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What Is a Money Order? How does a money order work and where to purchase one Advertiser disclosure We make you our top priority. Each every single time. We believe that every person should be able to make financial decisions with confidence. And while our site does not feature every business or financial product in the marketplace however, we’re confident of the advice we provide, the information we provide as well as the tools we design are objective, independent easy to use and free. So how do we make money? Our partners pay us. This could influence which products we review and write about (and the way they appear on the site) however it in no way affects our advice or suggestions that are based on thousands of hours of research. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . What is a Money Order? How does a money Order works and where to Get One Money Order is a dependable payment that you can purchase at locations like Walmart or the post office and even your bank. By Margarette Burnette Savings accounts, money market accounts, banks Margarette Burnette has been a financial expert who has been writing about bank accounts since prior to the Great Recession. Her writing has been featured in major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist who had bylines in magazines like Good Housekeeping, and Parenting. She lives close to Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn is a bank editor with NerdWallet. She previously worked as an editor as well as a researcher and writer across a range of industries from healthcare to market research. She received a bachelor’s level degree in history from University of California, Berkeley. University of California, Berkeley and a master’s in social sciences from the University of Chicago. She can be reached by email at

. The book was reviewed by Kathleen Burns Kingsbury Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally published speaker and author. As an expert on financial psychology, Kathleen is a regular on the television, and her work has been highlighted on 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 The McCallum Graduate School at Bentley University between 2009 and 2019 and currently teaches at Champlain College. At NerdWallet our content is put through rigorous . We are so confident in our accurate and useful content that we have outside experts examine our work. A majority or all of the items featured on this page are made by our partners that pay us. This impacts the types of products we write about and where and how the product is featured on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here’s a list of and . Table of Contents. Show More Table of Contents The most important takeaways about money orders A cash advance is an secure substitute for cash and personal checks It functions like a check so you can cash it out or deposit it into the bank account. If cash or personal checks puts you at risk, or they aren’t accepted for payment, use a money order instead. You can use cash or the debit card to purchase money order at post offices, Walmart, Western Union and other places. What is the process for money orders? Money orders are a small piece of paper, which is a safe alternative to personal checks or cash. You can specify who will get the money order, and both you and that person who will receive it must sign the order in order to make it valid which reduces theft. It is also possible to prepay a money order when you purchase it. You can purchase them at U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000, including those that you purchase at banks. In general, you have to pay for money orders with cash or debit card. Money orders is a good option for sending money if you don’t have a banking account or you don’t wish to divulge your bank information with the recipient. Money orders: Pros as well as cons pros and disadvantages of using a money transfer. Take a look at these pros and cons before you decide to use one. Pros: No bank account is needed to send or receive a money-order. Money orders are widely accessible. Cons When a money order is accepted (or lost) and then lost, it could be difficult, if it is not impossible to recover your money, even if it was because of a scam or fraud. The cash advance fee is subject to change and interest when purchased using credit card. (Read more about .) How can I buy an order for money? Consider how and to whom you’ll pay using cash or a debit card, your name, the payee and the amount you want to transfer. Paying with a credit card may be possible, however it generally, it’s more expensive. Fill it out in addition to the name of the recipient, you’ll need to add your name (and maybe your address) and then sign the payment. (For step-by-step instructions follow NerdWallet’s tutorial on .) Be sure to verify the accuracy of your information because you won’t be able to alter the information later. Keep the receipt: The receipt will be an exact carbon copy of the money order or a paper slip that contains the information you entered on the money order. You may need it to trace the money order or to contact the person who received it. Follow your money order Your receipt will also have an identification number you can use to confirm that the money order got to the recipient you intended. If there are any issues, contact the place where you bought the money order for assistance. Back to top Where can I obtain a money-order? What is the cost of the cost of a money order? You can get money orders at Post Offices, Walmart, Western Union and other places. Domestic money orders come in a range of costs, from under a dollar up to $5 depending on the location you purchase them. You can find a cheaper price at Walmart or an upscale supermarket or convenience store, and you’ll typically spend more at a bank. Some banks don’t have international money orders available; certain postal offices will, but they cost more than money orders for domestic customers. And no matter where you purchase them, it’s best to buy money orders in person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores supermarkets, convenience stores, etc.) Depends on the provider. For instance, certain San Francisco-based 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 to $700): $49.65. Banks and credit unions Depends on the financial institution. Often around $5. Are you looking for other options to send money ? Here are our . What does a money order cost at the largest U.S. banks? This table that outlines the price of a money order and available at a few popular banks. Note that many banks will only offer money orders to customers who have accounts. + Click here for information on the cost of a money order and availability at a few popular banks. Bank Money Order Information There is no offer. Members of the FDIC Not offered. Not offered. $5 for up to $1,000; free to premium account holders. It must be purchased at an office. $5; free for premium customers who use a checking account. $5 For premium customers with a checking account. $5 Free for premium checking customers. $5; free for members of the military. $5 up to $1,000. It must be bought at an office. Return to top Why should I use a money order? There are occasions that using personal or cash checks could expose you to risk or may not be accepted as payment. Here are four instances when money orders are the best method of payment: You must to send money securely. In contrast to checks, money order don’t include your bank account number, and they make sure that only the recipient is able to use them, not unlike sending cash. You’re concerned about the possibility of bouncing a check. Since they have been pre-paid, they cannot be rejected because of insufficient funds. Another option: A certified check or cashier’s check, both of which guarantee payment and don’t necessarily have the limit of $1,000 like the majority of money orders. ( And .) It’s sending money abroad. Money orders are not all compatible with sending money abroad, but U.S. Postal Service money orders can be sent to up to 25 countries. Another option: A wire transfer (see ) for a wire transfer if you need money quicker and you are willing to spend more. You can also check out our . You don’t need an account with a bank. Because money orders require you make a payment prior to the date of purchase, you don’t need an account at a bank, but you are able to pay for bills without risk. A helpful tip for those who don’t have a checking account, an alternative for paying regular expenses and other bills is to use a . Back to the top Savings Cash Management CD Checking Money Market A savings account is an account where you can store money securely while earning interest. Savings accounts are a place where you can keep your money safe and earn interest. Members FDIC SoFi Checking and Savings APR 3.75 percent SoFi customers with direct deposit can get up to 3.75% annual percentage yield (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. There is no minimum direct deposit amount needed to earn the 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits will get 1.20% APY on all account balances, including savings and checking (including Vaults). Interest rates are variable and subject to change at any point. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY $0 Member FDIC Marcus Goldman Sachs Online Savings Bank APY 3.50% 3.50% Annual Percentage Yield (annual per cent yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and combine services and features similar to checking, savings or investment accounts in one product. These accounts for managing cash are typically provided by non-bank financial institutions. They combine the services and features similar to checking, savings or investment accounts into one package. The cash management account is typically provided by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash Account APY 4.05 percent min. Balance for APY $1 on the Betterment website. Betterment Cash Reserve – Paid non-client promotion APY 4.00 Percent Annual percentage rate (variable) is as of 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposits) are a type of savings account with fixed rates and terms typically, they have higher interest rates than standard savings accounts. CDs (certificates of deposit) are a kind of savings account that has an unchanging rate and term which usually come with higher rates of interest than standard savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% annual percentage yield (annual percent yield) as of 01/25/2023 Term 1 year Member FDIC SoFi Checking and Savings APY 2.50% SoFi members who have direct deposit are eligible to earn up to 3.75 percent annual percentage yield (APY) in savings account balances (including Vaults) and 2.50% APY on checking balances. The minimum direct deposit amount that is required to earn the 3.75% APY for savings and 2.50% APY for checking balances. Customers who do not deposit direct deposits are eligible to receive 1.20 percent interest on balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any point. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet 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 to make a maximum of 10 transactions per monthly (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30% APR. Maintain an average daily balance of $2,500 within the Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain a daily average balance of $2,500 per month with an Axos self-directed trading Investment Account for 0.20 percent APY. Use Your Rewards Checking Account to make your full each month Axos Consumer loan payment and earn 0.15% APR. Monthly fee $0 Money market accounts pay rates similar to savings accounts, and come with some checking features. Money market accounts pay rates that are similar to savings accounts and include certain features for checking. Member FDIC UFB’s best Money Market Rate APY 4.21% Min. balance for APY $1 Members FDIC Discover Bank Money Market Account APY 3.20 Percentage Min. balance for APY $1 tracking of money orders It’s pretty easy to figure out where a money order is as long as you’ve kept the receipt. The process is different by issuer. The U.S. Postal Service and MoneyGram allow users to track their online transactions using information such as the serial number that appears on your receipt as well as the purchase price. Banks should be in a position to provide you with the same details. Without a receipt, you’ll be required to file a request to locate the serial number of your money order, and that’s expensive and lengthy. At MoneyGram, for example it’s $40 and takes up to 60 days to process. Make sure you track the money order with the provider that you actually use — it might include Western Union or MoneyGram even when you bought it from an convenience store. The money order should clearly show or state the name of the service provider. Then, back to the top about the author: Margarette Burnette works as a expert in the field of savings accounts at NerdWallet. Her work has been highlighted in USA Today and The Associated Press. Similar to… Discover a better savings account See NerdWallet’s recommendations for the top high yield savings accounts online. Explore Banking further Get more smart money moves – straight to your inbox. Sign-up and we’ll send you Nerdy posts about money-related topics that are important to you along with other ways to help you make more out of your money.

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