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What Is a Money Order? How a Money Order Works and Where to Buy One Advertiser disclosure We make you our top priority. Every time. We believe that every person should be able make financial decisions without hesitation. While our website doesn’t feature every company or financial product in the marketplace however, we’re confident of the advice we provide as well as the advice we provide as well as the tools we design are objective, independent simple, and free. So how do we make money? Our partners pay us. This could influence which products we write about (and the places they are featured on the site), but it doesn’t affect our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. . What Is a Money Order? How a Money Order operates and where to Buy One Money Order is a sure payment you can buy at places like Walmart, the post office and even your bank. Written by Margarette Burnette, Senior Writer Savings accounts and money market accounts bank accounts Margarette Burnette has been a savings expert who has been writing about bank accounts from before even the Great Recession. Her work has been featured in major newspapers. Prior to being a member of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines like Good Housekeeping, and Parenting. She is located close to Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn is a bank 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 received a bachelor’s level degree in history at Berkeley at the University of California, Berkeley and a master’s of social science from University of Chicago. You can reach her 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 an internationally published author and speaker. As an expert on the psychology of money, Kathleen was featured on TV and her work has been highlighted 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 at McCallum Graduate School from 2009 to 2019. McCallum Graduate School at Bentley University from 2009 until 2019 and currently teaches for Champlain College. At NerdWallet the content we publish goes through a rigorous . We are so confident about our reliable and valuable content that we have external experts review our work. A majority or all of the products featured here are from our partners that pay us. This affects the products we review and where and how the product is featured on a page. However, this does not influence our evaluations. Our opinions are our own. Below is a list and . Table of Contents Table of Contents Key lessons about money orders money order is a safe substitute for cash and a personal check and functions as the check and you can either cash it or deposit it into a bank account. When using personal checks or cash can put the risk of being harmed or isn’t acceptable as payment, you could make use of a money order. It is possible to use cash or the debit card to purchase money order at post offices, Walmart, Western Union and many other locations. How do money orders work? Money orders are a 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 must sign it in order to make it valid, which cuts down on theft. You also prepay for a money order when you buy it. You can purchase them at U.S. post offices, Walmart, Western Union and other locations. There are many that have a limit of $1,000, including those that you buy at banks. Generally, you must pay for money orders using cash or debit card. The Nerdy Tip: A money order is an excellent alternative to send money if you do not have a bank account or don’t want to share your banking information to the person receiving it. Money orders: Advantages as well as cons benefits and disadvantages to using a money transfer. Consider these advantages and disadvantages 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 cashed (or lost) or lost, it is difficult if not impossible to retrieve your money even if it’s because of fraud or scam. Subject to cash advance fees and interest if purchased with a credit card. (Read about .) What can I do to purchase a money order? Be aware of how and with whom you’ll pay with cash or a credit card, the name of the person who will be paying and the amount you want to send. The option of paying with a credit card may be possible, however it generally, it’s more expensive. The form must be completed with the following information: Alongside the name of the person who is paying, you’ll need to add your name (and perhaps your address) and sign the money order. (For steps-by-step instructions read NerdWallet’s advice on .) Be careful to ensure the accuracy of your information since you’ll be unable to change the information afterward. Keep the receipt: The receipt will be an exact carbon copy of the money order or a paper slip recording the details entered into the cashier’s note. You might need it to track your money order or contact the location where you received it. Follow your money order The receipt should also include an tracking number which you can use to verify that the money order was delivered to the intended recipient. If there are any issues, contact the place that you purchased the money order for help. Back to top Where can I obtain a money-order? What does a money order cost? You can purchase money orders at a post office, Walmart, Western Union and many other locations. Domestic money orders come in various costs that range from less than a dollar all the way to about $5 dependent on the place you purchase them. You’ll get a better deal at Walmart or a convenience store or supermarket but you’ll spend more at a bank. Some banks don’t have international money orders available; certain post offices do, but they are more expensive than money orders for domestic customers. No matter where you purchase them, it’s better to buy money orders in the store in person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores, supermarkets, etc.) Depends on the supplier. For example, some 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. Foreign (up to $700): $49.65. Credit unions and banks depend of the bank. Often around $5. >> Looking for more options to send money ? These are the options we have . What does a money order cost at some of the largest U.S. banks? Below is a table that outlines the money order cost and the availability of some well-known banks. Note that many banks will only sell money orders to accountholders. Click here for information on the money order cost and availability at a few popular banks. Bank Money Order Details There is no offer. The bank is a member of FDIC Not offered. It is not available. Up to $1,000 for $5 and free on premium accounts. You must purchase the account at an office. $5; free for premium customers of checking. $5 For premium customers with a checking account. $5 Free for premium customers with a checking account. $5; no cost for members who are military personnel. $5 up to $1,000. It must be bought at a branch. Back to top When do I need to use money orders? There are instances when using cash or personal checks could be risky or aren’t acceptable as payment. Here are four instances of why cash orders can be the ideal payment method: You need to transfer money in a secure manner. Contrary to checks, money orders don’t include your bank account’s number, and they help make sure that only the recipient is able to use them, not unlike the process of sending cash. You’re worried about bounced checks. Since they can be prepaid and are therefore able to pay, they cannot be rejected because of insufficient funds. Another option is a certified check or cashier’s check, both of which ensure payment and don’t necessarily have the limit of $1,000 like most money orders. ( as well .) If you’re sending money overseas. Money orders are not all compatible with sending money abroad, but U.S. Postal Service money orders can be sent to about 25 countries. Another option is a wire transfer (see ) for a wire transfer if you require the funds quicker and you are willing to be able to pay more. Check out our . You don’t have an account at a bank. Since cash advances require you to pay in advance, you do not need an account at a bank, but you can pay your bills in a safe manner. The best advice for you if you don’t have a checking account, another method of 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 the perfect place to store money securely while earning interest. Savings accounts are an account where you can store money securely and earn interest. Member FDIC SoFi Checking and Savings APY 3.75% SoFi members who make direct deposit are eligible to get up to 3.75% annually-percentage return (APY) on savings balances (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 for savings, and 2.50% APY for checking balances. Customers who do not deposit direct deposits will receive 1.20% APR on all balances of savings and checking (including Vaults). Rates of interest are subject to change and can 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 Online Savings by Goldman Sachs Bank with APY 3.50% 3.50% Annual Percentage Yield (annual percentage yield) with a balance of zero to earn the 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 provide a range of services and features similar to savings, checking and/or investment accounts into one. The cash management account is generally offered by non-bank financial institutions. These cash accounts combine services and features similar to savings, checking and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial establishments. on the Wealthfront website. Wealthfront Cash Account APY 4.05% min. balance for APY $1 on Betterment’s site Betterment Cash Reserve Paid non-client promotions 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 with fixed rates and terms generally, they come with higher interest rates than standard savings accounts. CDs (certificates of deposit) are a type of savings account that comes with an unchanging rate and term which usually come with more interest rates than standard savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 year Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APY (annual per cent 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 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. There is no minimum direct deposit amount that is required to earn the 3.75% APY for savings accounts and 2.50% APY for checking balances. Direct deposit members will get 1.20% APY on all account balances, including savings and checking (including vaults). Rates of interest are subject to change and could change at any point. 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. Utilize your Axos Visa(r) debit card for a total of 10 transactions each month (min three dollars per purchase) or sign up for Account Aggregation/Personal Financial Manager (PFM) through Online Banking to earn 0.30% APY. Keep an average daily balance of $2,500 in an Axos Managed Portfolios Invest Account for 0.20% APY. Keep an average daily balance of $2,500 in the Axos Self Directed Trading Invest Account in order to receive 0.20 percent APR. Make use of your Rewards Checking account to pay your full each month Axos consumer loan payment and earn 0.15% APR. Monthly fee: $0. Market accounts earn rates that are similar to savings accounts, and come with some checking features. Market accounts pay rates comparable to savings accounts and include certain features for checking. Members FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY $0 Members FDIC Discover Bank Money Market Account APY 3.20 Percentage Min. amount for APY $1 Money order tracking It’s fairly easy to figure out where your money order is — so long as you’ve kept your receipt. But the process varies slightly according to the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using information such as the serial number found on the receipt along with the amount of your purchase. Your bank should be able to give you the exact information. If you don’t have the receipt, you’ll have to file a research request to find the serial number on your money order as well as that’s costly and time-consuming. For MoneyGram for instance, it costs $40 and can take 60 days to complete. Just be sure to track the money order through the provider that you actually use — it might have been Western Union or MoneyGram even if you purchased it at the convenience store. The money order should clearly indicate who the provider is. Back to top About The author Margarette Burnette is a expert in the field of savings accounts at NerdWallet. The work she has done for NerdWallet was highlighted in USA Today and The Associated Press. On a similar note… Discover an improved savings account. Check out NerdWallet’s top picks for high-yielding online savings accounts. Go deeper into Banking Make smarter money decisions delivered straight to your inbox Sign up and we’ll send you Nerdy articles about money-related topics that matter most to you as well as other methods to get more from your savings.

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