Can I Deposit Money Order At Bank

Key takeaways

• A money order is a safe alternative to cash or a personal bank check; information technology works like a check and then you can greenbacks information technology or deposit information technology into a bank business relationship.

• When using greenbacks or personal checks put you at risk, or they aren't accustomed for payment, you can utilize a money social club instead.

• You can utilize greenbacks or a debit menu to buy money orders at the post office, Walmart, Western Union and your bank or credit union.

How do money orders work?

A money order is a slice of paper that'southward a prophylactic alternative to greenbacks or personal checks. You specify who will receive the money order, and both yous and that person must sign it for it to be valid, which cuts downward on theft.

Yous also prepay for a money lodge , at a location such as a U.South. post function, Walmart or Western Union. Proceed in listen that many have a $1,000 limit, including those that yous buy at banks.

How can I purchase a money order?

• Have everything you lot need: Exist prepared with cash or a debit card, the name of the payee and the amount you desire to transport. Paying with a credit card might be possible, just volition unremarkably cost extra.

• Fill information technology out: In add-on to the payee'south name, you'll need to add your name (and possibly your address) and sign the money gild. (For step-by-step instructions, bank check out NerdWallet's guide on how to fill out a money order .) Be careful to ensure that everything is accurate because y'all won't be able to modify the information afterward.

• Proceed the receipt:  The receipt will be a carbon copy of the money order or a paper slip recording the information entered on the money lodge.

• Track your coin club:  Your receipt will also have a tracking number that you tin employ to verify that the money social club got to the intended recipient. If any problems arise, contact the identify where y'all bought the coin order to get assist.

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Where can I get a money order? How much does a money lodge price?

Domestic money orders have a range of costs, from under a dollar up to effectually $5, depending on where you buy them. You'll become a better deal at Walmart or a convenience store or supermarket, and yous'll typically pay more at a bank.

Non all providers offer international money orders; some post offices do, but they price more, although there'due south a discount for those purchased at military post offices. And no matter where you 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 charge around $one.
U.South. Postal Service	Up to $500: $1.25 $501-$k: $one.seventy Armed forces coin orders: 45 cents International (up to $700): $10.25
Banks and credit unions	Depends on the financial establishment. Ofttimes around $5.
In the market for a provider? Here are our best ways to send coin .

What does a money social club cost at some of the biggest U.South. banks?

Note that many banks volition only sell money orders to accountholders.

Depository financial institution	Details
American Express® National Bank, Member FDIC 4.five NerdWallet rating	Money orders non offered.
Bank of America 3.five NerdWallet rating	Money orders not offered.
Chase iii.5 NerdWallet rating	$5 for upwards to $1,000; free for premium accounts. Must exist purchased in a co-operative.
Wells Fargo 3.5 NerdWallet rating	$5 for up to $ane,000. Must exist purchased in a branch.

+ Click here for more banks and what they charge

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Tin can I buy a money order with a credit card?

Some outlets let you to buy a coin order with a credit carte du jour, but others don't, including Walmart and the U.Due south. Mail service. In those cases, you'll have to use a debit card or cash to buy a money order.

Fifty-fifty if the provider you choose does permit y'all pay with a credit card, information technology'll be much cheaper not to. That'south considering credit card issuers typically care for money orders as cash advances, charging a fee based on the amount of the transfer — often three% to 5% — and assessing interest immediately. That involvement rate might be greater than the rate you'll pay on a normal purchase.

When should I use a money society?

There are times when using cash or personal checks can put you at take chances, or they aren't accustomed for payment. Hither are four examples of when money orders are the best payment method:

• You need to send money securely. Dissimilar checks, money orders don't include your bank business relationship number, and they help ensure that merely the recipient tin can use it, unlike mailing greenbacks.

• You don't have a checking business relationship. Since money orders require yous to pay in advance, you don't need a bank business relationship and you lot can still pay bills safely. Another choice: One of NerdWallet'due south best prepaid debit cards  for regular purchases.

• Yous're worried about bouncing a bank check. Because money orders are prepaid, they can't be rejected for bereft funds. Another choice: A certified bank check or a cashier's check, both of which guarantee payment and don't necessarily have a $i,000 limit, unlike many coin orders. ( Read upward on certified checks  and find out more than about cashier's checks .)

• Y'all're sending money internationally. Not all coin orders work abroad, just U.S. Postal Service coin orders can be sent to about 25 countries. Some other option: A wire transfer, if you demand the coin there faster and are willing to pay more. Or bank check out our all-time ways to send money internationally .

Where can I cash a money order?

Your all-time bet is to greenbacks a coin order at the same entity that issued it, whether that's a banking company branch, mail service office or other location. Bank check-cashing locations, convenience stores and grocery stores tin be alternatives, simply spotter out for fees. Wherever you go, you'll probably need to show identification.

If you don't demand the coin right abroad and you have a bank business relationship, consider depositing it. Banks take U.S. Postal Service money orders as they would regular checks at branches, ATMs or even on a banking app with a mobile check eolith function. Don't forget to sign the back of the coin order earlier depositing.

What practice I do if I lost a money society?

If you lot no longer have the coin 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 social club hasn't been cashed.

You lot'll need to bring your receipt and the money order itself, if y'all have information technology, to the place where information technology was purchased. The issuer will probably take you fill out some paperwork, using data from your receipt, and y'all'll likely pay a fee. For instance, Western Spousal relationship charges $xv to replace a money order. And information technology can take a calendar 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 yous'll generally have to involve the police.

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Coin order tracking

It'southward relatively simple to find out where a money guild is — every bit long as you've kept your receipt. Only the process varies slightly by issuer. The U.S. Postal Service, MoneyGram and Western Union allow yous to runway online with information such as the serial number found on your receipt and the purchase amount. Your bank should be able to provide you lot with the same information.

Without the receipt, yous'll probable have to file a research request to discover your money order's series number, and that'due south expensive and time-consuming. At MoneyGram, for case, information technology costs $xl and can take 60 days to process.

Just exist sure to rails the coin lodge with the actual provider — information technology might be Western Union or MoneyGram even if you lot purchased it at a convenience store.

Are money orders safe?

Money orders are typically a rubber payment method, but they can likewise exist used fraudulently. To protect yourself:

• Effort not to exchange coin orders with strangers. This isn't e'er possible, but if you tin can, ask to exist paid electronically or via another means.

• Watch for red flags. These might include sending extra money back to someone who claims they've paid too much, or visual cues, such as missing watermarks or amounts more than $1,000.

• Verify the funds. If you tin't cash the money order at the place that issued information technology, telephone call the issuer's official, publicly bachelor phone number to find out if the document is legitimate.

Source: https://www.nerdwallet.com/article/banking/money-orders#:~:text=If%20you%20don't%20need,the%20money%20order%20before%20depositing.

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