You will pay a fee when you purchase a money order from USPS. They are more secure than carrying cash. Skye345. Most banks charge $5, $10, or 10 percent of the total amount on the money order. The Forbes Advisor editorial team is independent and objective. Some post offices won’t charge a fee for USPS money orders either. This compensation comes from two main sources. There’s also a spot for your signature, which may be required unless you are purchasing a USPS money order. Additionally, yo… Domestic money order $0.01 to $500. 2. When you deposit or cash a money order, you will need to endorse it on the back in front of the counter agent. USPS money orders may be obtained from any USPS location, or from a rural route carrier. 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. An additional upside is that Western Unions in your area are usually open every day, including weekends, whereas most banks and the post office are closed on Sundays. Pros: Easy to find a local post office; Set rates; Cons: International money orders limited to $700 ($500 if sending to El Salvador or Guyana) Checks and credit cards not accepted as payments for money orders; Financial Tips Straight to Your Inbox. Fortunately, there are some places where you can get free money orders. You can get a money order from the post office, a bank, Western Union, and grocery store. LLC. 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. Tracking a money order is time-consuming, and it can be expensive. USPS may not be able to help you to cash a money order if the amount exceeds $1,000. Global Express Guaranteed ® 82 000 000 00 If you need to purchase an expensive item, you may feel uncomfortable carrying cash. These include: Each money order has a nominal fee, which can cost under a dollar at some retailers. Fees are another potential downside of money orders. Forbes adheres to strict editorial integrity standards. The maximum amount for a single international postal money order is $700 unles… If you don’t see a watermark you know it’s a fake. Do not sign the money order before going to cash or deposit it. 08-29-2012, 06:21 AM. It’s unlikely that your money will end up in a thief’s hands, even if your money order is stolen or misdirected. Money orders can cost as much as $5 at a retail bank. The local (Los Angeles) Wells Fargo, Chase, and U.S. Bank charge a flat rate of $5 and only offer domestic money orders. For instance, Wells Fargo waives money orders if you have a preferred checking or Wells Fargo At Work Checking Account. Cash in the mail can be stolen, and personal checks include your bank account number, which you may not feel comfortable sharing with the recipient. Finally, check cashing stores will often cash money orders for a modest fee. If you are the recipient of a money order, you can generally deposit it into your bank account for free. In a world of digital payments, the humble money order may seem somewhat quaint. When Will I Get It? 24-4.4 No-Fee Money Orders. 1.50. Limit: $1,000. What Are Mobile Check Deposit Limits at the Top U.S. Banks? Although the days of money orders’ being a common form of payment are behind us, money orders still serve an important need—one that isn’t easily duplicated by other forms of payment, no matter how advanced financial technology may get. Money orders do have certain limits, however. The limit for money orders from Walmart is also higher than the one offered by 7-Eleven – $1,000 max. Hours of Operation Monday–Friday: 8 AM–8 PM ET If you are going to attempt to cash a money order at the post office, you may run into difficulty. Then fill in your name and contact information and the recipient’s information. 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. To start, they are not a convenient form of payment, since they must be purchased in person. Certified Mail ® 9407 3000 0000 0000 0000 00. Pay Service Fees . Do You Need To Claim The Second Stimulus Check? A cash drawer at a post office in a small town may not feature the reserves necessary to cash a $1,000 money order but could process a $100 transaction. Money orders can be cashed at any USPS counter, but access to the service depends on the cash available at the facility. You may have to pay a fee to replace a lost or stolen money order, but that is far preferable to losing the full amount. A representative explained the rate varies by location. Remember, when depositing a money order, it’s smart to wait to spend any of the money until the full amount clears your bank. 08-30-2012, 01:30 AM. If you are purchasing a money order from your bank, you’ll generally be able to pay for the face value and fee out of your checking or savings account. Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Send the money order via Priority Mail Express International ® , Priority Mail International ® , First-Class Mail International ® , or First-Class Package International Service ® . Money orders are safe compared to online and card-based payments because they do not include any important account numbers. You can’t purchase a money order with a personal check or a credit card. You’ll be happy to know that your local U.S. government post office, USPS, will sell you money orders as well. Much like a check, a money order is a paper form of payment. Prominator. Money orders are a secure payment method, similar to a check that has been prepaid. Western Union also allows customers to deposit money orders to withdraw cash. Second Stimulus Check Calculator: How Much Will You Receive? Walmart money orders are 60 cents and has a limit of up to $1,000. Money orders are usually considered a safe way to send and receive money. Who Is Eligible For The $600 Stimulus Check? There is a $6.25 processing fee to replace a lost or stolen money order. In a world driven by convenience, it may seem like there is no room for money orders. USPS usually charges around $1.25 for money orders up to $500, or $1.65 up to $1,000. How Will Your Payment Arrive? To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. How to Avoid a Minimum Balance Checking Account Fee, 8 Ways to Sidestep the Chase No-Cash Deposit Policy, www.mybanktracker.com/member/GeraldMorales, All postal money orders issued through military facilities, The general fee for money orders can range  from 50 cents to $10 and up, depending on where you get one, Western Union fees: could range anywhere from 50 cents to $1.50 and more, Most banks charge $5, $10, or 10 percent of the total amount on the money order, Location A: 55-cent fee for money orders between a penny and $500, and $1 fee for money orders between $500.01-$1,000, Location B: 80-cent fee for money orders between a penny and $500, and $1 fee for money orders between $500.01-$1,000, Location C: 75-cent fee for money orders between a penny and $299.99, and $1 fee for money orders between $300-$1,000. You do not need a bank account to purchase or cash a money order — they are prepaid(as previously reported) — so anyone who comes into possession of a money order you’ve filled out will not have access to your bank information. These scams often involve a fraudster sending the victim a bogus money order for a large amount and asking for a portion of the money back. What's The Difference Between A Bank And A Credit Union? Sometimes, especially in smaller towns post offices may not do enough business in a day to cash a large money order. If you prefer to cash a money order, you may be able to do so at your bank or any institution that issues money orders. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881. Postal military money order (issued by military facilities) 0.30. You can cash a USPS money order at any post office that has enough money on hand for the amount of your money order. He is an expert in real estate, mortgages and credit. This is because domestic money orders have a maximum value of $1,000 and international money orders have a maximum value of $700. Gerald is a staff writer at MyBankTracker.com. If you have money order related questions, please email the Accounting Help Desk or call 1-866-974-2733. Use the money order just in case there's a sudden expense in your account. Money orders are waived by some banks if you have a special account. Most places that offer money order services, such as the U.S. Post Office, Walmart, and Western Union will charge a small fee for a money order that ranges from $0.50 to $1.50+. For the period of October 1, 2019, through March 31, 2020, we identified 18 units that had issued two or more no-fee money orders on the same date that, in total, exceeded $1,000. Chase will waive the fee if you have a premiere or private account with the bank. How to fill out a Walmart Monday order https://www.youtube.com/watch?v=iTi22k7FnakInstagrame @CristinSierraShop my … Both money orders and wire transfers are secure. The general fee for money orders can range from 50 cents to $10 and up, depending on where you get one. 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 Although money orders serve a useful purpose, they do have several drawbacks. A representative informed me to go into a local branch to find out how much will be taken out. You’ll also need to provide a government-issued photo ID to cash it. This makes them more secure to mail and deliver than checks. International money orders from the United States Postal Service can be cashed in 29 countries. Money exchange services, though, often charge even more. Examine the Paper – Hold the money order to a light (or at an angle) and check for a watermark. 08-29-2012, 08:13 AM. Provider: USPS. $500.01 to $1,000. When purchasing the money order, first verify that the amount is correct. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. It's so easy, it's like printing money...Quick Selling Software is the ultimate collection of quality software that you can use yourself and also sell to others. The USPS is most affordable at $6.15, but other issuers charge $15 or more to research potentially lost or stolen payments. Money order loss or theft may take up to 30 days to confirm. Sellers sometimes impose a limit on the size of the money orders they sell, and they typically charge a fee for each order. Collect On Delivery Hold For Pickup 9303 3000 0000 0000 0000 00. Educate yourself on how to detect a fake money order, that way you’re never tricked into cashing a fake money order. [10-18-20] A purchaser, payee, or endorsee may, at any time, inquire about payment of a domestic money order by completing, signing, and filing Form 6401 and paying the appropriate fee; a separate form and fee are required for each money order. However, those fees are less than for guaranteed bank checks. International postal money orders may be sent by Priority Mail Express International service, Priority Mail International service, First-Class Mail International service, or First-Class Package International Service. In addition, when purchasing a money order, you must provide the name of the payee (the recipient). If you need a secure payment option, you can purchase a money order from one of the institutions or establishments that sell them. Investigating a money order's lost or stolen status may take up to 60 days. Some retailers, including pharmacies, grocery stores, big-box retailers and convenience stores. Unlike a check, money orders can’t bounce. They are the preferred form of payment for some transactions. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Be leery of any money order sender who seems to be in a hurry for you to deposit the document. They charge a fee for doing so, depending on the value of the money order and whether it is being sent to the United States or another country. Maximum amount per money order—$1,000 You’re likely to pay the lowest fees for cashing a money order by going to the institution that issued the money order. How much does it cost to transfer money using USPS? quality software with free resell rights. If you have a USPS money order, then going to your local post office is a great option for cashing a money order, as it’s so convenient. Once you buy a money order, you will want to fill it all the fields, addressing it to the person or organization you're paying and signing your own name. USPS charges $1.25 for money orders of up to $500 or $1.75 for money orders between $500 and $1,000. Finally, money orders are also commonly used in scams. Requesting a Refund. Money orders can cost as much as $5 at a retail bank. Other issuers may charge a fee of $3 to $20 or so. For instance, the post office cashes USPS money orders for free. Western Union fees: could range anywhere from 50 cents to … For a money order of $0.01 to $500, there is a $1.20 fee. You’ll receive a receipt from the issuer, which provides proof of payment if the money order goes astray—in some cases, it can also allow you to track when the payee receives the money order. This is why it’s important to closely inspect any money order you receive for tampering, misspellings or other signs of fraud. Compare money transfer services now. By the time the victim discovers that the money order is fraudulent, they may have already deposited the money into their checking account and sent money back to the scammer. Tip: If you have a higher tiered checking account, check to see if your bank offers free money orders. U.S. Bank waives the fee for those that have a platinum checking account. The United States Postal Service (USPS) has agreements with 30 countries that allow recipients to cash USPS money orders in post offices in those countries. Here’s what you need to know. For instance, if you purchase a sofa from someone at a site like Craigslist or Facebook Marketplace, you may choose to bring a money order for the purchase rather than cash. Where Is My Stimulus Check? A lost or stolen money order can be replaced for just $6.45. Money orders never expire, and they are a safe and trackable way to send money as a gift or as payment. You may want to call ahead if you have a large money order to cash. A money order can’t be stolen like cash, and it gives no private banking information to your recipient. Many Americans Have Already Received Their $600 Stimulus Payments—Have You? The current price for domestic money orders at USPS are as follows: Domestic money orders can only be purchased for up to $1,000. Here’s what you need to know about what a money order is, how money orders work and when and how to use them. The fee is not required if PS Form 6401 is filed by a bank, other financial institution, government agency that processes money orders directly with the Federal Reserve Bank, or postal official engaged in official USPS … Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. Walmart issues money orders from MoneyGram, and you will pay a small handling fee of 70 cents per money order. You can send money to 28 countries using a USPS money order; the full list can be found here.⁵ If you aren’t sure if your money order will be accepted in the country you’re sending it to, check in advance, because it could take time to have your money order refunded if you need to cancel it. USPS charges $1.25 for money orders of up to $500 or $1.75 for money orders between $500 and $1,000. To purchase the money order, be prepared with a way to pay for both the face value of the money order and the fee. All Rights Reserved. With over 30,800 post office retail locations in the United States, there’s bound to be one near you. The humble money order may seem quaint, but it’s not going anywhere anytime soon. How to fill out a USPS Money Order - YouTube. International money orders are available, but it is suggested to verify with the financial institution where the funds will be deposited, in order to ensure the transaction can be completed. For example, at USPS, payments for over $1,000 require you to purchase multiple money orders to cover the full cost, and you will have to pay a separate fee for each one. Keep your receipt to track the money order. Fee. 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. $1.05. Find USPS Locations; Tracking; Learn About; Sending; Sending Mail; Sending Packages; Insurance & Extra Services; Shipping Restrictions; Online Shipping; Label Broker; Custom Mail, Cards, & Envelopes; Postage Prices ; Mail & Shipping Services; Priority Mail Express; Priority Mail; First-Class Mail; Military & Diplomatic Mail; Redirecting a Package; Money Orders With the ability to directly transfer payments via app, pay with a credit or debit card, write a personal check or even pay with actual cash, why would you ever need to use a money order? If you receive a money order in the mail from someone who you are not familiar with, chances are it’s a fake. Grocery stores and department stores also offer inexpensive money orders. Some sellers request money orders (or. CVS Pharmacy also offers money orders for 99 cents, with a maximum value of $500. Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. She is the author of four books, including End Financial Stress Now and The Five Years Before You Retire. These offers do not represent all deposit accounts available. If you purchase more than $3,000 worth of money orders in a single day, you’ll be required to complete a special form and produce a government-issued photo ID. Priority Mail ® 9205 5000 0000 0000 0000 00. From a rural route carrier, or from a rural route carrier secure payment option, you provide... Insurance and investing need a secure payment method, similar to a of. Several drawbacks first verify that the amount is correct in a Lawsuit misspellings or other of... Usps ) that Limits their convenience if the amount for transactions money spent when it comes back rejected the... 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