To get a money order issued, you have to use cash or have the money taken directly out of your bank account making the funds “guaranteed”. – Guaranteed Funds – A money order is issued with NO bank information on it and is backed by a 3rd party issuer like Western Union or MoneyGram. I also breakdown what to do if you lose a money order and how to spot a fake one from a mile away.Ī money order is a great way to pay someone or have someone pay you. It’s with this in mind that I researched the 11 best places to buy a money order near you, as well as the costs associated with each. Maybe you don’t have a checking account, or perhaps you’re buying a used vehicle from a private party, whatever the case, you stand a great chance of needing to buy a money order from time to time. They’re a piece of paper similar to a check, but unlike a personal check, they’re considered guaranteed money. Be wary about receiving one from someone you don't know, and don't spend the cash from money orders you deposit in the bank until you know the bank was able to cash them.Dating back to the Civil War, money orders are a fast and secure way to pay an individual or business. Can be fraudulent: Some unscrupulous people create fake money orders.It depends on your bank's funds availability policy. Funds could be delayed, depending on where it's cashed: Just note that if you cash a money order at your local financial institution and it's not a branch of the issuer, you might not be able to get all of the money right away.Depositing it into a bank account or cashing it at the issuer's office are good options for bypassing fees for cashing a money order. Buying and cashing the money order can incur a fee: When you buy a money order you may need to pay a small fee, and the same goes for cashing one if you cash it somewhere else besides your own bank or credit union.Postal Service, also known as USPS, offers an online money order inquiry service that allows buyers to input a money order number and get an update on its status. The entire process for researching the status of a money order can take weeks. Can be harder to track than a personal check: To track a money order, the sender must fill out tracking forms and pay an additional fee to learn whether the money order has been cashed.International money orders thus provide an inexpensive and swift way to send money across the border. An issuer with multiple branches in different countries can issue a money order in one country that can be cashed in another country. Can be issued in one country and cashed in another: Money orders can and often are used to send money outside the country.Depositing money orders is a good option for recipients concerned about the fees charged to cash the certificates at other locations. Can be deposited into a bank account for free: A recipient can deposit a money order into a bank account, much as you would do a check.They can cashed it at their local bank or credit union, though this could mean they have to wait to get the cash. Recipient can cash it at their local bank or credit union: The person who receives a money order doesn't necessarily have to go to the same place that sold the money order or the sender's bank.In contrast, money orders don't include personal information about the purchaser. That's because personal checks include the account holder's routing number and bank account number printed on the bottom-information can be stolen and used to create and sign fraudulent checks. Doesn't include sensitive information: In some situations, paying with a money order can be safer than paying with a personal check.
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