What Is a Money Order? What is a Money Order? and where to purchase one Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make sound financial decisions without hesitation. While our website does not include every company or financial product on the market We’re pleased of the advice we provide, the information we provide and the tools we develop are objective, independent, straightforward — and completely free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on the site), but it does not affect our suggestions or recommendations that are based on many hours of research. Our partners are not able to be paid to ensure positive review of their services or products. . What Is a Money Order? How a Money Order operates and where to Purchase One A money order is a guaranteed payment which you can buy from places like Walmart or the post office and even your bank. Written by Margarette Burnette Senior Writer Savings accounts, money market accounts, banking Margarette Burnette is an expert specialist in saving and has been writing about bank accounts since prior to when she was writing about the Great Recession. Her work has been published in major newspapers. Before joining NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines such as Good Housekeeping, and Parenting. She is located close to Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She was previously an editor or writer, as well as research analyst in industries ranging from healthcare as well as market research. She received a bachelor’s level degree in history from the University of California, Berkeley and a master’s degree in sociology from the University of Chicago. You can reach her via

. 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 a widely published speaker and author. As an expert in the psychology of money, Kathleen has appeared on television, and her work has been featured 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, and is now a professor at Champlain College. At NerdWallet our content is put through an extensive . We are so confident in our reliable and valuable content that we allow outside experts examine our work. Many or all of the products we feature are provided by our partners, who pay us. This influences which products we write about and where and how the product is featured on a page. However, this does not affect our assessments. Our views are our own. Here’s a list of and . Table of Contents. Show More Table of Contents Important takeaways about money orders A money order is a safe alternative to cash or personal checks and functions as an actual check, which means you can cash it or deposit it into an account at a bank. If using cash or personal checks puts you at risk or aren’t accepted for payment, make use of a money order. Cash or the debit card to purchase money orders at the post office, Walmart, Western Union and other places. What is the process for money orders? Money orders are a small piece of paper that’s a safe alternative to cash or personal checks. You choose who receives the money order, and both you and the person need to sign it in order in order to make it valid which reduces theft. It is also possible to prepay a money order when you buy it. They’re available in U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000 and include those that are purchased at banks. In general, you have to pay for money orders with cash or a debit card. Nerdy Tip A money order is an excellent option for sending money if you don’t have a bank account or don’t want to divulge your bank information with the recipient. Money orders: Pros as well as cons pros and disadvantages of making use of a money order. Take a look at these pros and cons before you decide to use one. Benefits: There is no bank account required to make or receive a money-order. Money orders are readily accessible. Cons If a money-order is accepted (or lost) and then lost, it could be difficult, if not impossible, to recover your money regardless of whether it was due to fraud or a scam. The cash advance fee is subject to change and interest if bought with credit card. (Read the details about .) How can I buy money orders? Know how and who you’ll pay: Prepare using cash or a debit card, names of your person who will be paying and the amount you want to transfer. The option of paying with a credit card might be possible, but generally, it’s more expensive. Fill it out: In addition to the name of the recipient, you’ll need to add your name (and possibly an address) and also sign the payment. (For detailed instructions on how to do this, check out NerdWallet’s guide on .) Make sure the accuracy of your information since you’ll not be able to change the information afterward. Keep the receipt in your wallet: The receipt is an exact copy of the money order or a paper slip recording the information entered in the 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 an tracking number which you can utilize to confirm that the money order got to the person you wanted it to. If you encounter any issues you should contact the location where you purchased the money order for assistance. How do I get a money order? What is the cost of an order for money cost? You can purchase a money order at Post Offices, Walmart, Western Union and many other locations. Money orders for domestic use come with various costs that range from less than a dollar up to $5 dependent on the place you purchase them. You’ll get a better deal at Walmart or an upscale supermarket or convenience store but you’ll pay more at a bank. Some banks don’t provide international money orders, but some postal offices will, however they are more expensive than domestic money orders. And no matter where you purchase them, it’s better to purchase money orders in the person. Provider Cost Walmart Up to $1. Agents for money transfer (convenience stores, supermarkets, etc.) The cost depends on the company. 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 to $700): $49.65. Credit unions and banks depend upon the institution that they work with. Often around $5. If you are looking for additional ways to transfer funds ? Here are our . What will a money-order cost at the biggest U.S. banks? Below is a table with the money order cost and available at a few popular banks. It is important to note that many banks only sell money orders to accountholders. Click here to find out the cost of a money order and availability at a few popular banks. Bank Money Order Information Not available. Members of the FDIC Not offered. Not offered. Up to $1,000 for $5; free for premium accounts. Must be purchased in a branch. $5; no cost for premium checking customers. $5 Free for premium checking customers. $5 Free for premium customers who use their checking accounts. $5; free for members who are military personnel. $5 up to $1,000. It must be bought at an office. To the top of the page When should I use a money order? There are times when using cash or personal checks can put you at risk or may not be accepted as payments. Here are four instances when money orders are the most secure payment method: You need to send money securely. In contrast to checks, money order do not include your bank account’s number, and help to ensure that only the recipient is able to make use of it, as opposed to sending cash. You’re worried about bounced checks. Since the money orders have been pre-paid, they cannot be rejected because of insufficient funds. Another option is a certified check or a cashier’s check, both of which are guaranteed to be paid but don’t need to have an amount limit of $1,000, as do many money orders. ( and .) It’s sending money abroad. Money orders are not all compatible with sending money overseas, but U.S. Postal Service money orders can be sent to about 25 countries. Another option: A wire transfer (see ) If you require the funds quicker and can spend more. You can also check out our . You don’t need a checking account. Because the money orders you need to pay in advance, you don’t require an account at a bank, but you can still pay bills safely. Nerdy Tip If you don’t have a bank account, an alternative for paying regular expenses and other 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 and earn interest. Savings accounts are an account where you can keep your money safe and earn interest. Members FDIC SoFi Checking and Savings APR 3.75% SoFi members who make direct deposit earn up to 3.75% per year in annual percentage return (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. There is no minimum direct deposit amount 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 get 1.20 percent APY on all account balances in checking and savings (including Vaults). The rates of interest 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 by Goldman Sachs Online Savings Bank APY 3.50 percent 3.50% APR (annual percent yield) with a balance of zero to earn the APY stated. Accounts must have a positive balance to remain open. APY current as of 02/07/2023. Min. balance for APY The cash accounts provide a range of services and features similar to checking, savings or investment accounts in one product. Cash management accounts are usually offered by non-bank financial institutions. They combine the services and features similar to savings, checking and/or investment accounts in one package. These accounts for managing cash are usually offered by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash Account APY 4.05% min. balance for APY $1 on the Betterment website. Betterment Cash Reserve – Paid Non-Client Promotion APY 4.00 percent annually percent yield (variable) is as of 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a kind of savings account that has an unchanging rate and term generally, they come with higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a form of savings account that comes with an unchanging rate and term, and usually have higher rates of interest than traditional savings accounts. CIT Bank CD APY 4.60% Term 1.5 year Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APR (annual per cent yield) as of 01/25/2023 . 1 year 1 year Member FDIC SoFi Checking and Savings APY 2.50% Members of SoFi with direct deposit may get up to 3.75 percent per year in annual percentage yield (APY) in savings account balances (including Vaults) and 2.50% APY on checking balances. No minimum direct deposit amount needed to be eligible for 3.75% APY for savings accounts and 2.50% APY for checking balances. Direct deposit members earn 1.20 percent interest on balances, including savings and checking (including vaults). Rates of interest are subject to change and could change at any point. The rates listed 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. Make use of Your Axos Visa(r) Debit Card for up to 10 transactions per month (min 3 cents per transaction) or join Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30 percent APR. Maintain an average daily balance of $2,500 within an Axos managed Portfolios Investment Account in order to receive 0.20% APY. Maintain a daily average amount of $2,500 with An Axos self-directed trading Investment Account in order to receive 0.20% APR. Make use of the Rewards checking account to pay the full month’s Axos Consumer loan payment to earn 0.15 percent APR. Monthly fee of $0. Market accounts earn rates comparable to savings accounts and have some checking features. Market accounts pay rates similar to savings accounts and have certain features for checking. FDIC UFB Best Money Market Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage 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 relatively simple to find out where a money order is — provided you’ve saved the receipt. However, the procedure varies according to the issuer. The U.S. Postal Service and MoneyGram allow you to track online with details such as the serial number that appears on your receipt as well as the purchase price. Your bank should be able give you the same details. Without a receipt, you’ll likely need to submit a research request to find the serial number of your money order which is costly and long-winded. For MoneyGram for instance, it costs $40 and could take up to 60 days to process. Be sure to keep track of the money order with the actual provider which could include Western Union or MoneyGram even in the event that you purchased it from the convenience store. The money order must clearly state the name of the company. Back to top About the author: Margarette Burnette, a savings account expert at NerdWallet. The work she has done for NerdWallet was highlighted by USA Today and The Associated Press. In a similar vein… Find an improved savings account. Check out NerdWallet’s top picks for high yield savings accounts on the internet. Go deeper into Banking Find more money-saving strategies – straight to your inbox. Sign up and we’ll email you Nerdy content about the money topics which matter to you the most as well as other methods to help you make more from your savings.

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