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What is a Money Order? How a Money Order Works 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 with confidence. Although our site does not feature every business or financial product that is available in the marketplace however, we’re confident that the advice we provide, the information we provide as well as the tools we design are independent, objective, straightforward — and completely free. How do we earn money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on our website), but it does not affect our advice or suggestions, which are grounded in many hours of research. Our partners do not be paid to ensure positive review of their services or products. . What is a money order? How does a money Order Works and Where to Purchase One is a sure payment you can purchase at locations such as Walmart, the post office and even your bank. By Margarette Burnette, Senior Writer Savings accounts, money market accounts, banks Margarette Burnette has been a specialist in saving and has been writing about bank accounts since prior to even the Great Recession. Her work 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 near Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn Assistant editor Yuliya Goldshteyn is a banking editor at NerdWallet. She was previously an editor or writer, as well as research analyst in a variety of industries, from healthcare to market research. She received a bachelor’s level degree in history from the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. She can be reached 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 on financial psychology, Kathleen was featured on TV, 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 was an adjunct faculty instructor at the McCallum Graduate School at Bentley University between 2009 and 2019, and is now a professor in the college of Champlain College. At NerdWallet the content we publish goes through a rigorous . We are so confident about our accurate and useful content that we have external experts review our work. Many or all of the products featured here are from our partners that pay us. This impacts the types of products we write about and the location and manner in which 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 Table of Contents The most important takeaways about money orders A money order is a reliable alternative to cash or a personal check and functions as an actual check, which means you can cash it out or deposit it into a bank account. When using personal checks or cash puts the risk of being harmed, or they aren’t accepted for payment, choose to use a money-order instead. You can use cash or the debit card to purchase money order at post offices, Walmart, Western Union and other places. How do money orders work? The money order can be described as 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 must sign it in order for it to be legal which reduces theft. You also prepay for money orders when you buy it. They are available from U.S. post offices, Walmart, Western Union and other places. A lot of them have a limit of $1000, including those that are purchased at banks. Generally, you must pay for money orders using cash or debit card. Nerdy Tip A money order is a good option for sending money if you do not have a bank account or you don’t wish to divulge your bank information with the recipient. Money orders: pros as well as cons advantages and disadvantages to making use of a money order. Take a look at these pros and cons before you use one. Benefits: There is no bank account required to send or receive a cash order. Money orders are readily accessible. Cons: Once a money order is cashed (or lost) or lost, it is difficult, if it is not impossible to recover your money, even if it was because of fraud or a scam. Subject to cash advance fees and interest when purchased using credit card. (Read more about .) How do I purchase money orders? Consider how and to whom you’ll pay: Prepare with cash or a credit card as well as names of your person paying and the amount you’d like to transfer. Paying with a credit card could be possible, but will usually cost extra. The form must be completed: In addition to the name of the person who is paying, you’ll need to add your name (and maybe your address) and then sign the payment. (For step-by-step instructions, check out NerdWallet’s guide on .) Be sure to verify the accuracy of your information because you won’t be able to edit the data afterward. Keep the receipt in your wallet: The receipt will be an exact duplicate of the money-order or a paper slip recording the details entered in the order. You may need it to track your money order or contact the person who received it. Follow your money order Your receipt will also have a tracking number that you can use to confirm that the money order got to the recipient you intended. If there are any issues you should contact the location 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 money orders at the post office, Walmart, Western Union and many other locations. Domestic money orders have various costs starting at less than $1 up to $5 depending on the location you purchase 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 have international money orders available; some post offices do, however they cost more than the money orders issued for purchases in the United States. Whatever you decide to buy them, it’s safer to purchase money orders in the store in person. The seller Cost Walmart Up to $1. Transfer agents for cash (convenience stores supermarkets, convenience stores, etc.) The cost 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 of $700): $49.65. Credit unions and banks rely upon the institution that they work with. Often around $5. >> Looking for more options to send money ? We have a list of . What will a money-order cost at the largest U.S. banks? Here is an infographic containing the money order cost and available at a few popular banks. Note that many banks will only offer money orders to account holders. Click here to find out the price of money orders and availability at a few popular banks. Bank Money Order Information Not offered. Members of the FDIC Not available. Not offered. Up to $1,000 for $5 and free on premium accounts. You must purchase the account at a branch. $5; $5 for premium checking customers. $5; free for premium customers with a checking account. $5 Free for premium customers who use their checking accounts. $5; no cost for members of the military. $5 for up to $1,000. It must be bought at the branch. Return to top Why should I use a money order? There are instances that using personal or cash checks could be risky or may not be accepted as payment. Here are four instances when money orders are the best payment method: You need to send money securely. Unlike checks, money orders don’t contain your bank account’s number, and they ensure that only the recipient is able to use them, not unlike the process of sending cash. You’re worried about bounced checks. Because the money orders are prepaid, they can’t be rejected because of 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. Some money orders don’t work overseas, but U.S. Postal Service money orders can be sent to about 25 countries. Another option is a wire transfer (see ), if you require the funds faster and are willing to pay more. You can also check out our . There is no need for an account with a bank. Because cash advances require you for payment in advance, this means you don’t need an account at a bank, but you can still pay bills safely. The best advice for you if you don’t have a bank account, an alternative for paying for your regular purchases and bills is to make use of a . Return to top Savings Cash Management CD Checking Money Market A savings account is a place where you can store money securely with interest. Savings accounts are an account where you can save money in a secure manner while earning interest. Members FDIC SoFi Checking and Savings APR 3.75 percent SoFi customers who have direct deposit are eligible to receive up 3.75 per cent annual percentage yield (APY) for savings accounts (including vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount that is required to be eligible for 3.75% APY for savings, and 2.50% APY for checking balances. Members without direct deposit will receive 1.20 percent APY on all account balances of savings and checking (including Vaults). Interest rates 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 Online Savings by Goldman Sachs account APY 3.50% 3.50% Annual Percentage Yield (annual percent yield) with a balance of zero to earn the APY stated. Accounts must have a positive balance in order to be open. APY current as of 02/07/2023. Min. balance for APY $0 These cash accounts combine services and features similar to checking, savings or investment accounts in one product. Cash management accounts are generally provided by non-bank financial establishments. These cash accounts combine features and services that are similar to checking, savings and investment accounts into one package. Cash management accounts are generally offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Account APY 4.05% min. Balance to APY $1 on the Betterment website. Betterment Cash Reserve Paid non-client promotion APY 4.00% Annual percent return (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposits) are a kind of savings account with 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 with an unchanging rate and term which usually come with higher interest rates than traditional savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% annual percentage yield (annual percent yield) as of 01/25/2023 Term 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit are eligible to earn up to 3.75 per cent annually percentage return (APY) on savings balances (including vaults) and 2.50 percent APY on checking balances. The 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 are eligible to receive 1.20 percent interest on balances in checking and savings (including Vaults). The rates of interest are subject to fluctuation and are can 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 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. Utilize Your Axos Visa(r) debit card to make a maximum of 10 transactions per month (min 3 cents per transaction) or enroll for Account Aggregation/Personal Financial Manager (PFM) in Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 on an Axos Managed Portfolios Invest Account to earn 0.20 percent APR. Maintain an average daily balance of $2,500 per month within an Axos Self-Directed Trading Investment Account for 0.20 percent APY. Make use of the Rewards checking account to pay your entire monthly Axos customer loan payment to earn 0.15 percent APR. Monthly fee of $0. Money market accounts pay rates comparable to savings accounts and have certain checking features. Market accounts pay rates similar to savings accounts and include certain features for checking. Member FDIC UFB’s Best Money Market APR 4.21% Min. balance for APY $1 member FDIC Discover Bank Money Market Account APY 3.20 percent Min. Balance for APY $1 tracking of money orders It’s fairly easy to figure the location of a money order is — provided you’ve saved your receipt. But the process varies slightly according to the issuer. The U.S. Postal Service and MoneyGram allow you to track online with details such as the serial number found on your receipt as well as the amount of your purchase. The bank you use should be able to give you the same information. Without a receipt, you’ll likely have to file a research request to locate the serial number on your money order as well as that’s costly and time-consuming. For MoneyGram for instance, it costs $40 and can take 60 days to process. Be sure to keep track of the money order through the company that actually provides it which could include Western Union or MoneyGram even in the event that you purchased it from an convenience store. The money order must clearly state the name of the service provider. Return to top About Author: Margarette Burnette, a savings account expert at NerdWallet. Her work has been highlighted on USA Today and The Associated Press. In a similar vein… Discover a better savings account See NerdWallet’s top picks for high yield savings accounts on the internet. Explore Banking further Make smarter money decisions delivered straight to your inbox. 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