This makes them more secure to mail and deliver than checks. Here’s what you need to know about what a money order is, how money orders work and when and how to use them. Other issuers may charge a fee of $3 to $20 or so. Examine the Paper – Hold the money order to a light (or at an angle) and check for a watermark. Stay in the … Chase will waive the fee if you have a premiere or private account with the bank. All Rights Reserved. Fees were further reduced and usage increased further, making the money order system reasonably profitable. At the post office, if the money order is going to be sent to a military member, the cost can be as low as $0.40. Money orders may not be a go-to alternative when other payment options are available, but they are a more secure form of payment than cash. For instance, Wells Fargo waives money orders if you have a preferred checking or Wells Fargo At Work Checking Account. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Most banks charge $5, $10, or 10 percent of the total amount on the money order. Money orders are usually considered a safe way to send and receive money. Don’t get them confused with a cashier’s check, which is only obtainable from your bank. Finding the right place for your money order purchase depends on the amount you are willing to pay, where you need to send it, and when the money order needs to reach its destination. MDxOD. They may be purchased in any denomination up to a set limit, and several may be purchased at one time if it is necessary to exceed this limit. Do You Need To Claim The Second Stimulus Check? USPS money orders are free to cash at post offices, but they might not have all of the cash you need. You can’t purchase a money order with a personal check or a credit card. Western Union fees: could range anywhere from 50 cents to … If you are going to attempt to cash a money order at the post office, you may run into difficulty. If you are the recipient of a money order, you can generally deposit it into your bank account for free. Priority Mail ® 9205 5000 0000 0000 0000 00. He is an expert in real estate, mortgages and credit. What Are Mobile Check Deposit Limits at the Top U.S. Banks? USPS usually charges around $1.25 for money orders up to $500, or $1.65 up to $1,000. Unlike a check, money orders can’t bounce. A representative informed me to go into a local branch to find out how much will be taken out. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. This is because the rates fluctuate so much from location to location. Maximum amount per money order—$1,000 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. Payments using the no-fee money orders totaled $55,000. Check out these new top banks that people are talking about: Read More: See MyBankTracker’s Best Banks Picks of the Year. In addition, when purchasing a money order, you must provide the name of the payee (the recipient). Although money orders have some drawbacks, their usefulness as a secure payment method means they can be a savvy choice for transactions. They are more secure than carrying cash. Much like a check, a money order is a paper form of payment. Additionally, yo… 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 For example, at the United States Postal Service (USPS), you can’t purchase a money order for more than $1,000. U.S. Bank waives the fee for those that have a platinum checking account. Remember, when depositing a money order, it’s smart to wait to spend any of the money until the full amount clears your bank. USPS Tracking ® 9400 1000 0000 0000 0000 00. A lost or stolen money order can be replaced for just $6.45. Money orders are safe compared to online and card-based payments because they do not include any important account numbers. Money exchange services, though, often charge even more. For most of the countries that accept USPS money orders, the limit is $700 per order. Order can ’ t purchase a money order by going to the Service depends on the cash at. 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