldman Sachs High-Yield CD APY 4.6 FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APY (annual percentage yield) at 01/25/2023. 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit can get up to 3.75 percent per year in annual percentage yield (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. The minimum amount of direct deposit required to qualify for the 3.75 percent APY on savings accounts and 2.50% APY for checking balances. Members without direct deposit earn 1.20 percent interest on balances of savings and checking (including vaults). The rates of interest are subject to fluctuation and are can 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 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. Utilize the Axos Visa(r) Debit Card to make a maximum of 10 transactions each calendar month (min $3 per transaction) or join Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30% APY. Keep an average daily balance of $2,500 per month within the Axos managed Portfolios Investment Account for 0.20 percent annual percentage yield. Maintain a daily average amount of $2,500 in the Axos self-directed trading Investment Account for 0.20 percent APY. Utilize the Rewards checking account for the full monthly Axos Consumer loan payment and earn 0.15 percent annual percentage yield. Monthly fee of $0. Money market accounts have rates comparable to savings accounts and have some checking features. Money market accounts pay rates that are similar to savings accounts and include certain checking features. Member FDIC UFB’s best Money Market Rate APY 4.21% Min. balance for APY zero Members FDIC Discover Bank Money Market Account APY 3.20% Min. amount for APY $1 Money order tracking It’s fairly easy to figure the location of a money order is provided you’ve saved the receipt. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using information such as the serial number found on your receipt as well as the purchase amount. Banks should be in a position to provide you with the same details. If you don’t have the receipt, you’ll have to file a research request to discover your money order’s serial number, and that’s expensive and long-winded. At MoneyGram for instance it’s $40 and can take 60 days to process. Just be sure to track the money order with the company that actually provides it which could include Western Union or MoneyGram even when you bought it from a convenience store. The money order should clearly show or state who the provider is. Back to top About The author Margarette Burnette works as a expert in the field of savings accounts at NerdWallet. She has had her work highlighted on USA Today and The Associated Press. In a similar vein… Get a better savings account See NerdWallet’s recommendations for the top high-yield online savings accounts. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. 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