Money orders are a fairly budget-friendly and safe way to send money better than handing off wads of cash.
No one place will be the right fit for everyone.
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There are much betterways to send moneythan stuffing cash into an envelope. We have the details on nine safe money-sending methods.
It might not be a big deal if youre getting money orders every once in a while.
They no longer issue money orders intended for Canada.
you might usually purchase money orders at these locations by their customer service counters.
Locations will vary and the fees may depend on where you go.
Youll also need to keep in mind payment methods and filling out a money order correctly when buying one.
As in, you’re able to only pay with a debit card or cash.
Credit cards and personal checks are usually not accepted because there is a chance the payment wont go through.
For these reasons, financial institutions and retailers prefer that they receive guaranteed funds before issuing a money order.
Some places may say theyll allow you to pay for a money order with your credit card.
However, you will likely pay a higher fee, or its simply a cash advance.
If its the latter, then youre essentially borrowing cash from your credit card issuer.
The form itself looks similar to what youd find for a personal check.
If youre unsure of how to fill one out, you could ask.
How Much Do Money Orders Cost?
Money orders usually average anywhere from $1 to $5 depending on where you purchase them.
In general, money orders from banks cost more than ones from major retailers.
Money Order Costs at a Glance
Remember, the above fees are to purchase a money order only.
There may be additional fees depending on the location.
Or, if you want to cancel the money order or purchase a replacement, you could pay extra.
For instance, USPS charges a $9 processing fee to replace a money order.
However, if you want access to the funds the right way, you could be paying for it.
All you should probably do is to fill out the check much like you would a money order.
Youll also have to rearrange payment again.
There are slight differences between the two.
Both verify that there is enough money available in your bank account.
A cashiers check is where the money is on hold in your account until the recipient cashes the check.
you’re able to also typically transfer funds overseas.
Most banks and credit unions charge for outgoing wire transfersones for international destinations can cost more.
Think of it like a gift card, except the card can be used anywhere debit cards are accepted.
you’re free to usually purchase a prepaid debit card at any major retailer.
As for fees, theyll differ depending on the issuer its typically an upfront one-time fee for the card.
Some have low monthly fees, but they typically offer more features like linking accounts.
She is the host of the Buzzsprout and Beyond the Dollar podcasts.
