What is a Money Order? How does a money order work and Where to Buy One Advertiser disclosure You’re our first priority. Every every time. We believe that everyone should be able to make financial decisions without hesitation. While our website doesn’t feature every company or financial product in the marketplace, we’re proud that the guidance we offer and the information we offer and the tools we develop are objective, independent easy to use and free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the way they appear on the site), but it doesn’t affect our advice or suggestions, which are grounded in hundreds of hours of research. Our partners cannot be paid to ensure positive review of their services or products. . What is a Money Order? What is a Money Order works and where to Get One Money Order is a sure payment you can buy at places like Walmart or the post office and even your bank. By Margarette Burnette Senior Writer Savings accounts and money market accounts banks Margarette Burnette is an expert savings expert who has been writing about bank accounts since prior to the Great Recession. Her writing has been featured in major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines like Good Housekeeping, and Parenting. She is located near Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously an editor or writer, as well as research analyst across a range of industries from healthcare as well as market research. She graduated with a bachelor’s degree in history from Berkeley at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. You can reach her at
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Our views are our own. Here is a list of and . Table of Contents Table of Contents Important takeaways about money orders A cash advance is an secure substitute for cash and a personal check and functions as a check so you can either cash it or deposit it into a bank account. When using cash or personal checks puts you at risk, or they aren’t accepted 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? A money order is a piece of paper that is a secure alternative to personal checks or cash. You specify who will receive the money order, and you and that person who will receive it must sign the order in order to make it valid that reduces theft. You can also prepay for money orders when you purchase it. They’re available in U.S. post offices, Walmart, Western Union and other locations. There are many that have a limit of $1,000 and include those that you purchase at banks. Generally, you must make payment for money orders by cash or a debit card. Money orders is a great 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 and Cons There’s pros and disadvantages to using a money transfer. Take a look at these pros and cons before you make a decision to use one. Pros: No bank account is needed to send or receive a cash order. The money order is widely available. Cons If a money-order is cashable (or lost) and then lost, it could be difficult if not impossible to recover your money regardless of whether it was caused by fraud or scam. Cash advance charges may apply and interest when purchased using a credit card. (Read about .) How do I purchase money orders? Be aware of how and with whom you’ll pay with cash or a debit card, the name of the person paying and the amount you want to pay. Paying with a credit card could be possible, but typically, it will cost more. Fill it out: In addition to the name of the recipient, you’ll need to add your name (and possibly the address) and sign the money payment. (For steps-by-step instructions, check out NerdWallet’s guide on .) Be careful to ensure that all information is correct since you’ll not be able to alter the information later. Keep the receipt in your wallet: The receipt is an exact duplicate of the money-order or a paper slip recording the information you entered in the order. You may need it to track the money order or to contact the place where you got it. Track your money order: The receipt also has an identification number you can utilize to confirm that the money order got to the recipient you intended. If there are any issues, contact the place where you purchased the money order to get assistance. How do I get a money order? How much does a money order cost? It is possible to purchase money orders at Post Offices, Walmart, Western Union and other places. Domestic money orders come in various costs that range from less than a dollar up to around $5, depending on the location you purchase them. It’s cheaper at Walmart or an upscale supermarket or convenience store, and you’ll typically spend more at a bank. Not all providers have international money orders available; some Post offices offer them, however they’re more expensive than money orders for domestic customers. And no matter where you purchase them, it’s better to purchase money orders in the store in person. The seller Cost Walmart Up to $1. Agents for money transfer (convenience stores, supermarkets, etc.) The cost depends on the 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. Money orders for military $55 cents. international (up up to $750): $49.65. Credit unions and banks rely upon the institution that they work with. Often around $5. If you are looking for additional options for sending fund s ? We have a list of . What will a money-order cost at the biggest U.S. banks? This table containing the money order cost and the availability of some well-known banks. It is important to note that many banks only sell money orders to account holders. Click here for information on the price of money orders and availability at some popular banks. Bank Money Order Details Not offered. The bank is a member of FDIC Not offered. It is not available. $5 for up to $1,000 and free to premium account holders. Must be purchased in an office. $5; free for premium customers who use a checking account. $5; free for premium customers with a checking account. $5; free for premium checking customers. $5; no cost for members in the army. Up to $1,000 for $5. Must be purchased in an office. Back to top When should I use money orders? There are times when cash or personal checks can be risky, or they aren’t accepted for payment. Here are four examples of why you should consider using money order as the most secure payment method: You need to transfer money in a secure manner. In contrast to checks, money order do not include your bank account number, and they help ensure that only the recipient can use it, unlike mailing cash. Are you worried about the possibility of the possibility of bouncing a check. Since money orders have been pre-paid, they won’t 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 and don’t necessarily have a $1,000 limit, unlike most money orders. ( and .) You’re sending money internationally. 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 is a wire transfer (see ), if you need money quicker and you are willing to spend more. You can also check out our . You don’t have a checking account. Because money orders require you to pay in advance, you don’t need an account at a bank, but you are able to pay for bills without risk. Nerdy Tip If you don’t have a bank account, another method of paying for regular purchases and bills is to use an . Return to top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can save money in a safe manner with interest. A savings account is a place where you can store money securely as well as earn interest. Members FDIC SoFi Checking and Savings APY 3.75% SoFi members who have direct deposit can receive up 3.75 percent annually-percentage return (APY) in savings account balances (including Vaults) and 2.50 percent APY on checking balances. No minimum direct deposit amount that is required to be eligible for 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will earn 1.20 percent APY on all account balances, including savings and checking (including vaults). Interest rates are variable and may change at any point. 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 $0 Member FDIC Marcus by Goldman Sachs Online Savings Bank APR 3.50% 3.50% APY (annual percentage yield) with a minimum balance of $0 to earn the APY stated. Accounts must be in healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts offer a variety of services and features comparable to checking, savings or investment accounts into one. Cash management accounts are usually provided by non-bank financial institutions. These accounts offer services and features similar to checking, savings and/or investment accounts in one package. The cash management account is typically provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash account APY 4.05% min. balance to APY $1 on the Betterment website. Betterment Cash Reserve Paid non-client promotions APY 4.00 percent annually percentage return (variable) is as of 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposit) are a kind of savings account that has a fixed rate and term, and usually have higher interest rates than standard savings accounts. CDs (certificates of deposit) are a form of savings account that has a fixed rate and term, and usually have higher interest rates than regular savings accounts. CIT Bank CD APY 4.60% Term 1.5 year Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APR (annual percentage yield) as of 01/25/2023 . 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit may earn up to 3.75% annual percentage yield (APY) in savings account balances (including Vaults) and 2.50% APY on checking balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings accounts and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits are eligible to get 1.20% APR on all balances in checking and savings (including vaults). Interest rates are variable and subject to 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. Use the Axos Visa(r) Debit Card for up to 10 transactions each monthly (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30 percent APR. Keep an average daily balance of $2,500 within the Axos Managed Portfolios Invest Account in order to receive 0.20 percent APY. Maintain a daily average amount of $2,500 in the Axos self-directed trading Investment Account in order to receive 0.20 percent APY. Utilize Your Rewards Checking Account for your full each month Axos customer loan payment to earn 0.15 percent APY. Monthly fee of $0. Money market accounts have rates similar to savings accounts and have certain checking features. Market accounts earn rates comparable to savings accounts and include certain checking features. Members FDIC UFB Best Money Market APY 4.21% Min. balance for APY $1 member FDIC Discover Bank Money Market Account APY 3.20 percent Min. balance 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. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow users to track their online transactions using information such as the serial number on the receipt along with the purchase amount. Banks should be in a position to provide you with the same details. Without the receipt, you’ll likely need to submit a research request to find your money order’s serial number which is costly and time-consuming. For MoneyGram, for example it’s $40 and takes up to 60 days to process. Be sure to keep track of 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 show or state the name of the company. Then, back to the top about Author: Margarette Burnette is a expert in the field of savings accounts at NerdWallet. The work she has done for NerdWallet was highlighted by USA Today and The Associated Press. In a similar vein… Discover an improved savings account. Check out NerdWallet’s recommendations for the top high-yielding savings accounts online. Dive even deeper in Banking Get more smart money moves right to your inbox. 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