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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. Each time. We believe that every person should be able to make sound financial decisions with confidence. And while our site doesn’t feature every company or financial product that is available on the market, we’re proud of the advice we provide and the information we offer and the tools we create are impartial, independent simple, and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the places they are featured on the website), but it does not affect our recommendations or advice, which are grounded in hundreds of 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 works and where to Buy One A money order is a dependable payment that which you can buy from places such as Walmart Post Office and even your bank. Written by Margarette Burnette, Senior Writer Savings accounts and money market accounts banking Margarette Burnette is an expert specialist in saving and has written about bank accounts since prior to even the Great Recession. Her work has been published in major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist who had bylines in magazines like Good Housekeeping, and Parenting. She lives near Atlanta, Georgia. Nov 23, 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She previously worked as an editor as well as a researcher and writer across a range of industries from health care and market research. She received a bachelor’s level degree in history at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. She can be reached via

. 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 well-known speaker and author. As an expert in financial psychology, Kathleen is a regular on the television, and her writing has been published 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 The McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches at Champlain College. At NerdWallet our content is put through an extensive . We are so confident about our reliable and valuable content that we let external experts review our work. Many or all of the items featured on this page are made by our partners, who pay us. This influences which products we review as well as the place and way the product is featured on a page. However, it does not affect our assessments. Our views are our own. Here’s a list of and . Table of Contents Table of Contents Key takeaways about money orders A money order is a reliable alternative to cash or personal checks It functions like the check and you can either cash it or deposit it into the bank account. When using cash or personal checks puts your security at risk or isn’t acceptable for payment, make use of a money order. 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 order transactions work? The money order can be described as a small piece of paper that is a secure alternative to personal checks or cash. You choose who receives the money order and both you and the person must sign it in order for it to be legal, which cuts down on theft. You can also prepay for the money order before you buy it. They are 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. Generallyspeaking, you need to pay for money orders using cash or a debit card. Money orders is a good option for sending money if you do not have a bank account or don’t want to share your banking details with the recipient. Money orders: Pros and cons There are benefits and disadvantages of using a money order. Be aware of these advantages and disadvantages before you use one. Benefits: There is no bank account required to make or receive a money-order. Money orders are widely available. Cons If a money-order is accepted (or lost) and then lost, it could be difficult, if it is not impossible to get your money back even if it’s due to fraud or scam. Subject to cash advance fees and interest when purchased using credit card. (Read the details about .) How can I buy money orders? Be aware of how and with whom you’ll pay: Prepare using cash or a debit card, names of your person paying and the amount you’d like to pay. The option of paying with a credit card may be possible, however it will usually cost extra. Complete the form with the following information: Alongside the payee’s name and address, you’ll have to include your name (and maybe the 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 because you won’t be able to alter the information later. Keep the receipt: The receipt will be a carbon replica of the money order or a paper slip recording the information entered in the order. It could be necessary to track the money order or to contact the place where you got it. Track your money order: Your receipt will also have an tracking number which you can utilize to confirm that the money order was delivered to the intended recipient. If you encounter any issues you should contact the location where you purchased the money order to get assistance. How do I get 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 many other locations. Money orders for domestic use come with various costs, from under a dollar up to $5 depending on the location you purchase them. You can find a cheaper price at Walmart or the convenience store or supermarket, and you’ll typically pay more at a bank. There aren’t all banks that have international money orders available; certain postal offices will, however they are more expensive than domestic money orders. No matter where you purchase them, it’s best to buy money orders in person. Provider Cost Walmart Up to $1. Agents for money transfer (convenience stores supermarkets, convenience stores, etc.) The cost depends on the provider. 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. Foreign (up up to $750): $49.65. Credit unions and banks depend of the bank. Often around $5. Are you looking for other ways to transfer funds ? These are the options we have . What does a money order cost at some of the largest U.S. banks? This table with the cost of money orders and the availability of some well-known banks. It is important to note that many banks only sell money orders to accountholders. + Click here to find out the cost of a money order and availability at some popular banks. Bank Money Order Information Not available. Members of the FDIC Not available. It is not available. Five dollars for up to $1,000; free to premium account holders. You must purchase the account at a branch. $5; no cost for premium checking customers. $5 Free for premium checking customers. $5; free for premium checking customers. $5; free for military members in the army. $5 up to $1,000. It must be bought at a branch. Back to top When should I make use of a money order? There are instances when using cash or personal checks could expose you to risk or aren’t acceptable as payments. Here are four instances why you should consider using money order as the ideal option for payment: You have to make sure that you send money safely. Contrary to checks, money orders do not include your bank account’s number, and help to ensure that only the person who is receiving it is able to use them, not unlike sending cash. You’re concerned about the possibility of bouncing a check. Because they are prepaid, they won’t be rejected due to insufficient funds. Another option is a certified check or cashier’s cheque, both of which guarantee payment and don’t have to be accompanied by an amount limit of $1,000, as do many money orders. ( And .) It’s sending money abroad. Some money orders don’t work internationally, however U.S. Postal Service money orders can be delivered to around 25 countries. Another option: a wire transfer (see ) for a wire transfer if you require the funds faster and are willing to pay more. You can also check out our . You don’t have a checking account. Because cash advances require you make a payment prior to the date of purchase, you don’t need a bank account and you are able to pay for bills without risk. A helpful tip for those who don’t have a checking account, another option for paying regular expenses and bills is to use an . Return to the top Savings Cash Management CD Checking Money Market A savings account is an account where you can keep money safe while earning interest. A savings account is a place where you can save money in a secure manner while earning interest. FDIC SoFi Savings and Checking APY 3.75% FDIC SoFi Savings and Checking APY 3.75% SoFi members with direct deposit are eligible to earn up to 3.75% annually-percentage yield (APY) in savings account balances (including Vaults) and 2.50 percent APY on checking balances. The minimum amount of direct deposit that is required to be eligible for 3.75 percent APY for savings, and 2.50% APY for checking balances. Customers who do not deposit direct deposits will receive 1.20 percent APY on all account balances, including savings and checking (including Vaults). The rates of interest are variable and may change at any point. 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 by Goldman Sachs Online Savings account with APY 3.50% 3.50% APY (annual percentage yield) with a minimum balance of $0 to earn stated APY. Accounts must have a healthy balance to continue to operate. APY valid as of 02/07/2023. Min. balance for APY $0 These cash accounts combine services and features similar to savings, checking and/or investment accounts into one. The cash management account is generally provided by non-bank financial establishments. They combine the features and services that are similar to checking, savings or investment accounts into one account. The cash management account is typically offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash account APY 4.05% Min. Balance to APY $1 on Betterment’s site Betterment Cash Reserve – Paid non-client promotions APY 4.00 percent annually percent return (variable) is at 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposits) are a type of savings account that has an unchanging rate and term generally, they come with higher interest rates than standard savings accounts. CDs (certificates of deposit) are a form of savings account that has fixed rates and terms which usually come with higher interest rates than regular savings accounts. CIT Bank CD APY 4.60% 1.5 years 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% 4.40% APY (annual percent yield) at 01/25/2023. 1 year Member FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit may receive up 3.75% annually percentage return (APY) on savings balances (including vaults) and 2.50% APY on checking balances. There is no minimum amount of direct deposit needed to be eligible for 3.75 percent APY for savings accounts and 2.50% APY for checking balances. Direct deposit members are eligible to get 1.20 percent interest on balances in checking and savings (including vaults). Rates of interest are subject to change and can 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. Utilize Your Axos Visa(r) debit card for up to 10 transactions per month (min 3 cents per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30% APR. Maintain an average daily balance of $2,500 in An Axos Managed Portfolios Invest Account for 0.20 percent APR. Maintain an average daily balance of $2,500 in an Axos Self-Directed Trading Invest Account for 0.20 percent annual percentage yield. Utilize your Rewards Checking account to pay the full each month Axos Consumer loan payment and earn 0.15 percent annual percentage yield. Monthly fee: $0. Market accounts earn rates that are similar to savings accounts, and come with certain checking features. Market accounts earn rates similar to savings accounts and have certain features for checking. FDIC UFB Best Money Market Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY zero member 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 the location of a money order is — so long as you’ve kept your receipt. However, the procedure varies by issuer. The U.S. Postal Service and MoneyGram allow you to track online with information such as the serial number found on the receipt along with the amount of your purchase. Banks should be in a position to provide you with the same information. Without a receipt, you’ll likely be required to file a request to locate the serial number on your money order which is costly and lengthy. For MoneyGram, for example, it costs $40 and takes up to 60 days to take to process. Make sure you track the money order through the actual provider — it might be Western Union or MoneyGram even if you purchased it at the convenience store. The money order should clearly state the name of the service provider. Then, back to the top about the author: Margarette Burnette, a savings account expert at NerdWallet. She has had her work featured on USA Today and The Associated Press. In a similar vein… Find an improved savings account. Check out NerdWallet’s picks for the best high yield savings accounts on the internet. Dive even deeper in Banking Make smarter money decisions – straight to your inbox. 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