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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 first priority. Each every single time. We believe that everyone should be able to make sound financial decisions with confidence. Although our site does not feature every business or financial product available in the marketplace however, we’re confident of the advice we provide, the information we provide and the tools we create are independent, objective, straightforward — and cost-free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and where those products appear on the website), but it doesn’t affect our suggestions or recommendations, which are grounded in many hours of study. Our partners do not promise us favorable review of their services or products. . What Is a Money Order? What is a Money Order operates and where to Purchase One is a guaranteed payment you can purchase at locations such as Walmart, the post office as well as your bank. By Margarette Burnette Savings accounts and money market accounts banks Margarette Burnette is a financial expert who has written about bank accounts since prior to when she was writing about the Great Recession. Her writing has been featured in major newspapers. Before being a member of NerdWallet, Margarette was a freelance journalist, with bylines appearing in magazines like Good Housekeeping, and Parenting. She lives near Atlanta, Georgia. Nov 23rd, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn is a banking editor with NerdWallet. She has previously worked as an editor or writer, as well as research analyst across a range of industries from health care and market research. She earned a bachelor’s degree in history at University of California, Berkeley. University of California, Berkeley and a master’s degree in sociology from the University of Chicago. You can reach her via

. Review 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 in financial psychology, Kathleen was featured on TV and her work has been highlighted 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 McCallum Graduate School from 2009 to 2019. McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor for Champlain College. At NerdWallet, our content goes through rigorous . We are so confident about our accurate and useful content that we have outside experts examine our work. The majority of products featured here are from our partners that pay us. This affects the products we write about as well as the place and way the product appears on the page. However, it does not affect our assessments. Our opinions are our own. Here’s a list of and . Table of Contents Show More Table of Contents Important lessons about money orders Money order can be a safe alternative to cash or a personal check and functions as an actual check, which means you can cash it or deposit it into a bank account. If personal checks or cash can put the risk of being harmed or isn’t acceptable for payment, you can choose to use a money-order instead. You can use cash or a debit card to buy money orders at the post office, Walmart, Western Union and many other locations. How do money orders work? A money order is a small piece of paper that’s a safe alternative to personal checks or cash. You can specify who will get the money order and you and that person must sign it for it to be valid, which cuts down on theft. It is also possible to prepay money orders when you purchase it. They’re available in U.S. post offices, Walmart, Western Union and other locations. A lot of them have a limit of $1000 which includes those are purchased at banks. In general, you have to pay for money orders with cash or debit card. Money orders is a great option to transfer money when you don’t have a banking account or don’t want to share your banking details for the beneficiary. Money orders: pros as well as cons advantages and disadvantages to using a money transfer. Consider these pros and cons before you use one. Pros: No bank account required to make or receive a money-order. The money order is widely accessible. Cons: Once a money order is cashed (or lost) or lost, it is difficult, if not impossible, to get your money back even if it’s due to fraud or a scam. Cash advance charges may apply and interest if purchased with a credit card. (Read about .) What can I do to purchase a money order? Know how and who you’ll pay: Prepare with cash or a credit card, the name of the person paying and the amount you wish to send. Paying with a credit card 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 perhaps an address) and then sign the purchase. (For step-by-step instructions read NerdWallet’s advice on .) Make sure the accuracy of your information because you won’t be able to alter the information later. Keep the receipt: The receipt is an exact carbon duplicate of the money-order or a paper slip recording the information you entered in the order. You might need it to track the money order or to contact the place where you got it. Follow your money order The receipt also has a tracking number that you can utilize to confirm that the money order got to the recipient you intended. If there are any issues, contact the place that you purchased the money order to get help. Back to top Where can I obtain a money-order? What is the cost of the cost of a money order? It is possible to purchase a money order at a post office, Walmart, Western Union and many other locations. Money orders for domestic use come with various costs starting at less than $1 all the way to about $5 depending on where you buy them. You can find a cheaper price at Walmart or an upscale supermarket or convenience store but you’ll spend more at a bank. Not all providers have international money orders available; certain post offices do, but they are more expensive than domestic money orders. And no matter where you buy them, it’s safer to purchase money orders in the store in person. Provider Cost Walmart Up to $1. Money transfer agents (convenience stores, supermarkets, etc.) The cost depends on the company. 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. Banks and credit unions Depends upon the institution that they work with. Often around $5. If you are looking for additional options for sending fund s ? These are the options we have . What does a money order cost at the largest U.S. banks? Here is an infographic with the cost of money orders and available at a few popular banks. It is important to note that many banks only sell money orders to customers who have accounts. + Click here to learn about the money order cost and availability at a few popular banks Bank Money Order Details There is no offer. , Member FDIC Not offered. It is not available. $5 for up to $1,000 Free to premium account holders. Must be purchased in the branch. $5; free for premium customers of checking. $5; free for premium checking customers. $5; free for premium customers with a checking account. $5; no cost for members who are military personnel. Up to $1,000 for $5. The money order must be made at a branch. Return to top Why should I make use of money orders? There are occasions when cash or personal checks can expose you to risk, or they aren’t accepted for payment. Here are four instances where you should consider using money order as the best option for payment: You have to send money securely. Contrary to checks, money orders don’t include your bank account number, and they make sure that only the recipient is able to use them, not unlike the process of sending cash. You’re concerned about the possibility of bouncing a check. Since money orders can be prepaid and are therefore able to pay, they can’t be rejected for insufficient funds. Another option is a certified check or a cashier’s cheque, both of which guarantee payment and don’t necessarily have the limit of $1,000 like many money orders. ( And .) It’s sending money abroad. Money orders are not all compatible with sending money internationally, however U.S. Postal Service money orders can be sent to up to 25 countries. Another option: A wire transfer (see ), if you need money quicker and can spend more. You can also check out our . You don’t need a checking account. Since money orders require you for payment in advance, this means you do not need a bank account and 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 your regular purchases and bills is to use an . Back to the top Savings Cash Management CD Checking Money Market A savings account is an account where you can save money in a safe manner while earning interest. Savings accounts are a place where you can keep your money safe and earn interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking with APY of 3.75 Percent SoFi Members with direct deposit are eligible to receive up 3.75% per year in annual percentage return (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. The minimum amount of direct deposit 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 earn 1.20 percent APY on all account balances of savings and checking (including Vaults). Interest rates are variable and can 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 $0 Member FDIC Marcus by Goldman Sachs Online Savings account APR 3.50 35% 3.50% APR (annual percentage yield) with a minimum balance of $0 to earn stated APY. Accounts must be in healthy balance to continue to operate. APY current as of 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to checking, savings or investment accounts into one. Cash management accounts are typically provided by non-bank financial establishments. These accounts offer features and services similar to savings, checking or investment accounts into one package. The cash management account is typically offered by non-bank financial establishments. On the website of Wealthfront, you can find Wealthfront Cash Account APY 4.05% Min. balance for APY $1 on Betterment’s site Betterment Cash Reserve – Paid non-client promotion APY 4.00 percent annually percent yield (variable) is at 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposit) are a kind of savings account that has fixed rates and terms generally, they come with higher interest rates than regular savings accounts. CDs (certificates of deposit) are a form of savings account that has a fixed rate and term, and usually have more interest rates than regular savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 year 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 FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Savings and Checking APY 2.50% Members of SoFi with direct deposit may receive up 3.75% per year in annual percentage yield (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. No minimum direct deposit amount needed to be eligible for 3.75 percent APY on savings accounts and 2.50% APY for checking balances. Members without direct deposit earn 1.20 percent APR on all balances of savings and checking (including Vaults). Interest rates 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 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) Credit Card to make a maximum of 10 transactions each calendar month (min 3 cents per transaction) or join Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30 percent APY. Keep an average daily balance of $2,500 on an Axos Managed Portfolios Invest Account to earn 0.20% APR. Maintain an average daily balance of $2,500 within an Axos Self-Directed Trading Investment Account for 0.20 percent APY. Use Your Rewards Checking Account for your entire each month Axos consumer loan payment to earn 0.15 percent APY. Monthly fee $0 Money market accounts have rates comparable to savings accounts and have some checking features. Market accounts pay rates comparable to savings accounts, and come with certain checking features. 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 percent Min. Balance for APY $1 Money order tracking It’s fairly easy to figure out where a money order is provided you’ve saved your receipt. But the process varies slightly by issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using details like the serial number that appears on your receipt as well as the purchase price. Your bank should be able to give you the exact details. Without a receipt, you’ll have to file a research request to locate the serial number on your money order which is costly and lengthy. At MoneyGram for instance, it costs $40 and takes up to 60 days to complete. Be sure to keep track of the money order to the actual provider that could include Western Union or MoneyGram even in the event that you purchased it from an convenience store. The money order must clearly state who the provider is. Then, back to the top about the author: Margarette Burnette works as a savings account expert at NerdWallet. Her work has been featured in USA Today and The Associated Press. Similar to… Find a better savings account See NerdWallet’s top picks for high-yield savings accounts online. Explore Banking further Get more smart money moves delivered straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics that matter most to you and other strategies to help you get more value from your money.

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