Standard fees exclude all digital pricing and other promotional pricing. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. A postal Money Order is a certified, cashable document guaranteed by Canada Post. In Canada, the postal money order is a money order issued and guaranteed by Canada Post, used to pay a specific amount of money to a third party specified on the money order. However, getting a USPS money order can be hard—not all post offices issue money orders, so call ahead to confirm. Postal Money Orders are certified cashable documents that you send through the mail. Reap a higher return by stashing your cash in a high-yield savings or checking account, a CD ladder or a credit union. Most major banks and all U.S. Get answers about stimulus checks, debt relief, changing travel policies and managing your finances. You can find a post office near you using the USPS locator. How much does it cost? You pay the amount on the money order and a fee for the service. A money order is a convenient, widely accepted form of payment. 2  3  But whether you buy a money order from a post office or a financial institution, the process is similar to writing a check. A money order … Her work has been featured in USA Today and The Associated Press. The Best-of Awards List has dropped. Don’t forget to sign the back of the money order before depositing. Many or all of the products featured here are from our partners who compensate us. It is a safe way to send money (locally) through the mail. 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. This may depend on what money order service you use and how the money order is issued. Do Money Orders Expire? When evaluating offers, please review the financial institution’s Terms and Conditions. » Still deciding? Note that many banks will only sell money orders to accountholders. Here’s your shortcut to 2021’s best bank accounts and more. There are times when using cash or personal checks can put you at risk, or they aren’t accepted for payment. And no matter where you buy them, it’s safer to buy in person. Be prepared with cash or a debit card, the name of the payee and the amount you want to send. Keep in mind that many have a $1,000 limit. They're available for sale at banks, credit unions, the U.S. Post Office, and even Wal-Mart stores. 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. A money order is the right solution when cash or a check won’t cut it Western Union ® money orders offer a reliable, convenient alternative to cash or a check. And it can take a month or longer for the issuer to process your claim. Watch for red flags. You buy a money order by prepaying the amount printed on the face of the money order with cash or another form of guaranteed funds. (. Money order issuers each set their own individual expiration policies. Not all providers offer international money orders; some post offices do, but they cost more, although there’s a discount for those purchased at military post offices. You pay the amount on the money order and a fee for the service. , at a location such as a U.S. post office, Walmart or Western Union. Wherever you go, you’ll probably need to show identification. When you purchase a money order, the bank will either accept cash or direct debit your account. Postal Service money orders can be sent to about 25 countries. Another option: A certified check or a cashier's check, both of which guarantee payment and don't necessarily have a $1,000 limit, unlike many money orders. We have more details of the TD Bank money order policy below. The receipt will be a carbon copy of the money order or a paper slip recording the information entered on the money order. It's relatively simple to find out where a money order is — as long as you've kept your receipt. This can be preferable for people who … NerdWallet strives to keep its information accurate and up to date. The waiting period is necessary to ensure the Money Order clears through the Canadian payment process. Best High-Yield Online Savings Accounts of January 2021. One to three years after purchase, the issuer will charge service fees when you attempt cash or refund it, meaning it will be worth less than it was at the time of purchase. Another option: A wire transfer, if you need the money there faster and are willing to pay more. You can also try to cash money orders at retail outlets like check-cashing stores, convenience stores, and grocery stores. Here are our. Your best bet is to cash a money order at the same entity that issued it, whether that’s a bank branch, post office or other location. 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. You can expect to pay at least $5. It is a safe way to send money (locally) through the mail. Our opinions are our own. Or check out our best ways to send money internationally. After all, a check can bounce. Pre-qualified offers are not binding. Can I buy a money order with a credit card? Our partners compensate us. Wherever you go, you’ll probably need to show identification. How Long Does It Take to Mail a Money Order? You can use money orders in lieu of cash or checks to make payments in person or through the mail. Always ask the vendor if the money order has an expiration date. That's because credit card issuers typically treat money orders as cash advances, charging a fee based on the amount of the transfer — often 3% to 5% — and assessing interest immediately. Postal Service money orders as they would regular checks at branches, ATMs or even on a banking app with a mobile check deposit function. Military money orders cost just 40 cents. Your best bet is to cash a money order at the same entity that issued it, whether that’s a bank, post office or other location.”. However, this does not influence our evaluations. ** Western Union also makes money from currency exchange. A wire transfer, if you need the money there faster and are willing to pay more. The issuer will probably have you fill out some paperwork, using information from your receipt, and you'll likely pay a fee. A Money Order payable to a business or other organization may only be cashed at their financial institution. You also prepay for a money order, at a location such as a U.S. post office, Walmart or Western Union. You don’t have a checking account. As long as your money order hasn't been cashed, you can likely get a replacement or a refund — but it could take a month or longer. Canada Post Money Orders (direct service) are available to cash in Canada. Tracking a money order does cost extra, though. In addition to the payee’s name, you’ll need to add your name (and maybe your address) and sign the money order. Since money orders require you to pay in advance, you don't need a bank account and you can still pay bills safely. If you can’t cash the money order at the place that issued it, call the issuer’s official, publicly available phone number to find out if the document is legitimate. at American Express National Bank, Member FDIC. A certified check or a cashier's check, both of which guarantee payment and don't necessarily have a $1,000 limit, unlike many money orders. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. With over 8,500 locations in the U.S., 7-Eleven is one of the first retailers that pops to mind … Even if the provider you choose does let you pay with a credit card, it'll be much cheaper not to. Money orders are not free. All financial products, shopping products and services are presented without warranty. Postal Service ® money orders are affordable, widely accepted, and never expire. In those cases, you'll have to use a debit card or cash to buy a money order. Money orders can cost as much as $5 at a … The U.S. Depends on the provider. In most cases, your money order will not expire but will depreciate in value. So how do we make money? 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. Paying with a credit card might be possible, but will usually cost extra. , and both you and that person must sign it for it to be valid, which cuts down on theft. Some outlets allow you to buy a money order with a credit card, but others don't, including Walmart and the U.S. Some money orders do, while others do not. $5 for up to $1,000; free for premium accounts. A Money Order issued in Canada may be cashed at any post office in Canada without charge. Here are our best ways to send money. Even if yours does, you might find yourself waiting in line. Emergency Fund: What It Is and Why It Matters. Fill it out: In addition to the payee’s name, you’ll need to add your name (and maybe your address) and sign the money order. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, We want to hear from you and encourage a lively discussion among our users. How much does a money order cost? At MoneyGram, for example, it costs $40 and can take 60 days to process. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Money transfer agents (convenience stores, supermarkets, etc.). A wire transfer, if you 've kept your receipt $ 1 ( )..., changing travel policies and managing your finances debit or credit card might greater..., ask to be paid electronically or via another means at MoneyGram, for,! Answer: TD bank will generally only issue money orders. ) checks. 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