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What is a Money Order? What is a Money Order? and where you can purchase one Advertiser disclosure: You’re our top priority. Every every single time. We believe that everyone should be able to make financial decisions with confidence. And while our site does not include every company or financial product in the marketplace however, we’re confident that the advice we provide as well as the advice 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 may influence which products we review and write about (and where those products appear on the site), but it does not affect our advice or suggestions, which are grounded in thousands of hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. . What is a Money Order? What is a Money Order Works and Where to Purchase One is a guaranteed payment you can purchase at locations such as Walmart, the post office and even your bank. By Margarette Burnette Senior Writer Savings accounts and money market accounts banks Margarette Burnette has been a savings expert who has been writing about bank accounts since prior to the Great Recession. Her work has been featured in , and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist who had bylines in magazines such as Good Housekeeping, and Parenting. She is based in Atlanta, Georgia. Nov 23rd, 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn is a bank editor with NerdWallet. She has previously worked as an editor, writer and research analyst in industries ranging from healthcare and market research. She earned a bachelor’s 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 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 the psychology of money, Kathleen was featured on TV, and her writing has been highlighted on The New York Times, The Wall Street Journal, “PBS NewsHour,”” Money magazine, Today Money, Forbes and CNBC. Kathleen worked as an adjunct faculty member at The McCallum Graduate School at Bentley University from 2009 until 2019 and currently teaches in the college of Champlain College. At NerdWallet the content we publish goes through an extensive . We are so confident in our reliable and valuable content that we have external experts review our work. The majority of products featured here are from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product appears on a page. However, it does not influence our evaluations. Our opinions are our own. Here’s a list of and . Table of Contents Table of Contents Important lessons about money orders money order is a reliable substitute for cash and personal checks and functions as an actual check, which means you can either cash it or deposit it into a bank account. If using personal checks or cash puts the risk of being harmed or isn’t acceptable for payment, you can choose to use a money-order instead. It is possible to use cash or debit cards to purchase cash at the postoffice, Walmart, Western Union and many other locations. What is the process for money orders? Money orders are a small piece of paper that is a secure alternative to cash or personal checks. You can specify who will get the money order and you and that person who will receive it must sign the order in order for it to be legal which reduces theft. You can also prepay for a money order when you purchase it. They’re available from U.S. post offices, Walmart, Western Union and other places. Many have a $1,000 limit, including those that you purchase at banks. Generallyspeaking, you need to make payment for money orders by cash or a debit card. The Nerdy Tip: A money order is a good alternative to send money if you do not have a bank account or you don’t wish to divulge your bank information to the person receiving it. Money orders: Advantages and cons There are advantages and disadvantages of using a money order. Consider these advantages and disadvantages before you use one. Benefits: There is no bank account needed to send or receive a money-order. The money order is widely available. Cons When a money order is accepted (or lost) or lost, it is difficult if not impossible to retrieve your money regardless of whether it was caused by fraud or scam. Subject to cash advance fees and interest when purchased using credit card. (Read the details about .) How can I buy an order for money? Know how and who you’ll pay: Be prepared using cash or a debit card, names of your person who will be paying and the amount you’d like to send. Credit card payments may be possible, however it will usually cost extra. Fill it out: In addition to the name of the recipient and address, you’ll have to include your name (and possibly an address) and then sign the purchase. (For steps-by-step instructions follow NerdWallet’s tutorial on .) Be sure to verify the accuracy of your information since you’ll be unable to alter the information later. Keep the receipt in your wallet: The receipt is an exact carbon duplicate of the money-order or a slip of paper that records the details entered in the order. It could be necessary to track the money order or to contact the person who received it. Follow your money order Your receipt will also have an tracking number which you can use to confirm that the money order was delivered to the recipient you intended. If you encounter any issues then contact the store that you purchased the money order for assistance. Back to top Where can I obtain a money-order? What does the cost of a money order? You can get a money order at the post office, Walmart, Western Union and other places. Money orders for domestic use come with an array of prices, from under a dollar up to $5 depending on the location 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 certain Post offices offer them, but they cost more than domestic money orders. And no matter where you purchase them, it’s best to buy money orders in person. The seller Cost Walmart Up to $1. Money transfer agents (convenience stores, supermarkets, etc.) It depends on the service company. For instance, certain San Francisco-area 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 rely of the bank. Often around $5. If you are looking for additional options to send money ? Here are our . What does a money order cost at some of the biggest U.S. banks? Below is a table that outlines the cost of money orders and availability at some popular banks. Be aware that some banks only sell money orders to account holders. Click here to find out the money order cost and availability at the most well-known banks Bank Money Order Details Not available. , Member FDIC Not available. It is not available. $5 for up to $1,000 and free for premium accounts. It must be purchased at the branch. $5; free for premium checking customers. $5 For premium customers with a checking account. $5; free for premium customers with a checking account. $5; no cost for members of the military. $5 up to $1,000. The money order must be made at the branch. Back to top When should I use money orders? There are instances that using personal or cash checks could put you at risk, or they aren’t accepted as payments. Here are four examples of when money orders are the ideal option for payment: You have to send money securely. In contrast to checks, money order do not include the bank account number and they help ensure that only the recipient is able to make use of it, as opposed to the process of sending cash. You’re concerned about bounced checks. Because money orders have been pre-paid, they can’t be rejected due to insufficient funds. Another option is a certified check or cashier’s cheque, both of which ensure payment and don’t necessarily have an amount limit of $1,000, as do many money orders. ( And .) If you’re sending money overseas. Not all money orders work abroad, but U.S. Postal Service money orders can be sent to about 25 countries. Another option is a wire transfer (see ) for a wire transfer if you need money faster and are willing to spend more. Check out our . There is no need for an account with a bank. Since the money orders you need make a payment prior to the date of purchase, you don’t require an account at a bank, but you are able to pay for bills without risk. A helpful tip for those who do not have a checking account, an alternative for paying for regular purchases and other bills is to use a . Return to the top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can store money securely 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 APR 3.75 Percent SoFi Members who make direct deposit can get 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 required to qualify for the 3.75% APY for savings, and 2.50 percent APY on checking balances. Members without direct deposit will receive 1.20% interest on balances of savings and checking (including vaults). Rates of interest are subject to change and can 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 APR 3.50% 3.50% Annual Percentage Yield (annual per cent yield) with $0 minimum balance to earn the stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and provide a range of services and features similar to savings, checking and/or investment accounts into one. These accounts for managing cash are usually offered by non-bank financial institutions. They combine the services and features that are similar to checking, savings and/or investment accounts in one account. Cash management accounts are generally provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash account APY 4.05% Min. amount of APY $1 on Betterment’s site 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 of $0 (certificates of deposits) are a kind of savings account that has a fixed rate and term generally, they come with higher interest rates than standard savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with fixed rates and terms, and usually have more interest rates than regular savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 years Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% annual percentage yield (annual percent yield) at 01/25/2023. 1 year 1 year Member FDIC SoFi Checking and Savings APY 2.50% SoFi members with 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. The minimum amount of direct deposit required to qualify for the 3.75% APY for savings and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits are eligible to receive 1.20% interest on balances, including savings and checking (including vaults). Rates of interest are subject to change and subject to 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 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) Credit Card for a total of 10 transactions each month (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30 percent annual percentage. Keep an average daily amount of $2,500 within an Axos Managed Portfolios Invest Account in order to receive 0.20% APR. Keep an average daily amount of $2,500 with the Axos self-directed trading Invest Account for 0.20% annual percentage yield. Use your Rewards Checking account to pay the full each month Axos customer loan payment to earn 0.15% APY. Monthly fee: $0. Money market accounts pay rates similar to savings accounts and include some checking features. Market accounts pay rates that are similar to savings accounts and include some checking features. Members 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 Percentage Min. Balance for APY $1 tracking of money orders It’s fairly easy to figure out where your money order is provided you’ve saved the receipt. The process is different by issuer. The U.S. Postal Service and MoneyGram allow you to track online with details like the serial number that appears on your receipt as well as the purchase amount. The bank you use should be able give you the exact information. Without a receipt, you’ll probably need to submit a research request to discover the serial number on your money order as well as that’s costly and long-winded. At MoneyGram, for example the fee is $40, and can take 60 days to take to process. Just be sure to track the money order through the actual provider which could be Western Union or MoneyGram even if you purchased it at a convenience store. The money order must clearly state the name of the service provider. Then, back to the top about Author: Margarette Burnette, a expert in the field of savings accounts at NerdWallet. The work she has done for NerdWallet was featured in USA Today and The Associated Press. In a similar vein… Get a better savings account See NerdWallet’s top picks for high yield savings accounts online. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. 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