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The information on this site does not modify any insurance policy terms in any way. Since money orders require you to pay in advance, you don't need a bank account and you can still pay bills safely. Another option: One of NerdWallet's best prepaid debit cards for regular purchases. Not all money orders work abroad, but U.
Postal Service money orders can be sent to about 25 countries. Another option: A wire transfer, if you need the money there faster and are willing to pay more.
Or check out our best ways to send money internationally. Check-cashing locations, convenience stores and grocery stores can be alternatives, but watch out for fees. Banks accept U. Postal Service money orders as they would regular checks at branches, ATMs or even on a banking app with a mobile check deposit function. How to pick between a cashier's check and a money order.
If you no longer have the money order or you made a mistake on it, you may be able to cancel it and get a replacement or refund — as long as the money order hasn't been cashed. The issuer will probably have you fill out some paperwork, using information from your receipt, and you'll likely pay a fee. And it can take a month or longer for the issuer to process your claim. If the money order was cashed, you may still be able to get your money back, but you'll generally have to involve the police.
It's relatively simple 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. Postal Service, MoneyGram and Western Union allow you to track online with information such as the serial number found on your receipt and the purchase amount.
Without the receipt, you'll likely have to file a research request to find your money order's serial number, and that's expensive and time-consuming. Just be sure to track the money order with the actual provider — it might be Western Union or MoneyGram even if you purchased it at a convenience store. Money orders are typically a safe payment method, but they can also be used fraudulently. To protect yourself:. Try not to exchange money orders with strangers. This isn't always possible, but if you can, ask to be paid electronically or via another means.
Watch for red flags. 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? MoneyGram and Western Union are commonly used at those stores. Also, check with your bank or credit union. In some cases, those money orders are more expensive, but you never know until you ask. Need some ideas on where to shop and what to expect?
Below are popular locations for money order purchases. After purchasing a money order, you might need additional services from the issuer. For example, you can find out if and when the item was cashed and see who endorsed the back. If the money order gets lost or you decide not to use it, you may need to request a refund or replacement.
Those services could cost extra. If you received a money order, how much will it cost to convert it to cash? If you truly want to cash a money order , it may cost you. You can also try to cash the money order with the money order issuer.
USPS money orders are free to cash at post offices, but they might not have all of the cash you need. Finally, check cashing stores will often cash money orders for a modest fee.
A money order works like a check but is more secure because it's guaranteed by the issuer and can't bounce. You purchase a money order with cash or check from the issuer, and you will receive a paper check that you will then make out to your payee. If you receive a money order, the best way to cash it or deposit it is to take it to the issuing institution.
This dollar value does not include the fees charged to the payee. Factor in all costs when purchasing money orders.
A bank or credit union will normally charge more than a convenience store to issue money orders. A money order is not a check, and it's harder to trace one; keep your receipt until you are sure the order has been received and cashed. When a purchaser pays for a money order, it comes with a receipt that includes the serial number of the money order.
This information should always be kept until the purchaser is certain the money order has cleared. Without a receipt, tracing a money order can be difficult or even impossible. In some situations, paying with a money order can be safer than paying with a personal check.
Since personal checks include the account holder's routing number and bank account number printed on the bottom this private information can be stolen and used to create and sign fraudulent checks. In contrast, money orders do not include personal information about the purchaser.
Money orders can be more difficult to track than a personal check—to find out whether the money order has been cashed, for example, can require forms and take weeks.
Money orders can be fraudulent; be wary about receiving them from people you don't know and don't spend money orders you deposit in the bank until you know the bank was able to cash them. On the downside, money orders can be more difficult to track than a personal check.
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.
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