Can You Cash a Money Order at the Bank
Key takeaways
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A coin social club is a safe alternative to cash or a personal check; it works like a cheque so you can greenbacks information technology or deposit it into a bank account.
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When using greenbacks or personal checks put you at risk, or they aren't accepted for payment, you can employ a coin order instead.
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You can use greenbacks or a debit card to buy coin orders at the post part, Walmart, Western Union and your bank or credit union.
How practise money orders work?
A coin order is a piece of paper that's a safe alternative to greenbacks or personal checks. You specify who will receive the coin gild, and both you and that person must sign it for it to be valid, which cuts downward on theft.
You also prepay for a money order , at a location such as a U.S. post office, Walmart or Western Union. Keep in listen that many have a $1,000 limit, including those that you lot purchase at banks.
How can I buy a coin club?
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Have everything you lot need: Be prepared with cash or a debit bill of fare, the name of the payee and the amount you want to ship. Paying with a credit card might be possible, but will normally cost extra.
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Fill it out: In improver to the payee'due south name, you lot'll demand to add your proper name (and peradventure your accost) and sign the money order. (For step-past-step instructions, check out NerdWallet's guide on how to fill out a money order .) Exist careful to ensure that everything is accurate because you won't be able to change the information afterward.
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Keep the receipt: The receipt will be a carbon re-create of the money club or a paper sideslip recording the information entered on the money order.
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Rail your money club: Your receipt volition likewise accept a tracking number that y'all can use to verify that the money order got to the intended recipient. If whatsoever problems ascend, contact the place where you bought the coin lodge to get help.
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Where can I go a money society? How much does a money order cost?
Domestic money orders take a range of costs, from under a dollar upwards to around $v, depending on where you purchase them. Yous'll get a better deal at Walmart or a convenience store or supermarket, and you'll typically pay more at a bank.
Non all providers offer international coin orders; some postal service offices exercise, but they cost more, although at that place's a discount for those purchased at military mail offices. And no matter where y'all buy them, it'south safer to buy in person.
| Provider | Cost |
|---|---|
| Walmart | Up to 88 cents |
| Money transfer agents (convenience stores, supermarkets, etc.) | Depends on the provider. For example, San Francisco-area Western Union providers often accuse around $one. |
| U.S. Mail | Upward to $500: $one.25 $501-$m: $1.seventy Military money orders: 45 cents International (up to $700): $10.25 |
| Banks and credit unions | Depends on the financial establishment. Often around $5. |
| In the market for a provider? Hither are our best ways to send money . | |
What does a coin order price at some of the biggest U.S. banks?
Annotation that many banks volition merely sell coin orders to accountholders.
| Bank | Details | |
|---|---|---|
| American Express® National Bank, Member FDIC 4.five NerdWallet rating | Money orders not offered. | |
| Bank of America 3.5 NerdWallet rating | Money orders not offered. | |
| Chase iii.five NerdWallet rating | $v for up to $1,000; free for premium accounts. Must be purchased in a co-operative. | |
| Wells Fargo 3.v NerdWallet rating | $5 for up to $i,000. Must be purchased in a branch. | |
+ Click here for more banks and what they accuse
A smart way to monitor your coin
Track your cash, cards, and bank accounts all at the aforementioned time.
Can I purchase a money order with a credit menu?
Some outlets allow yous to purchase a coin order with a credit bill of fare, but others don't, including Walmart and the U.S. Mail service. In those cases, you'll have to utilize a debit menu or cash to purchase a money club.
Fifty-fifty if the provider yous cull does let you pay with a credit card, information technology'll be much cheaper not to. That'southward considering credit menu issuers typically care for coin orders as cash advances, charging a fee based on the amount of the transfer — ofttimes iii% to 5% — and assessing interest immediately. That involvement rate might exist greater than the rate y'all'll pay on a normal purchase.
When should I apply a money order?
There are times when using cash or personal checks can put you lot at gamble, or they aren't accustomed for payment. Here are four examples of when coin orders are the best payment method:
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Y'all demand to ship money deeply. Unlike checks, money orders don't include your bank account number, and they help ensure that merely the recipient can use it, unlike mailing cash.
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You lot don't have a checking account. Since money orders crave you to pay in advance, yous don't need a bank account and you can still pay bills safely. Another selection: One of NerdWallet'south best prepaid debit cards for regular purchases.
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You're worried virtually billowy a check. Because coin orders are prepaid, they tin't be rejected for bereft funds. Another choice: A certified check or a cashier's bank check, both of which guarantee payment and don't necessarily take a $1,000 limit, unlike many money orders. ( Read up on certified checks and find out more than about cashier'south checks .)
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You're sending money internationally. Not all coin orders work abroad, but U.Due south. Postal Service coin orders can exist sent to about 25 countries. Some other option: A wire transfer, if you lot need the money there faster and are willing to pay more. Or check out our all-time ways to transport coin internationally .
Where can I cash a coin order?
Your best bet is to cash a money guild at the aforementioned entity that issued it, whether that'southward a bank branch, mail service office or other location. Check-cashing locations, convenience stores and grocery stores can be alternatives, simply watch out for fees. Wherever you lot get, yous'll probably need to show identification.
If you lot don't need the money right away and y'all accept a bank account, consider depositing it. Banks accept U.S. Postal Service coin orders as they would regular checks at branches, ATMs or fifty-fifty on a cyberbanking app with a mobile bank check deposit office. Don't forget to sign the back of the money guild before depositing.
What do I practise if I lost a coin order?
If you no longer have the money gild or you made a mistake on it, y'all may exist able to cancel information technology and get a replacement or refund — as long equally the money club hasn't been cashed.
You'll need to bring your receipt and the money society itself, if you accept it, to the place where it was purchased. The issuer will probably have y'all make full out some paperwork, using information from your receipt, and you'll likely pay a fee. For example, Western Spousal relationship charges $15 to replace a coin order. And information technology tin can accept a calendar month or longer for the issuer to process your claim.
If the coin guild was cashed, you may still exist able to get your money back, but you'll generally accept to involve the police.
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Money order tracking
It'south relatively simple to find out where a coin order is — equally long as you've kept your receipt. Only the process varies slightly past issuer. The U.S. Mail, MoneyGram and Western Union allow y'all to rails online with information such as the serial number establish on your receipt and the buy amount. Your bank should exist able to provide you with the same information.
Without the receipt, you lot'll likely have to file a inquiry request to find your money gild'due south serial number, and that'southward expensive and time-consuming. At MoneyGram, for example, it costs $40 and can take 60 days to process.
Simply exist sure to runway the money order with the bodily provider — it might be Western Matrimony or MoneyGram even if you purchased it at a convenience store.
Are coin orders safe?
Money orders are typically a safe payment method, but they can likewise exist used fraudulently. To protect yourself:
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Effort non to exchange money orders with strangers. This isn't always possible, but if you tin can, inquire to be paid electronically or via another means.
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Watch for red flags. These might include sending actress money dorsum to someone who claims they've paid too much, or visual cues, such equally missing watermarks or amounts more than $1,000.
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Verify the funds. If you can't cash the money order at the place that issued information technology, call the issuer's official, publicly available phone number to find out if the document is legitimate.
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