What Is a Money Order? What is a Money Order? and where you can purchase one Advertiser disclosure: You’re our top priority. Each every single time. We believe everyone should be able to make financial decisions without hesitation. While our website does not feature every business or financial product on the market 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 cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and where those products appear on the website) However, it doesn’t affect our advice or suggestions that are based on thousands of hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. . What is a Money Order? What is a Money Order operates and where to Get One is a dependable payment that you can purchase at locations such as Walmart Post Office and even your bank. By Margarette Burnette Senior Writer Savings accounts, money market accounts, banking Margarette Burnette is an expert specialist in saving and has written about bank accounts since before the Great Recession. Her writing has been featured in , and other major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines such as Good Housekeeping, and Parenting. She is based close to Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor as well as a researcher and writer in a variety of industries, from health care and market research. She received a bachelor’s level degree in history at the University of California, Berkeley and a master’s degree in sociology from the 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 an internationally published author and speaker. As an expert on the psychology of money, Kathleen was featured on TV and her work has been published in 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 The McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor for Champlain College. At NerdWallet the content we publish goes through a rigorous . We are so confident in our accurate and useful content that we allow outside experts inspect our work. The majority of items featured on this page are made by our partners, who pay us. This impacts the types of products we feature as well as the place and way the product is featured on a page. However, this does not influence our evaluations. Our views are our own. Here’s a list of and . Table of Contents Show More Table of Contents Important lessons about money orders money order is a secure option to use instead of cash, or personal checks It functions like an actual check, which means you can cash it out or deposit it into a bank account. When using personal checks or cash can put the risk of being harmed or aren’t accepted for payment, you can make use of a money order. It is possible to use cash or a debit card to buy cash at the postoffice, Walmart, Western Union and other places. What is the process for money orders? A money order is a piece of paper, which is a safe alternative to personal checks or cash. You choose who receives 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 the money order before you buy it. They’re available in U.S. post offices, Walmart, Western Union and other locations. Many have a $1,000 limit which includes those you purchase at banks. Generallyspeaking, you need to pay for money orders using cash or a debit card. The Nerdy Tip: A money order is an excellent option to transfer money when you don’t have a banking account or you don’t wish to share your banking details to the person receiving it. Money orders: Advantages and cons There are benefits and disadvantages to using a money transfer. Take a look at these advantages and disadvantages before you use one. Pros: No bank account is needed to send or receive a cash order. Money orders are widely accessible. Cons: Once a money order is accepted (or lost) and then lost, it could be difficult, if it is not impossible to get your money back even if it’s caused by fraud or a scam. Cash advance charges may apply and interest if purchased with a credit card. (Read more about .) What can I do to purchase a money order? Be aware of how and with whom you’ll pay: Be prepared using cash or a debit card as well as the name of the person who will be paying and the amount you’d like to transfer. Credit card payments may be possible, however it generally, it’s more expensive. Complete the form with the following information: Alongside the name of the person who is paying and address, you’ll have to include your name (and maybe an address) and then sign the payment. (For step-by-step instructions follow NerdWallet’s tutorial on .) Be careful to ensure that everything is accurate since you’ll be unable to alter the information later. Keep the receipt in your wallet: The receipt is an exact replica of the money order or a paper slip that contains the details entered in the order. It could be necessary to trace your money order , or even to call the place where you got it. Track your money order: Your receipt will also have an identification number you can utilize to confirm that the money order was delivered to the recipient you intended. If there are any issues you should contact the location that you purchased the money order to get assistance. Return to top Where can I obtain a money-order? How much does an order for money cost? You can get money orders at a post office, Walmart, Western Union and other places. Domestic money orders come in an array of prices starting at less than $1 up to around $5, depending on where you buy them. You can find a cheaper price at Walmart or an upscale supermarket or convenience store however, you’ll usually spend more at a bank. Not all providers have international money orders available; some post offices do, however they are more expensive than the money orders issued for purchases in the United States. No matter where you purchase them, it’s best to buy money orders in the store in person. The seller Cost Walmart Up to $1. Transfer agents for cash (convenience stores, supermarkets, etc.) The cost 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. Military money orders $55 cents. Foreign (up up to $750): $49.65. Credit unions and banks depend upon the institution that they work with. Often around $5. If you are looking for additional options to send money ? We have a list of . What is a money order cost at some of the largest U.S. banks? Here is an infographic that outlines the price of a money order and the availability of some well-known banks. It is important to note that many banks only offer 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. , Member FDIC Not offered. The offer is not offered. Up to $1,000 for $5 Free to premium account holders. You must purchase the account at an office. $5; free for premium customers of checking. $5 Free for premium customers with a checking account. $5; free for premium customers with a checking account. $5; free for military members who are military personnel. $5 up to $1,000. It must be bought at the branch. Return to top Why should I make use of money orders? There are instances when using cash or personal checks can expose you to risk or may not be accepted as payment. Here are four instances of why cash orders can be the best method of payment: You must to send money securely. Unlike checks, money orders don’t contain your bank account number, and they 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 can’t be rejected for insufficient funds. Another option is a certified check or a cashier’s check, both of which ensure payment and don’t have to be accompanied by an amount limit of $1,000, as do the majority of money orders. ( as well .) 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 up to 25 countries. Another option: A wire transfer (see ) for a wire transfer if you require the funds quicker and can be able to pay more. You can also check out our . You don’t have a checking account. Because cash advances require you for payment in advance, this means you don’t require an account at a bank, but you are able to pay for bills without risk. Nerdy Tip If you do not have a checking account, another method of paying regular expenses and bills is to make use of a . Return to the top Savings Cash Management CD Checking Money Market Savings accounts are the perfect place to save money in a safe manner with interest. A savings account is the perfect place to save money in a secure manner as well as earn interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking APY 3.75 percent SoFi customers with direct deposit are eligible to earn up to 3.75 percent annually-percentage return (APY) in savings account balances (including Vaults) and 2.50 percent APY on their checking balances. There is no minimum amount of direct deposit required to qualify for the 3.75 percent APY for savings, and 2.50% APY for checking balances. Members without direct deposit will receive 1.20 percent APR on all balances of savings and checking (including Vaults). Interest rates are variable and may change at any time. These rates 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 APR 3.50 percent 3.50% APY (annual percentage yield) with $0 minimum balance to earn the stated APY. Accounts must be in positive balance in order to be open. APY valid as of 02/07/2023. Min. balance for APY $0 These cash accounts provide a range of services and features similar to checking, savings or investment accounts in one product. These accounts for managing cash are generally provided by non-bank financial establishments. They combine the features and services that are similar to savings, checking or investment accounts into one product. These accounts for managing cash are usually offered by non-bank financial establishments. on the Wealthfront website. Wealthfront Cash account APY 4.05% Min. Balance to APY $1 on Betterment’s website Betterment Cash Reserve – Paid non-client promotions APY 4.00% Annual percent return (variable) is as of 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposits) are a type of savings account that has an unchanging rate and term typically, they have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with a fixed rate and term, and usually have more interest rates 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% annual percentage yield (annual percent yield) at 01/25/2023. 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can earn up to 3.75 per cent annually percentage return (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 on savings, and 2.50% APY for checking balances. Members without direct deposit will get 1.20 percent interest on balances, including savings and checking (including vaults). The rates of interest are subject to fluctuation and are could change at any point. 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) Credit Card for a total of 10 transactions each monthly (min three dollars per purchase) or sign up for Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APY. Keep an average daily balance of $2,500 per month in an Axos managed Portfolios Investment Account to earn 0.20 percent annual percentage yield. Maintain a daily average balance of $2,500 per month in an Axos Self-Directed Trading Invest Account to earn 0.20 percent APY. Utilize your Rewards Checking account to make your entire monthly Axos Consumer loan payment to earn 0.15% APR. Monthly fee of $0. Money market accounts have rates similar to savings accounts and have certain checking features. Money market accounts pay rates that are similar to savings accounts and have some checking features. FDIC UFB Best Money Market Member FDIC UFB’s Best Money Market APR 4.21 Percentage Min. balance for APY $0 Members FDIC Discover Bank Money Market Account APY 3.20% Min. balance for APY $1 Tracking money order It’s pretty easy to figure out where your money order is — so long as you’ve kept your receipt. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow users to track their online transactions using details like the serial number that appears on the receipt along with the amount of your purchase. The bank you use should be able to give you the same details. Without the receipt, you’ll probably be required to file a request to discover the serial number of your money order which is costly and long-winded. For MoneyGram, for example, it costs $40 and can take 60 days to process. Be sure to keep track of the money order to the provider that you actually use that could have been Western Union or MoneyGram even in the event that you purchased it from a convenience store. The money order must clearly show or state the name of the company. Return to top About The author Margarette Burnette, a savings account expert at NerdWallet. Her work has been highlighted in USA Today and The Associated Press. In a similar vein… Get the best savings account. See NerdWallet’s recommendations for the top high-yielding savings accounts online. 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