Much like a check, a money order is a paper form of payment. 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. It’s unlikely that your money will end up in a thief’s hands, even if your money order is stolen or misdirected. Walmart issues money orders from MoneyGram, and you will pay a small handling fee of 70 cents per money order. Those who used a USPS money order (getting mine tomorrow)...On the first line where its pay to did … Money orders can cost as much as $5 at a retail bank. International postal money order service is available to transfer funds to individuals or firms in countries that have entered into agreements with the United States Postal Service for the exchange of postal money orders. Grocery stores and department stores also offer inexpensive money orders. Remember, when depositing a money order, it’s smart to wait to spend any of the money until the full amount clears your bank. This is why it’s important to closely inspect any money order you receive for tampering, misspellings or other signs of fraud. Money orders are waived by some banks if you have a special account. You’ll also need to provide a government-issued photo ID to cash it. Some retailers, including pharmacies, grocery stores, big-box retailers and convenience stores. 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. They are more secure than carrying cash. Sellers sometimes impose a limit on the size of the money orders they sell, and they typically charge a fee for each order. Some post offices won’t charge a fee for USPS money orders either. Most banks charge $5, $10, or 10 percent of the total amount on the money order. Collect On Delivery Hold For Pickup 9303 3000 0000 0000 0000 00. Take your money order receipt to any Post Office location. Both money orders and wire transfers are secure. The maximum amount for a single international postal money order is $700 unles… How much does it cost to transfer money using USPS? 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). 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. How Will Your Payment Arrive? Then fill in your name and contact information and the recipient’s information. You can’t purchase a money order with a personal check or a credit card. It could take up to a couple of weeks for your bank to determine whether or not a money order is fake. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. 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. 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. 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. The Forbes Advisor editorial team is independent and objective. 24-4.4 No-Fee Money Orders. How to fill out a USPS Money Order - YouTube. 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+. 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? Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. 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. Money orders can be cashed at any USPS counter, but access to the service depends on the cash available at the facility. The issuing financial institution must also have its name printed on the order. Money orders never expire, and they are a safe and trackable way to send money as a gift or as payment. If you receive a money order in the mail from someone who you are not familiar with, chances are it’s a fake. U.S. Bank waives the fee for those that have a platinum checking account. 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. 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 Although money orders serve a useful purpose, they do have several drawbacks. Fee: From 45 cents to $1.75 domestically; $10.25 plus country-based processing fee for international money orders. What Exactly Can Be Taken From You In A Lawsuit? The limit for money orders from Walmart is also higher than the one offered by 7-Eleven – $1,000 max. Best Personal Loans For Debt Consolidation. What Are Mobile Check Deposit Limits at the Top U.S. Banks? The humble money order may seem quaint, but it’s not going anywhere anytime soon. Fees are another potential downside of money orders. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. If you do end up cashing a fake money order, you may be liable for the money spent when it comes back rejected. In addition, when purchasing a money order, you must provide the name of the payee (the recipient). A money order can’t be stolen like cash, and it gives no private banking information to your recipient. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Money orders do have certain limits, however. 08-30-2012, 01:30 AM. 2. 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. 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. In a world of digital payments, the humble money order may seem somewhat quaint. I used a USPS money order, its also trackable with a fee. There is a $6.25 processing fee to replace a lost or stolen money order. 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.     You may also have to fill out forms, sometimes in person, and you might not get an answer (much less a refund) for 30 days or more. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson. To purchase the money order, be prepared with a way to pay for both the face value of the money order and the fee. Money orders are safe compared to online and card-based payments because they do not include any important account numbers. Money orders are usually considered a safe way to send and receive money. Investigating a money order's lost or stolen status may take up to 60 days. 08-29-2012, 06:21 AM. Compare money transfer services now. If you don’t see a watermark you know it’s a fake. Service Amscot money order fee; Sender purchases the order: $0¹: Conversion costs (international orders) May be up to 10% or more — Many money transfer services advertise 0 fees but take an average of 4-6% from customers by giving them poor exchange rates when switching between 2 currencies. Examine the Paper – Hold the money order to a light (or at an angle) and check for a watermark. But you may have to pay a fee of up to a few dollars. This makes them more secure to mail and deliver than checks. 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 … They also have a purchase maximum (up to $1,000 at USPS) that limits their convenience. Fortunately, there are some places where you can get free money orders. 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