Sellers sometimes impose a limit on the size of the money orders they sell, and they typically charge a fee for each order. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. If you are going to attempt to cash a money order at the post office, you may run into difficulty. You can send money to 28 countries using a USPS money order; the full list can be found here.⁵ If you aren’t sure if your money order will be accepted in the country you’re sending it to, check in advance, because it could take time to have your money order refunded if you need to cancel it. Finding the right place for your money order purchase depends on the amount you are willing to pay, where you need to send it, and when the money order needs to reach its destination. USPS money orders may be obtained from any USPS location, or from a rural route carrier. Money orders are sent by mail to the recipient. Usage. 08-29-2012, 06:21 AM. The only draw-back was the need to send an advance to the paying post office before payment could be tendered to the recipient of the order. Investigating a money order's lost or stolen status may take up to 60 days. Since many financial institutions do not list an amount for money order fees, the best way to determine how much your local bank charges is to find a nearby branch. Walmart money orders are 60 cents and has a limit of up to $1,000.   Contact the Recipient . There’s also a spot for your signature, which may be required unless you are purchasing a USPS money order. They are the preferred form of payment for some transactions. Keep your receipt to track the money order. Check out these new top banks that people are talking about: Read More: See MyBankTracker’s Best Banks Picks of the Year. Inquiry fee (includes the issuance of a copy of a paid money order) 5.20. When Will I Get It? If you receive a money order in the mail from someone who you are not familiar with, chances are it’s a fake. They are a secure form of payment to send through the mail. Examine the Paper – Hold the money order to a light (or at an angle) and check for a watermark. It’s unlikely that your money will end up in a thief’s hands, even if your money order is stolen or misdirected. That’s because you purchase a money order with cash or another guaranteed form of payment, such as a traveler’s check or a debit card. Grocery stores and department stores also offer inexpensive money orders. How to fill out a USPS Money Order - YouTube. 08-29-2012, 08:13 AM. © 2021 Forbes Media Here are the fees: You don’t need an account to get a money order from Western Union. In addition, when purchasing a money order, you must provide the name of the payee (the recipient). I used a USPS money order, its also trackable with a fee. Just like with banks, Western Union does not provide a set amount for a money order. Many Americans Have Already Received Their $600 Stimulus Payments—Have You? The current price for domestic money orders at USPS are as follows: Domestic money orders can only be purchased for up to $1,000. Both money orders and wire transfers are secure. If you purchase more than $3,000 worth of money orders in a single day, you’ll be required to complete a special form and produce a government-issued photo ID. Remember, when depositing a money order, it’s smart to wait to spend any of the money until the full amount clears your bank. Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. When i send a money order do i have to bring an envelope to the post office and buy a stamp there or do they give me one A representative informed me to go into a local branch to find out how much will be taken out. However, those fees are less than for guaranteed bank checks. Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. They are more secure than carrying cash. Maximum amount per money order—$1,000 2. Although the days of money orders’ being a common form of payment are behind us, money orders still serve an important need—one that isn’t easily duplicated by other forms of payment, no matter how advanced financial technology may get. By the time the victim discovers that the money order is fraudulent, they may have already deposited the money into their checking account and sent money back to the scammer. Additionally, yo… For a money order of $0.01 to $500, there is a $1.20 fee. Unlike a check, money orders can’t bounce. Hours of Operation Monday–Friday: 8 AM–8 PM ET For most of the countries that accept USPS money orders, the limit is $700 per order. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. The general fee for money orders can range from 50 cents to $10 and up, depending on where you get one. personal check just to see when they withdraw the money. Finally, check cashing stores will often cash money orders for a modest fee. Someone attempting to cash a money order worth tens of thousands of dollars or more should consider visiting a bank. 08-30-2012, 01:30 AM. For example, at USPS, payments for over $1,000 require you to purchase multiple money orders to cover the full cost, and you will have to pay a separate fee for each one. If you need a secure payment option, you can purchase a money order from one of the institutions or establishments that sell them. 1.50. These offers do not represent all deposit accounts available. $500.01 to $1,000. Here’s what you need to know. USPS money orders are free to cash at post offices, but they might not have all of the cash you need. This site may be compensated through the bank advertiser Affiliate Program. A money order can’t be stolen like cash, and it gives no private banking information to your recipient. To purchase the money order, be prepared with a way to pay for both the face value of the money order and the fee. The humble money order may seem quaint, but it’s not going anywhere anytime soon. A representative explained the rate varies by location. The issuance of no-fee money orders is not authorized in SDA offices for any reason, including to create employee items such as salary advances or travel advances (Exception: see section 24-4.5). Stay in the … These scams often involve a fraudster sending the victim a bogus money order for a large amount and asking for a portion of the money back. USPS charges $1.25 for money orders of up to $500 or $1.75 for money orders between $500 and $1,000. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Limit: $1,000. Most banks charge $5, $10, or 10 percent of the total amount on the money order. Forbes adheres to strict editorial integrity standards. Chase will waive the fee if you have a premiere or private account with the bank. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. LLC. Those who used a USPS money order (getting mine tomorrow)...On the first line where its pay to did … Money orders never expire, and they are a safe and trackable way to send money as a gift or as payment. If you have money order related questions, please email the Accounting Help Desk or call 1-866-974-2733. Best Places To Get A Money Order: Fee Comparison, USPS Domestic and International Money Order Fees, Don’t get them confused with a cashier’s check, See MyBankTracker’s Best Banks Picks of the Year, Insider Secrets from a Chase Banker: How to Complain the Right Way. It's so easy, it's like printing money...Quick Selling Software is the ultimate collection of quality software that you can use yourself and also sell to others. Money orders do have certain limits, however. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Here’s what you need to know about what a money order is, how money orders work and when and how to use them. A lost or stolen money order can be replaced for just $6.45. Most banks require that you have an account with them to get a money order. At the post office , a money order that is valued from $0.01 to $500 can cost $1.20, while a money order for $500 to $1,000 will cost $1.60. Like a personal check, money orders have a memo line where you can write the purpose of the money order, although this is not required. Once you buy a money order, you will want to fill it all the fields, addressing it to the person or organization you're paying and signing your own name. The fee is not required if PS Form 6401 is filed by a bank, other financial institution, government agency that processes money orders directly with the Federal Reserve Bank, or postal official engaged in official USPS … With over 30,800 post office retail locations in the United States, there’s bound to be one near you. Educate yourself on how to detect a fake money order, that way you’re never tricked into cashing a fake money order. If you are the recipient of a money order, you can generally deposit it into your bank account for free. Other issuers may charge a fee of $3 to $20 or so. The USPS is most affordable at $6.15, but other issuers charge $15 or more to research potentially lost or stolen payments. Money orders can cost as much as $5 at a retail bank. Money orders can cost as much as $5 at a retail bank. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. An additional upside is that Western Unions in your area are usually open every day, including weekends, whereas most banks and the post office are closed on Sundays. International money orders cost $4.50 for any amount. Pay Service Fees . In a world driven by convenience, it may seem like there is no room for money orders. USPS Tracking ® 9400 1000 0000 0000 0000 00. MDxOD. You’ll receive a receipt from the issuer, which provides proof of payment if the money order goes astray—in some cases, it can also allow you to track when the payee receives the money order. Provider: USPS. Although money orders serve a useful purpose, they do have several drawbacks. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Tip: To find the best rate at Western Union when cashing your money order, call several locations in your area and find the one that with the lowest fees. Western Union also allows customers to deposit money orders to withdraw cash. Service / Sample Number. If you are purchasing a money order from your bank, you’ll generally be able to pay for the face value and fee out of your checking or savings account. These include: Each money order has a nominal fee, which can cost under a dollar at some retailers. Money orders are waived by some banks if you have a special account. Payments using the no-fee money orders totaled $55,000. Where Is My Stimulus Check? Payments using the no-fee money orders totaled $178,000. Are you sure you want to rest your choices? How Will Your Payment Arrive? Fee. The issuing financial institution must also have its name printed on the order. Use the money order just in case there's a sudden expense in your account. Although money orders have some drawbacks, their usefulness as a secure payment method means they can be a savvy choice for transactions. If you need to provide a guaranteed payment, a money order is a low-cost option widely available at many locations across the country. Postal military money order (issued by military facilities) 0.30. Fortunately, there are some places where you can get free money orders. International postal money orders may be sent by Priority Mail Express International service, Priority Mail International service, First-Class Mail International service, or First-Class Package International Service. What's The Difference Between A Bank And A Credit Union? Be leery of any money order sender who seems to be in a hurry for you to deposit the document. Do not sign the money order before going to cash or deposit it. It could take up to a couple of weeks for your bank to determine whether or not a money order is fake. With the ability to directly transfer payments via app, pay with a credit or debit card, write a personal check or even pay with actual cash, why would you ever need to use a money order? Tip: If you have a higher tiered checking account, check to see if your bank offers free money orders. Priority Mail ® 9205 5000 0000 0000 0000 00. Money orders are a solid form of payment that is accepted just about anywhere. Most places that offer money order services, such as the U.S. Post Office, Walmart, and Western Union will charge a small fee for a money order that ranges from $0.50 to $1.50+. Finally, money orders are also commonly used in scams. But keep your receipt, so you can track and recover funds if your money order is lost or stolen. Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Domestic money order $0.01 to $500. The limit for money orders from Walmart is also higher than the one offered by 7-Eleven – $1,000 max. Fee: $1.20 per money order up to $500, $1.65 for money orders over $500. [10-18-20] A purchaser, payee, or endorsee may, at any time, inquire about payment of a domestic money order by completing, signing, and filing Form 6401 and paying the appropriate fee; a separate form and fee are required for each money order. Money order loss or theft may take up to 30 days to confirm. Requesting a Refund. If you do end up cashing a fake money order, you may be liable for the money spent when it comes back rejected. All Rights Reserved. If you have a USPS money order, then going to your local post office is a great option for cashing a money order, as it’s so convenient. To start, they are not a convenient form of payment, since they must be purchased in person. When purchasing the money order, first verify that the amount is correct. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881. They charge a fee for doing so, depending on the value of the money order and whether it is being sent to the United States or another country. Money orders are a secure payment method, similar to a check that has been prepaid. Fees were further reduced and usage increased further, making the money order system reasonably profitable. International money orders from the United States Postal Service can be cashed in 29 countries. Some retailers, including pharmacies, grocery stores, big-box retailers and convenience stores. Pay the dollar value of the money order, the issuing fee of $10.25, and the processing fee based on country. If you don’t see a watermark you know it’s a fake. How to fill out a Walmart Monday order https://www.youtube.com/watch?v=iTi22k7FnakInstagrame @CristinSierraShop my … Money orders can be cashed at any USPS counter, but access to the service depends on the cash available at the facility. Skye345. The limit is $500 per order … These prices are valid as of June of 2017. What Exactly Can Be Taken From You In A Lawsuit? At the post office, if the money order is going to be sent to a military member, the cost can be as low as $0.40. Prominator. CVS Pharmacy also offers money orders for 99 cents, with a maximum value of $500. However, money orders are different from personal checks in that their payment is guaranteed. Tip: If you need to send more than $1,000 on a regular basis, consider opening a checking account at a bank so you can obtain cashier’s checks. A cash drawer at a post office in a small town may not feature the reserves necessary to cash a $1,000 money order but could process a $100 transaction. Global Express Guaranteed ® 82 000 000 00 No-rush money orders. They also have a purchase maximum (up to $1,000 at USPS) that limits their convenience. Safety. This compensation comes from two main sources. $1.05. The Forbes Advisor editorial team is independent and objective. Money orders may not be a go-to alternative when other payment options are available, but they are a more secure form of payment than cash. While paying a money order fee once in a while may not make a big difference in your budget, the costs can add up quickly if you’re relying on money orders to make regular payments. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson. For instance, if you purchase a sofa from someone at a site like Craigslist or Facebook Marketplace, you may choose to bring a money order for the purchase rather than cash. You will pay a fee when you purchase a money order from USPS. When you deposit or cash a money order, you will need to endorse it on the back in front of the counter agent. Send the money order via Priority Mail Express International ® , Priority Mail International ® , First-Class Mail International ® , or First-Class Package International Service ® . Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Having both of these pieces of information on each money order makes it difficult for anyone other than the payee to cash a money order, making money orders safer than cash and potentially safer than some digital forms of payment. In a world of digital payments, the humble money order may seem somewhat quaint. Pros: Easy to find a local post office; Set rates; Cons: International money orders limited to $700 ($500 if sending to El Salvador or Guyana) Checks and credit cards not accepted as payments for money orders; Financial Tips Straight to Your Inbox. You’ll be happy to know that your local U.S. government post office, USPS, will sell you money orders as well. Don’t get them confused with a cashier’s check, which is only obtainable from your bank. For instance, the post office cashes USPS money orders for free. You’re likely to pay the lowest fees for cashing a money order by going to the institution that issued the money order. You can get a money order from the post office, a bank, Western Union, and grocery store. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. You may have to pay a fee to replace a lost or stolen money order, but that is far preferable to losing the full amount. This makes them more secure to mail and deliver than checks. The United States Postal Service (USPS) has agreements with 30 countries that allow recipients to cash USPS money orders in post offices in those countries. This is because the rates fluctuate so much from location to location. Gerald is a staff writer at MyBankTracker.com. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. Certified Mail ® 9407 3000 0000 0000 0000 00. Money orders are usually considered a safe way to send and receive money. Best Personal Loans For Debt Consolidation. quality software with free resell rights. For example, at the United States Postal Service (USPS), you can’t purchase a money order for more than $1,000. She is the author of four books, including End Financial Stress Now and The Five Years Before You Retire. Some post offices won’t charge a fee for USPS money orders either. USPS may not be able to help you to cash a money order if the amount exceeds $1,000. Fees are another potential downside of money orders. How to Avoid a Minimum Balance Checking Account Fee, 8 Ways to Sidestep the Chase No-Cash Deposit Policy, www.mybanktracker.com/member/GeraldMorales, All postal money orders issued through military facilities, The general fee for money orders can range  from 50 cents to $10 and up, depending on where you get one, Western Union fees: could range anywhere from 50 cents to $1.50 and more, Most banks charge $5, $10, or 10 percent of the total amount on the money order, Location A: 55-cent fee for money orders between a penny and $500, and $1 fee for money orders between $500.01-$1,000, Location B: 80-cent fee for money orders between a penny and $500, and $1 fee for money orders between $500.01-$1,000, Location C: 75-cent fee for money orders between a penny and $299.99, and $1 fee for money orders between $300-$1,000. You’ll also need to provide a government-issued photo ID to cash it. Find USPS Locations; Tracking; Learn About; Sending; Sending Mail; Sending Packages; Insurance & Extra Services; Shipping Restrictions; Online Shipping; Label Broker; Custom Mail, Cards, & Envelopes; Postage Prices ; Mail & Shipping Services; Priority Mail Express; Priority Mail; First-Class Mail; Military & Diplomatic Mail; Redirecting a Package; Money Orders Second Stimulus Check Calculator: How Much Will You Receive? The maximum amount for a single international postal money order is $700 unles… Inspect any money order may seem quaint, but access to the Service on! Up, depending on where you can ’ t purchase a money order of $ 3 to 1,000. To closely inspect any money order to a couple of weeks for your signature, which can cost under dollar! 9400 1000 0000 0000 00 are some places where you can generally deposit it affordable at $ 6.15 but... Just about anywhere back in front of the counter agent for Pickup 9303 3000 0000... 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