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What is a Money Order? How does a money order work and where to purchase one Advertiser disclosure We make you our top priority. Each every single time. We believe everyone should be able to make sound financial decisions without hesitation. And while our site does not feature every business or financial product on the market We’re pleased that the advice we provide, the information we provide and the tools we create are independent, objective easy to use and free. How do we earn money? Our partners compensate us. This could influence which products we write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in hundreds of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. . What is a Money Order? What is a Money Order Works and Where to Buy One is a sure payment you can buy at places such as Walmart or the post office and your bank. By Margarette Burnette, Senior Writer Savings accounts, money market accounts, banking Margarette Burnette is an expert savings expert who has been writing about bank accounts since before when she was writing about the Great Recession. Her work has been published in major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, and Parenting. She is located near Atlanta, Georgia. Nov 23, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously an editor, writer and research analyst across a range of industries from health care as well as market research. She graduated with a bachelor’s degree in the field of history from Berkeley at the University of California, Berkeley and a master’s degree in social sciences 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 widely published speaker and author. As an expert on the psychology of money, Kathleen is a regular on the television, and her work has been published by 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 to 2019 and currently teaches at Champlain College. At NerdWallet our content is put through an extensive . We have such confidence in our reliable and valuable content that we let outside experts examine our work. Many or all of the items featured on this page are made by our partners who compensate us. This influences which products we feature and the location and manner in which the product is featured on a page. But, it doesn’t influence our evaluations. 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 cash advance is an safe alternative to cash or a personal check; it works like a check so you can cash it out or deposit it into a bank account. If using personal checks or cash can put your security at risk or isn’t acceptable for payment, you can use a money order instead. You can use cash or debit cards to purchase cash at the postoffice, Walmart, Western Union and other places. How do money orders work? Money orders are a piece of paper that’s a safe alternative to cash or personal checks. You specify who will receive the money order and you and that person need to sign it in order for it to be valid that reduces theft. You can also prepay for the money order before you purchase it. They’re available at U.S. post offices, Walmart, Western Union and other places. There are many that have a limit of $1,000 and include those that you purchase at banks. Generally, you must pay for money orders using cash or debit card. Money orders is an excellent option to transfer money when you don’t have a bank account or don’t want to divulge your bank information with the recipient. Money orders: Pros as well as cons benefits and disadvantages of using a money order. Consider these advantages and disadvantages before you decide to use one. Pros: No bank account is required to send or receive a money order. Money orders are 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 was caused by fraud or scam. Cash advance charges may apply and interest if purchased with a credit card. (Read more about .) How do I purchase a money order? Consider how and to whom you’ll pay: Prepare with cash or a credit card and names of your payee and the amount you’d like to pay. The option of paying with a credit card may be possible, however it typically, it will cost more. The form must be completed in addition to the payee’s name, you’ll need to add your name (and perhaps the address) and also sign the order. (For step-by-step instructions read NerdWallet’s advice on .) Make sure that all information is correct because you won’t be able to alter the information later. Keep the receipt: The receipt is a carbon copy of the money order or a slip of paper that records the details entered on the money order. You may need it to track your money order , or even to call the location where you received it. Follow your money order The receipt should also include a tracking number that you can utilize to confirm that the money transfer was made to the intended recipient. If you encounter any issues then contact the store where you bought the money order to get assistance. How do I find a money order? How much does an order for money cost? You can get an order for money at the post office, Walmart, Western Union and many other locations. Domestic money orders have a range of costs that range from less than a dollar up to around $5, depending on where you buy them. It’s cheaper at Walmart or the convenience store or supermarket however, you’ll usually be charged more at banks. Some banks don’t provide international money orders, but some post offices do, however they’re more expensive than money orders for domestic customers. No matter where you purchase them, it’s better to purchase money orders in person. Provider Cost Walmart Up to $1. Money transfer agents (convenience stores, supermarkets, 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. Money orders for military 55 cents. Foreign (up up to $750): $49.65. Credit unions and banks rely upon the institution that they work with. Often around $5. >> Looking for more options for sending fund s ? We have a list of . What is a money order cost at some of the largest U.S. banks? Below is a table containing the cost of money orders and availability at some popular banks. Be aware that some banks only sell money orders to accountholders. Click here to find out the price of money orders and availability at a few popular banks. Bank Money Order Details There is no offer. Members of the FDIC Not available. The offer is not offered. Up to $1,000 for $5 and free on premium accounts. It must be purchased at a branch. $5; no cost for premium customers who use a checking account. $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. Must be purchased in an office. Return to top Why do I need to use a money order? There are times that using personal or cash checks could put you at risk or aren’t acceptable for payment. Here are four instances of when money orders are the best option for payment: You have to send money securely. In contrast to checks, money order don’t include your bank account number, and help to ensure that only the person who is receiving it can use it, unlike mailing cash. You’re concerned about the possibility of bouncing a check. Since money orders are prepaid, they can’t be rejected for insufficient funds. Another option: A certified check or cashier’s check, both of which guarantee payment and don’t have to be accompanied by the limit of $1,000 like most 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 require the funds quicker and can pay more. You can also check out our . You don’t have an account with a bank. Since cash advances require you make a payment prior to the date of purchase, you don’t require an account at a bank, but you can still pay bills safely. A helpful tip for those who don’t have a checking account, an alternative for paying for your regular purchases and other bills is to use the . Return to top Savings Cash Management CD Checking Money Market Savings accounts are an account where you can store money securely while earning 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 with APY of 3.75 Percent SoFi Members who make direct deposit are eligible to get up to 3.75 percent per year in annual percentage return (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. There is no minimum direct deposit amount required to qualify for the 3.75 percent APY for savings, and 2.50 percent APY on checking balances. Members without direct deposit will earn 1.20% APR on all balances in checking and savings (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 Online Savings by Goldman Sachs Bank APY 3.50% 3.50% Annual Percentage Yield (annual percentage yield) with $0 minimum balance to earn the APY stated. Accounts must be in positive balance in order to be open. APY is valid until 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. Cash management accounts are usually provided by non-bank financial institutions. These cash accounts combine features and services similar to savings, checking and/or investment accounts in one package. The cash management account is generally offered by non-bank financial establishments. On the website of Wealthfront, you can find Wealthfront Cash account APY 4.05% Min. amount of APY $1 on the Betterment website. Betterment Cash Reserve, Paid Non-Client Promotion APY 4.00 Percent Annual percentage yield (variable) is at 02/06/2023. Min. balance for APY CDs of $0 (certificates of deposit) are a kind of savings account with an unchanging rate and term, and usually have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a kind of savings account with fixed rates and terms which usually come with more interest rates than standard 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 percent 4.40% APY (annual per cent yield) at 01/25/2023. 1 year 1 year Member FDIC SoFi Savings and Checking APY 2.50% SoFi members who have direct deposit can earn up to 3.75 percent annual percentage yield (APY) for savings accounts (including vaults) and 2.50 percent APY on checking balances. The minimum direct deposit amount 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 percent APY on all account balances of savings and checking (including Vaults). The rates of interest are subject to fluctuation and are subject to change at any point. The rates listed 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) Credit Card for up to 10 transactions per month (min three dollars per purchase) or join Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30 percent annual percentage. Keep an average daily balance of $2,500 on An Axos Managed Portfolios Invest Account to earn 0.20 percent APR. Maintain a daily average balance of $2,500 with an Axos Self Directed Trading Investment Account in order to receive 0.20% APR. Use your Rewards Checking account to pay your full month’s Axos Consumer loan payment to earn 0.15% annual percentage yield. Monthly fee of $0. Market accounts earn rates similar to savings accounts and have some checking features. Market accounts pay rates comparable to savings accounts, and come with some checking features. Members FDIC UFB Best Money Market 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 relatively simple to find out where a money order is — so long as you’ve kept your receipt. The process is different by issuer. The U.S. Postal Service and MoneyGram allow users to track their online transactions using information such as the serial number that appears on the receipt along with the purchase price. Your bank should be able provide you with the same information. If you don’t have the receipt, you’ll be required to file a request to find the serial number on your money order, and that’s expensive and time-consuming. For MoneyGram for instance it’s $40 and can take 60 days to process. Make sure you track the money order to the provider that you actually use which could have been Western Union or MoneyGram even in the event that you purchased it from the convenience store. The money order must clearly indicate the name of the service provider. Return to top About the author: Margarette Burnette works as a expert in the field of savings accounts at NerdWallet. The work she has done for NerdWallet was highlighted in USA Today and The Associated Press. Similar to… Discover a better savings account See NerdWallet’s recommendations for the top high yield online savings accounts. 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