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What is a Money Order? What is a Money Order? and Where to Buy One Advertiser disclosure We make you our top priority. Every every single time. We believe that everyone should be able to make sound financial decisions with confidence. Although our site doesn’t feature every company or financial product on the market We’re pleased that the guidance we offer and the information we offer and the tools we create are impartial, independent, straightforward — and cost-free. So how do we make money? Our partners compensate us. This could influence which products we review and write about (and the places they are featured on the website) however it in no way affects our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners are not able to be paid to ensure positive review of their services or products. . What Is a Money Order? How a Money Order operates and where to Purchase One is a guaranteed payment you can purchase at locations like Walmart or the post office and even your bank. By Margarette Burnette, Senior Writer Savings accounts as well as money market accounts bank accounts Margarette Burnette has been a financial expert who has been writing about bank accounts since before when she was writing about the Great Recession. Her work has been featured in major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist who had bylines in magazines such as Good Housekeeping, and Parenting. She is located in Atlanta, Georgia. Nov 23rd, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a banking editor at NerdWallet. She was previously an editor, writer and research analyst in industries ranging from healthcare to market research. She received a bachelor’s level degree in the field of history from Berkeley at the University of California, Berkeley and a master’s of social science from University of Chicago. She can be reached 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 a widely published speaker and author. As an expert on financial psychology, Kathleen was featured on TV and her work has been featured in The New York Times, The Wall Street Journal, “PBS NewsHour,” Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member at The McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor in the college of Champlain College. At NerdWallet our content is put through an extensive . We have such confidence in the accuracy and quality of our content that we allow external experts review our work. Many or all of the items featured on this page are made by our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on the page. However, it does not affect our opinions. Our views are our own. Here’s a list of and . Table of Contents. Show More Table of Contents Important points to remember about money orders A Money order can be a secure alternative to cash or personal checks and functions as a check so you can cash it or deposit it into the bank account. When using personal checks or cash puts the risk of being harmed or isn’t acceptable as payment, you could use a money order instead. You can use cash or a debit card to buy money order at post offices, Walmart, Western Union and many other locations. How do money orders work? The money order can be described as a small 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 for it to be valid, which cuts down on theft. It is also possible to prepay a money order when you purchase it. They are available in U.S. post offices, Walmart, Western Union and other places. Many have a $1,000 limit and include those that are purchased at banks. Generally, you must make payment for money orders by cash or debit card. Nerdy Tip A money order is a great alternative to send money if you don’t have a banking account or don’t want to share your banking details with the recipient. Money orders: Advantages and Cons There’s benefits and disadvantages to making use of a money order. Consider these advantages and disadvantages before you make a decision to use one. Pros: No bank account is required to send or receive a cash order. The money order is widely accessible. Cons If a money-order is cashable (or lost) or lost, it is difficult, if not impossible, to retrieve your money even if it’s because of fraud or a scam. Subject to cash advance fees and interest if purchased with credit card. (Read about .) How do I purchase money orders? Know how and who you’ll pay: Prepare using cash or a debit card, the name of the person who will be paying and the amount you wish to pay. Paying with a credit card may be possible, however it typically, it will cost more. Fill it out: In addition to the name of the person who is paying, you’ll need to add your name (and perhaps an address) and also sign the order. (For detailed instructions on how to do this read NerdWallet’s advice on .) Be careful to ensure the accuracy of your information since you’ll not be able to change the information afterward. Keep the receipt: The receipt will be a carbon duplicate of the money-order or a slip of paper that records the details entered on the money order. It could be necessary to track your money order , or even to call the location where you received it. Follow your money order Your receipt will also have an identification number you can use to verify that the money transfer was made to the recipient you intended. If there are any issues then contact the store where you purchased the money order to get assistance. How do I obtain a money-order? How much does an order for money cost? You can purchase an order for money at a post office, Walmart, Western Union and other places. Domestic money orders have a range of costs that range from less than a dollar up to $5 depending on where you buy them. It’s cheaper at Walmart or a convenience store or supermarket, and you’ll typically be charged more at banks. Some banks don’t offer international money orders; certain postal offices will, but they cost more than money orders for domestic customers. No matter where you purchase them, it’s better to buy money orders in the person. Provider Cost Walmart Up to $1. Transfer agents for cash (convenience stores supermarkets, convenience stores, etc.) Depends on the provider. For instance, certain San Francisco-area Western Union providers charge $1. U.S. Postal Service up 500$: $1.65. $501-$1000: $2.20. Money orders for military 55 cents. Foreign (up of $700): $49.65. Credit unions and banks rely on the financial institution. Often around $5. If you are looking for additional options for sending fund s ? We have a list of . What does a money order cost at the largest U.S. banks? This table containing the money order cost and availability at some popular banks. It is important to note that many banks only offer money orders to customers who have accounts. Click here to find out the cost of a money order and availability at some popular banks Bank Money Order Details Not available. The bank is a member of FDIC Not available. It is not available. Five dollars for up to $1,000 and free on premium accounts. Must be purchased in an office. $5; no cost for premium checking customers. $5; free for premium checking customers. $5; free for premium checking customers. $5; free for members who are military personnel. $5 for up to $1,000. It must be bought at the branch. Return to top Why should I make use of money orders? There are occasions when cash or personal checks can put you at risk or may not be accepted for payment. Here are four examples of when you should consider using money order as the best option for payment: You have to send money securely. In contrast to checks, money order don’t include the bank account number and they ensure that only the recipient can use it, unlike sending cash. Are you worried about the possibility of bounced checks. Because they can be prepaid and are therefore able to pay, they cannot be rejected due to insufficient funds. Another option: A certified check or cashier’s check both of which guarantee payment but don’t need to have an amount limit of $1,000, as do the majority of money orders. ( as well .) If you’re sending money overseas. Money orders are not all compatible with sending money abroad, but U.S. Postal Service money orders can be sent to about 25 countries. Another option is a wire transfer (see ) If you need money quicker and you are willing to spend more. Check out our . There is no need for a checking account. Since cash advances require you for payment in advance, this means you don’t need a bank account and you can pay your bills in a safe manner. Nerdy Tip If you don’t have a bank account, another option for paying for your regular purchases and bills is to make use of an . Back to top Savings Cash Management CD Checking Money Market A savings account is a place where you can store money securely and earn interest. Savings accounts are a place where you can store money securely while earning interest. Members FDIC SoFi Checking and Savings APY 3.75% SoFi members who make direct deposit receive up 3.75 per cent annually-percentage yield (APY) for savings accounts (including vaults) and 2.50 percent APY on their checking balances. No minimum direct deposit amount needed to earn the 3.75 percent APY for savings and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits 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. 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 by Goldman Sachs Online Savings account APR 3.50% 3.50% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance in order to be open. APY current as of 02/07/2023. Min. balance for APY The cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. These accounts for managing cash are usually offered by non-bank financial institutions. They combine the features and services that are similar to checking, savings and/or investment accounts in one package. The cash management account is usually offered by non-bank financial establishments. on Wealthfront’s website Wealthfront Cash Accounts APY 4.05 percent min. balance of APY $1 on Betterment’s site Betterment Cash Reserve, Paid Non-Client Promotion APY 4.00% Annual percent return (variable) is at 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposits) are a kind of savings account that comes with fixed rates and terms generally, they come with higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a form of savings account with a fixed rate and term typically, and have higher interest rates than standard savings accounts. CIT Bank CD APY 4.60% Term 1.5 years 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% APR (annual percentage yield) at 01/25/2023. 1 year FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50% Members of SoFi with direct deposit are eligible to receive up 3.75% annual percentage yield (APY) in savings account balances (including vaults) and 2.50 percent APY on checking balances. There is no minimum amount of direct deposit that is required to earn the 3.75 percent APY for savings, and 2.50% APY for checking balances. Direct deposit members will earn 1.20% APR on all balances in checking and savings (including vaults). Rates of interest are subject to change and subject to 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. Make use of the Axos Visa(r) Credit Card to make a maximum of 10 transactions per month (min three dollars per purchase) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30 percent APY. Maintain an average daily balance of $2,500 in An Axos Managed Portfolios Invest Account to earn 0.20 percent annual percentage yield. Keep an average daily balance of $2,500 in the Axos Self-Directed Trading Investment Account to earn 0.20 percent annual percentage yield. Use your Rewards Checking account for your entire month’s Axos consumer loan payment to earn 0.15% annual percentage yield. Monthly fee of $0. Money market accounts pay rates comparable to savings accounts and have some checking features. Market accounts earn rates similar to savings accounts and have certain checking features. Members FDIC UFB’s Best Money Market APR 4.21 Percentage Min. balance for APY zero Members FDIC Discover Bank Money Market Account APY 3.20% Min. Balance for APY $1 Tracking money order It’s fairly easy to figure out where a money order is — as long as you’ve kept the receipt. But the process varies slightly according to the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using information such as the serial number found on your receipt as well as the amount of your purchase. Banks should be in a position give you the same details. Without the receipt, you’ll likely be required to file a request to locate your money order’s serial number which is costly and long-winded. At MoneyGram, for example it’s $40 and takes up to 60 days to complete. Just be sure to track the money order with the actual provider that could have been Western Union or MoneyGram even if you purchased it at a convenience store. The money order should clearly show or state the name of the company. Then, back to the top about Author: Margarette Burnette, a savings account expert at NerdWallet. Her work has been highlighted on USA Today and The Associated Press. On a similar note… Find an improved savings account. Check out NerdWallet’s top picks for high-yield online savings accounts. Dive even deeper in Banking Find more money-saving strategies right to your inbox. Sign-up and we’ll send you Nerdy posts about the money topics which matter to you the most along with other ways to help you get more from your savings.

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