Use your existing checking or savings account and transfer the money elsewhere if you have other uses for it. If you don't have an account at a bank or credit union, you can use this money order for your initial account opening deposit. Having a bank account can potentially save you money and time over the long term.
Logistically, depositing a money order is the same as depositing a check. Endorse the back of the money order and list it separately as a check on your deposit slip. Use caution when using your mobile device to deposit money orders. Expect to pay a fee when you cash a money order anywhere except your bank.
You'll typically have to pay several dollars in transaction fees or a percentage of the total proceeds. Those fees can add up, especially at check-cashing stores and convenience stores, which often have higher fees and typically don't make it clear how much they charge. There are plenty of scams out there involving Invalid money orders. You can do that by locating and calling the phone number for the supposed issuer.
After you verify that a money order is legitimate, do something with it cash it or deposit it quickly if you are concerned about fraud. It is possible for the buyer of the money order to cancel it after sending it to you. Before you can cash a money order that's made out to someone else, the original payee must sign the money order over to you. The process for this is the same as signing over a check. The payee must sign their name and write "Pay to the order of [your first and last name]" on the endorsement line on the back of the money order.
If you want to cash a money order with no fee, go to the local bank or credit union where you already have an account. Retailers or banks where you don't have an account will usually charge you a few dollars to cash a money order. Although banks aren't open on Sundays, you can cash money orders at some retailers and grocery stores. For instance, Walmart is open on Sundays and cashes MoneyGram money orders.
To determine whether a personal check has cleared , check writers only need to visit their bank or look at their online account for information about its status.
To track a money order, the issuer must fill out tracking forms and pay an additional fee to learn whether the money order has been cashed. The entire process for researching the status of a money order can take weeks.
The USPS offers an online money order inquiry service that allows buyers to input the money order number and get an update on its status. The recipient who receives the money order does not necessarily have to go the same issuer that sold the money order. The recipient can have it cashed at a local bank or credit union, but may not receive the funds all at once, depending on the institution's policy.
However, a payee does not have to cash the money order right away. They can deposit it into a bank account, much as you would do a check. Depositing money orders is a good option for payees who are concerned about the fees charged to cash the certificates at multiple locations. Since the fees are certain to reduce the amount of money that will be received, depositing it with no additional charges at a bank will ensure that the account holder keeps all the money paid to them.
As is often the case, a money order can be used as a vehicle to send money outside the country. An issuer with multiple branches in different countries can issue a money order in one country that can be cashed in another country.
International money orders thus provide an inexpensive and swift way to send money across the border. Smithsonian National Postal Museum.
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These choices will be signaled globally to our partners and will not affect browsing data. Verify the funds. Here's a quick rundown of what you need to do to get a money order:. Be prepared with cash or a debit card, the name of the payee and the amount you want to send.
How can I buy a money order? Where can I get a money order? How much does a money order cost? What does a money order cost at some of the biggest U. Can I buy a money order with a credit card? When should I use a money order? Where can I cash a money order? What do I do if I lost a money order? Money order tracking. Are money orders safe? Show More. How do money orders work? Key takeaways. Back to top. Get answers about stimulus checks, debt relief, changing travel policies and managing your finances.
Up to 88 cents. Military money orders: 45 cents. Money orders not offered. A smart way to monitor your money. Track your cash, cards, and bank accounts all at the same time.
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These offers do not represent all account options and credit cards available. Credit score ranges are provided as guidelines only and approval is not guaranteed. Cashier's checks, personal check and money orders may clear the bank at different times. See how many days it takes for these funds to become available.
By Simon Zhen. Continue Reading. Compare Best Accounts Now. Simon Zhen is the chief research analyst for MyBankTracker. With more than 11 years following the retail banking industry, he has become an expert on consumer banking products, bank innovations, and financial technology.
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