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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. Every every single time. We believe everyone should be able make financial decisions with confidence. And while our site does not feature every business or financial product that is available on the market, we’re proud of the advice we provide and the information we offer and the tools we develop are independent, objective, straightforward — and free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the site) however it does not affect our recommendations or advice that are based on many hours of study. Our partners cannot promise us favorable reviews of their products or services. . What Is a Money Order? What is a Money Order operates and where to Get One is a guaranteed payment you can purchase at locations like Walmart or the post office and even your bank. By Margarette Burnette Senior Writer Savings accounts and money market accounts bank accounts Margarette Burnette is an expert financial expert who has been writing about bank accounts since prior to when she was writing about the Great Recession. Her writing has been featured in , and other major newspapers. Prior to joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, and Parenting. She is based in Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She previously worked as an editor as well as a researcher and writer in a variety of industries, from healthcare to market research. She received a bachelor’s level degree in the field of history from University of California, Berkeley. University of California, Berkeley as well as a master’s degree of social science from University of Chicago. You can reach her by email at

. 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 a well-known speaker and author. As an expert on financial psychology, Kathleen is a regular on the television, and her writing has been featured on The New York Times, The Wall Street Journal, “PBS NewsHour,” Money magazine, Today Money, Forbes and CNBC. Kathleen worked as an adjunct faculty instructor 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 have such confidence in the accuracy and quality of our content that we let outside experts inspect our work. The majority of products we feature are provided by our partners who compensate us. This influences which products we review and where and how the product is featured on a page. However, this does not affect our assessments. Our views are our own. Here is a list of and . Table of Contents. Show More Table of Contents The most important takeaways about money orders A cash advance is an safe substitute for cash and a personal check It functions like the check and you can cash it out or deposit it into the bank account. If personal checks or cash can put your security at risk or isn’t acceptable for payment, you can use a money order instead. Cash or debit cards to purchase money orders at the post office, 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 is a secure alternative to cash or personal checks. You choose who receives the money order, and both you and the person must sign it in order to make it valid which reduces theft. It is also possible to prepay the money order before you buy it. They are available from U.S. post offices, Walmart, Western Union and other places. 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 a debit card. The Nerdy Tip: A money order is a great option for sending money if you do not have a bank account or do not want to share your banking information to the person receiving it. Money orders: Advantages as well as cons pros and disadvantages to using a money order. Consider these pros and cons before you decide to use one. Pros: No bank account is required to send or receive a money order. Money orders are readily available. Cons If a money-order is accepted (or lost) or lost, it is difficult if not impossible to recover your money even if it’s caused by a scam or fraud. Subject to cash advance fees and interest if bought with a credit card. (Read about .) How do I purchase money orders? Be aware of how and with whom you’ll pay: Prepare with cash or a credit card as well as your name, the person who will be paying and the amount you want to send. Credit card payments may be possible, however it typically, it will cost more. Fill it out in addition to the name of the recipient it is necessary to add your name (and perhaps an address) and also sign the order. (For steps-by-step instructions, check out NerdWallet’s guide on .) Be sure to verify the accuracy of your information since you’ll not be able to change the information afterward. Keep the receipt: The receipt is an exact carbon replica of the money order or a paper slip recording the information you entered on the money order. It could be necessary to track your money order , or even to call the person who received it. Track your money order: The receipt also has a tracking number that you can use to verify that the money transfer was made to the recipient you intended. If you encounter any issues then contact the store that you purchased the money order for assistance. How do I obtain a money-order? What does an order for money cost? It is possible to purchase a money order at Post Offices, Walmart, Western Union and other places. Money orders for domestic use come with a range of costs that range from less than a dollar all the way to about $5 depending on where you buy them. You’ll get a better deal at Walmart or the convenience store or supermarket but you’ll be charged more at banks. There aren’t all banks that provide international money orders, but certain post offices do, but they cost more than domestic money orders. And no matter where you purchase them, it’s best to buy money orders in the person. Provider Cost Walmart Up to $1. Transfer agents for cash (convenience stores, supermarkets, etc.) Depends on the provider. For example, some San Francisco-based Western Union providers charge $1. U.S. Postal Service Up To $500 $1.65. $501-$1000: $2.20. Military money orders: 55 cents. international (up up to $750): $49.65. Banks and credit unions Depends upon the institution that they work with. Often around $5. >> Looking for more ways to transfer funds ? These are the options we have . What does a money order cost at some of the largest U.S. banks? This table that outlines the money order cost and availability at some popular banks. It is important to note that many banks only sell money orders to customers who have accounts. Click here to find out the price of money orders and availability at the most well-known banks. Bank Money Order Details Not offered. , Member FDIC Not offered. Not offered. Up to $1,000 for $5 and free on premium accounts. It must be purchased at the branch. $5; $5 for premium customers of checking. $5 Free for premium checking customers. $5; free for premium customers with a checking account. $5; no cost for members in the army. $5 up to $1,000. Must be purchased in a branch. To the top of the page When should I make use of a money order? There are times that using personal or cash checks can expose you to risk, or they aren’t accepted for payments. Here are four examples of where you should consider using money order as the ideal method of payment: You must to send money securely. Contrary to checks, money orders don’t include your bank account’s number, and help to ensure that only the recipient can use it, unlike mailing cash. Are you worried about the possibility of the possibility of bouncing a check. Because they are prepaid, they cannot be rejected because of insufficient funds. Another option: A certified check or cashier’s cheque, both of which guarantee payment but don’t need to have an amount limit of $1,000, as do the majority of money orders. ( And .) 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 up to 25 countries. Another option: A wire transfer (see ) for a wire transfer if you need the money there quicker and you are willing to be able to pay more. Or check out our . You don’t need an account with a bank. Since cash advances require you for payment in advance, this means you don’t need a bank account and you can still pay bills safely. Nerdy Tip If you do not have a checking account, another method of paying for regular purchases and other bills is to use a . Back to top Savings Cash Management CD Checking Money Market A savings account is an account where you can store money securely while earning interest. A savings account is an account where you can store money securely and earn interest. Member FDIC SoFi Checking and Savings APR 3.75% SoFi members with direct deposit are eligible to receive up 3.75 per cent annual percentage return (APY) in savings account balances (including vaults) and 2.50% APY on checking balances. There is no minimum amount of direct deposit required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Customers who do not deposit direct deposits will receive 1.20 percent APR on all balances of savings and checking (including Vaults). Interest rates are variable and subject to 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: $0 Member FDIC Marcus Online Savings by Goldman Sachs Bank with APY 3.50 percent 3.50% APR (annual per cent yield) with a balance of zero to earn the stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to checking, savings and/or investment accounts into one. The cash management account is generally provided by non-bank financial institutions. These cash accounts combine features and services that are similar to savings, checking and investment accounts into one account. These accounts for managing cash are typically provided by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash Accounts APY 4.05% min. Balance to APY $1 on Betterment’s site 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 of $0 (certificates of deposits) are a type of savings account that has fixed rates and terms typically, they have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with fixed rates and terms typically, and have higher rates of interest than traditional 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 percent 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 who have direct deposit may receive up 3.75 per cent annually percentage return (APY) in savings account balances (including vaults) and 2.50 percent APY on checking balances. There is no minimum amount of direct deposit that is required 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% APY on all account balances, including savings and checking (including Vaults). Interest rates are variable and can change at any time. These rates are current at 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. Use your Axos Visa(r) Debit Card for a total of 10 transactions each monthly (min three dollars per purchase) or enroll for Account Aggregation/Personal Financial Manager (PFM) through Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 in an Axos Managed Portfolios Invest Account in order to receive 0.20% annual percentage yield. Maintain an average daily amount of $2,500 in an Axos self-directed trading Investment Account in order to receive 0.20 percent APY. Utilize the Rewards checking account to pay the full month’s Axos Consumer loan payment to earn 0.15% APR. Monthly fee $0 Market accounts earn rates similar to savings accounts and have some checking features. Money market accounts pay rates that are similar to savings accounts, and come with certain features for checking. Members FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY zero Member FDIC Discover Bank Money Market Account APY 3.20% Min. amount for APY $1 Money order tracking It’s relatively simple to find out where a money order is — as long as you’ve kept your receipt. The process is different 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 your receipt and the purchase amount. The bank you use should be able to give you the exact details. If you don’t have the receipt, you’ll be required to file a request to find the serial number on your money order, and that’s expensive and time-consuming. For MoneyGram for instance, it costs $40 and can take 60 days to process. Just be sure to track the money order through the provider that you actually use that could be Western Union or MoneyGram even in the event that you purchased it from a convenience store. The money order must clearly indicate the name of the service provider. Return to top About The author Margarette Burnette, a expert in the field of savings accounts at NerdWallet. The work she has done for NerdWallet was featured on USA Today and The Associated Press. Similar to… Find an improved savings account. Check out NerdWallet’s picks for the best high-yield savings accounts online. Explore Banking further Make smarter money decisions – 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 from your savings.

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