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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 everyone should be able to make sound financial decisions with confidence. And while our site does not include every company or financial product available in the marketplace We’re pleased that the guidance we offer as well as the advice we provide and the tools we develop are objective, independent easy to use and free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and where those products appear on the website) however it doesn’t affect our suggestions or recommendations that are based on thousands of hours of research. Our partners are not able to promise us favorable ratings of their goods or services. . What Is a Money Order? What is a Money Order works and where to Buy One is a dependable payment that you can buy at places such as Walmart Post Office and even your bank. Written by Margarette Burnette, Senior Writer Savings accounts and money market accounts banks Margarette Burnette is a savings expert who has been writing about bank accounts since before the Great Recession. Her work has been published in major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist with bylines in magazines like Good Housekeeping, and Parenting. She is based near Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Banking Yuliya Goldshteyn is a banking editor at NerdWallet. She has previously worked as an editor as well as a researcher and writer in a variety of industries, from healthcare to market research. She earned a bachelor’s degree in history from University of California, Berkeley. University of California, Berkeley and a master’s in sociology from the University of Chicago. She can be reached 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 an internationally published speaker and author. As an expert in financial psychology, Kathleen was featured on TV, and her work has been highlighted in The New York Times, The Wall Street Journal, “PBS NewsHour,”” Money magazine, Today Money, Forbes and CNBC. Kathleen worked as an adjunct faculty member of McCallum Graduate School from 2009 to 2019. McCallum Graduate School at Bentley University between 2009 and 2019. She is currently teaching for Champlain College. At NerdWallet our content is put through a rigorous . We are so confident about the accuracy and quality of our content that we have outside experts examine our work. A majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we write about and the location and manner in which the product is featured on a page. But, it doesn’t affect our assessments. Our views are our own. Below is a list and . Table of Contents Show More Table of Contents Key lessons about money orders cash advance is an reliable alternative to cash or personal checks; it works like a check so you can cash it out or deposit it into an account at a bank. When using cash or personal checks puts you at risk or aren’t accepted as payment, you could make use of a money order. You can use cash or a debit card to buy money orders at the post office, Walmart, Western Union and other places. How do money order transactions work? Money orders are a piece of paper, which is a safe alternative to cash or personal checks. You choose who receives the money order and both you and that person who will receive it must sign the order for it to be valid that reduces theft. You also prepay for the money order before you purchase it. They are available at U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000 which includes those are purchased at banks. In general, you have to pay for money orders with cash or debit card. Money orders is a great option to transfer money when you do not have a bank account or you don’t wish to share your banking information for the beneficiary. Money orders: pros as well as cons advantages and disadvantages of using a money order. Consider these advantages and disadvantages before you make a decision to use one. Pros: No bank account required to send or receive a cash order. The money order is widely accessible. Cons If a money-order is cashable (or lost), it can be difficult, if not impossible, to get your money back regardless of whether it was because of fraud or a scam. Cash advance charges may apply and interest when purchased using credit card. (Read more about .) How can I buy money orders? Consider how and to whom you’ll pay: Prepare with cash or a debit card, the name of the payee and the amount you wish to pay. Paying with a credit card may be possible, however it will usually cost extra. The form must be completed with the following information: Alongside the payee’s name, you’ll need to add your name (and perhaps the address) and then sign the order. (For detailed instructions on how to do this read NerdWallet’s advice on .) Be sure to verify that everything is accurate because you won’t be able to edit the data afterward. Keep the receipt in your wallet: The receipt is a carbon replica of the money order or a paper slip that contains the information entered in the order. You might need it to track the money order or to contact the place where you got it. Follow your money order The receipt also has an identification number you can use to confirm that the money order got to the intended recipient. If you encounter any issues you should contact the location where you purchased the money order to get assistance. Return to top Where can I find a money order? What is the cost of an order for money cost? You can purchase money orders at the post office, Walmart, Western Union and many other locations. Domestic money orders come in an array of prices that range from less than a dollar all the way to about $5 depending on the location you purchase them. You’ll get a better deal at Walmart or a convenience store or supermarket however, you’ll usually be charged more at banks. Not all providers have international money orders available; some Post offices offer them, however they’re more expensive than money orders for domestic customers. No matter where you purchase them, it’s best to buy money orders in person. The seller Cost Walmart Up to $1. Agents for money transfer (convenience stores, supermarkets, etc.) It depends on the service provider. For instance, certain 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 on the financial institution. Often around $5. If you are looking for additional ways to transfer funds ? We have a list of . What is a money order cost at some of the biggest U.S. banks? Here is an infographic that outlines the price of a money order 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 for information on the money order cost and availability at a few popular banks. Bank Money Order Details Not available. The bank is a member of FDIC Not offered. The offer is not offered. Five dollars for up to $1,000; free on premium accounts. You must purchase the account at an office. $5; no cost for premium customers of checking. $5; free for premium checking customers. $5; free for premium customers who use their checking accounts. $5; free for military members in the army. Up to $1,000 for $5. The money order must be made at an office. Return to top Why do I need to use money orders? There are instances that using personal or cash checks could put you at risk, or they aren’t accepted for payments. Here are four instances of why you should consider using money order as the ideal payment method: You need to send money securely. Unlike checks, money orders do not include the bank account number and help to ensure that only the person who is receiving it can use it, unlike the process of sending cash. Are you worried about the possibility of bounced checks. Since the money orders are prepaid, they cannot be rejected due to insufficient funds. Another option: A certified check or a cashier’s check, both of which are guaranteed to be paid and don’t have to be accompanied by the limit of $1,000 like most money orders. ( as well .) If you’re sending money overseas. Some money orders don’t work internationally, however U.S. Postal Service money orders can be sent to up to 25 countries. Another option: A wire transfer (see ) If you need money quicker and you are willing to spend more. Or check out our . You don’t need an account at a bank. Since cash advances require you to pay in advance, you don’t require an account at a bank, but you are able to pay for bills without risk. Nerdy Tip If you don’t have a checking account, another option for paying regular expenses and bills is to use the . Return to top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can keep money safe while earning interest. A savings account is the perfect place to save money in a secure manner while earning interest. Members FDIC SoFi Savings and Checking APR 3.75% SoFi members who have direct deposit can earn up to 3.75 percent annual percentage return (APY) for savings accounts (including Vaults) and 2.50 percent APY on checking balances. No minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50 percent APY on checking balances. Direct deposit members will earn 1.20% APR on all 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: $0 Member FDIC Marcus by Goldman Sachs Online Savings Account APY 3.50 percent 3.50% Annual Percentage Yield (annual percent yield) with a balance of zero to earn stated APY. Accounts must be in positive balance to remain open. APY current as of 02/07/2023. Min. balance for APY $0 These cash accounts provide a range of services and features similar to savings, checking and/or investment accounts into one. These accounts for managing cash are generally offered by non-bank financial institutions. These cash accounts combine services and features that are similar to checking, savings and investment accounts into one product. These accounts for managing cash are typically provided by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash Account APY 4.05 percent min. balance of 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 of $0 (certificates of deposits) are a type of savings account with a fixed rate and term typically, they have higher interest rates than standard savings accounts. CDs (certificates of deposit) are a type of savings account with an unchanging rate and term, and usually have higher rates of interest than traditional savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 Years 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 per cent yield) as of 01/25/2023 Term 1 year Member FDIC SoFi Checking and Savings APY 2.50% Members of SoFi with direct deposit can receive up 3.75 per cent annual percentage yield (APY) on savings balances (including vaults) and 2.50% APY on checking balances. No minimum amount of direct deposit that is required to earn the 3.75 percent APY for savings, and 2.50% APY for checking balances. Members without direct deposit earn 1.20 percent APR on all balances of savings and checking (including Vaults). Rates of interest are subject to change and could 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 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) debit card for up to 10 transactions each month (min 3 cents per transaction) or join Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APR. Keep an average daily balance of $2,500 on An Axos Managed Portfolios Invest Account for 0.20 percent APR. Maintain an average daily balance of $2,500 per month in An Axos self-directed trading Investment Account in order to receive 0.20% APR. Make use of Your Rewards Checking Account to make your full month’s Axos customer loan payment to earn 0.15% annual percentage yield. Monthly fee: $0. Market accounts earn rates comparable to savings accounts and have certain checking features. Money market accounts pay rates comparable to savings accounts and have certain checking features. Member 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 percent Min. balance for APY $1 Money order tracking It’s fairly easy to figure out where a money order is — so long as you’ve kept the receipt. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow you to track online with details like the serial number found on your receipt and the purchase amount. Banks should be in a position give you the same details. Without a receipt, you’ll likely need to submit a research request to discover your money order’s serial number which is costly and lengthy. For MoneyGram for instance it’s $40 and takes up to 60 days to complete. Be sure to keep track of the money order through the actual provider which could include Western Union or MoneyGram even if you purchased it at a convenience store. The money order must clearly show or state the name of the service provider. Then, back to the top about The author Margarette Burnette, a savings account expert at NerdWallet. Her work has been featured in USA Today and The Associated Press. Similar to… Get the best savings account. See NerdWallet’s recommendations for the top high-yield savings accounts on the internet. Go deeper into Banking Find more money-saving strategies right to your inbox. Sign up and we’ll send you Nerdy posts on the topics in finance that are important to you and other strategies to get more out of your savings.

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