How Much Do Most Banks Charge For A Money Orders

Fundamental takeaways

• A money order is a safe alternative to greenbacks or a personal check; information technology works like a check so you tin greenbacks it or deposit it into a bank account.

• When using cash or personal checks put you at risk, or they aren't accepted for payment, you can use a coin club instead.

• You tin can employ cash or a debit card to buy money orders at the post office, Walmart, Western Spousal relationship and your bank or credit matrimony.

How do money orders work?

A coin order is a slice of paper that's a condom alternative to cash or personal checks. Y'all specify who will receive the money order, and both you and that person must sign it for information technology to be valid, which cuts downward on theft.

You also prepay for a money gild , at a location such every bit a U.S. postal service office, Walmart or Western Matrimony. Proceed in mind that many take a $one,000 limit, including those that you purchase at banks.

How tin can I buy a coin order?

• Have everything yous demand: Be prepared with cash or a debit card, the proper noun of the payee and the corporeality you lot desire to send. Paying with a credit card might be possible, but will commonly cost actress.

• Fill it out: In addition to the payee's proper noun, you'll demand to add together your name (and possibly your address) and sign the money lodge. (For step-by-step instructions, check out NerdWallet's guide on how to make full out a money order .) Be careful to ensure that everything is accurate because y'all won't be able to change the information afterward.

• Keep the receipt:  The receipt will be a carbon re-create of the money order or a paper slip recording the data entered on the money society.

• Track your money order:  Your receipt volition besides have a tracking number that you tin can utilise to verify that the money order got to the intended recipient. If any bug arise, contact the place where you bought the money order to get help.

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Where can I get a money club? How much does a money gild toll?

Domestic money orders take a range of costs, from under a dollar up to around $five, depending on where you purchase them. You'll go a better deal at Walmart or a convenience store or supermarket, and you'll typically pay more at a banking company.

Not all providers offer international money orders; some mail service offices do, simply they cost more, although there'south a disbelieve for those purchased at military machine mail service offices. And no matter where y'all buy them, it's safer to buy in person.

Provider	Cost
Walmart	Upward to 88 cents
Money transfer agents (convenience stores, supermarkets, etc.)	Depends on the provider. For example, San Francisco-surface area Western Spousal relationship providers frequently accuse effectually $one.
U.S. Post	Upwardly to $500: $ane.25 $501-$1000: $ane.lxx War machine money orders: 45 cents International (up to $700): $10.25
Banks and credit unions	Depends on the fiscal institution. Often effectually $5.
In the market place for a provider? Here are our best means to send money .

What does a money order cost at some of the biggest U.Due south. banks?

Notation that many banks volition merely sell money orders to accountholders.

Banking concern	Details
American Express® National Bank, Member FDIC four.v NerdWallet rating	Money orders not offered.
Banking concern of America 3.v NerdWallet rating	Money orders not offered.
Chase 3.5 NerdWallet rating	$v for up to $one,000; free for premium accounts. Must be purchased in a branch.
Wells Fargo iii.five NerdWallet rating	$5 for up to $1,000. Must exist purchased in a branch.

+ Click here for more banks and what they accuse

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Can I buy a money gild with a credit card?

Some outlets let you to buy a money order with a credit card, merely others don't, including Walmart and the U.S. Mail. In those cases, you'll take to use a debit card or greenbacks to buy a money club.

Fifty-fifty if the provider you cull does allow you pay with a credit card, it'll be much cheaper not to. That's because credit card issuers typically treat money orders as cash advances, charging a fee based on the amount of the transfer — often 3% to 5% — and assessing interest immediately. That interest rate might exist greater than the rate yous'll pay on a normal purchase.

When should I utilize a money order?

In that location are times when using cash or personal checks can put you at risk, or they aren't accepted for payment. Hither are four examples of when money orders are the best payment method:

• You demand to transport money securely. Unlike checks, money orders don't include your banking company account number, and they help ensure that only the recipient can use information technology, unlike mailing cash.

• You don't have a checking account. Since money orders crave yous to pay in advance, you lot don't need a banking company account and you can notwithstanding pay bills safely. Another selection: One of NerdWallet's best prepaid debit cards  for regular purchases.

• You're worried about billowy a cheque. Because money orders are prepaid, they can't be rejected for insufficient funds. Another option: A certified bank check or a cashier's bank check, both of which guarantee payment and don't necessarily accept a $1,000 limit, unlike many coin orders. ( Read up on certified checks  and find out more about cashier'southward checks .)

• You're sending coin internationally. Not all coin orders work abroad, but U.S. Mail service money orders tin can be sent to about 25 countries. Another selection: A wire transfer, if you need the money there faster and are willing to pay more than. Or check out our best ways to ship coin internationally .

Where can I cash a money order?

Your best bet is to cash a money club at the same entity that issued it, whether that's a banking company co-operative, mail office or other location. Check-cashing locations, convenience stores and grocery stores can be alternatives, but watch out for fees. Wherever yous go, you'll probably need to show identification.

If you don't demand the coin right abroad and you have a depository financial institution account, consider depositing it. Banks accept U.S. Mail money orders every bit they would regular checks at branches, ATMs or even on a banking app with a mobile check deposit role. Don't forget to sign the dorsum of the coin order earlier depositing.

What do I do if I lost a money order?

If yous no longer have the money club or you made a mistake on information technology, you may be able to cancel information technology and get a replacement or refund — as long as the money guild hasn't been cashed.

You'll need to bring your receipt and the money order itself, if y'all have it, to the place where it was purchased. The issuer will probably have you fill out some paperwork, using information from your receipt, and you'll likely pay a fee. For example, Western Union charges $15 to replace a money club. And information technology can accept a month or longer for the issuer to procedure your merits.

If the money lodge was cashed, you may even so exist able to go your money back, just you'll generally have to involve the police.

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Coin order tracking

Information technology's relatively unproblematic to find out where a money order is — as long as you've kept your receipt. But the process varies slightly by issuer. The U.Southward. Postal Service, MoneyGram and Western Spousal relationship allow you to track online with information such as the series number plant on your receipt and the purchase amount. Your bank should be able to provide you with the same data.

Without the receipt, you'll probable have to file a enquiry asking to find your money social club'southward serial number, and that'due south expensive and time-consuming. At MoneyGram, for example, it costs $40 and can take 60 days to process.

Just exist sure to track the coin order with the bodily provider — it might be Western Union or MoneyGram even if you lot purchased information technology at a convenience store.

Are money orders safe?

Money orders are typically a prophylactic payment method, but they tin likewise exist used fraudulently. To protect yourself:

• Try not to commutation money orders with strangers. This isn't e'er possible, but if you tin can, enquire to exist paid electronically or via another means.

• Watch for carmine flags. These might include sending extra money back to someone who claims they've paid likewise much, or visual cues, such as missing watermarks or amounts more than than $ane,000.

• Verify the funds. If you can't cash the money lodge at the identify that issued it, telephone call the issuer's official, publicly bachelor phone number to find out if the document is legitimate.

Source: https://www.nerdwallet.com/article/banking/money-orders

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