Luckily, you don’t have to go out of your way to get a money order, because you can buy them at places where you’re probably already running errands. The best thing to do is shop wisely and purchase your money order from a store or post office instead.Īlso, keep in mind that there’s a $1,000 limit for a money order (or $700 for international money orders), but you can always get multiple money orders if you need to pay for something over $1,000. This is just another way they use outrageous fees to suck the life out of their own customers. So basically, the bank is charging you more than double what other locations are for the “privilege” of sending your money somewhere outside their building. And if you use them regularly, those repeat fees add up. Most banks charge about $5 per money order. 2īut buyer beware-you can expect to rack up way more fees if you buy from a bank. 1 And some stores, like Walmart, charge less than $1. Post offices and stores charge less than $2 per money order. That’s how they make money on these things. Whenever you buy a money order, you’ll pay the business a processing fee. In other words, just pay up front with cash or debit. And the ones that do will charge you extra fees to try to make up for the risk they’re taking on. That’s why most businesses won’t actually accept credit cards as payment for money orders. But for all the business knows, you might not. Charging it to a credit card is basically like taking out a loan: You get something with real cash value and say you’ll pay it back. Just make sure you buy your money order with cash or a debit card-no credit cards. And it helps protect you too (more on that in a minute). The money order helps the sale go smoothly because it’s prepaid, so your cousin knows you actually have the money. Learn more about the newest product from Ramsey! And then he’ll take the money order to the bank and either cash it or deposit it, just like a check. They’ll print it out with all the right details, including your name, who it’s for and the amount.Īfter that, you’ll give the money order to your cousin. You can go to a business that sells money orders-like a grocery store, pharmacy or post office-and buy a $500 money order. Let’s say you’re buying your cousin’s old sound system for $500. That’s when a money order comes in.īut what is a money order? And when is it a good idea to use one? What Is a Money Order?Ī money order is basically a prepaid check. And sometimes cutting a personal check isn’t enough. These situations all have one thing in common: They’ve got the potential to put your money at risk.Īs much as we love the freedom of cash, there are times when you need a payment method that’s a little more secure. Putting down a security deposit on a new apartment.
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