A money order is similar to a cheque. But it provides functions that are superior to a cheque. Although it provides similar services to cheques, it is a more preferred and trusted method of payment.
Money orders are preferred by many institutions. This is because money orders are prepaid.
Unlike cheques that require some time to cash out, Money Order makes sure that the money is readily available. This means that a money order is issued to people who make payments for it.
As a result, a significant number of establishments not only acknowledge their validity but also provide discounts if you pay with one. Even the Internal Revenue Service (IRS) accepts money orders.
The monetary cap for money order range from $500 to $1000. For amounts higher than that, a cashier’s check will be recommended.
Why do you need a Money Order?
There are lots of reasons why people make use of a money order. The following are the top reasons.
- Payment Transaction: Money orders enable you to make payments for a product or service without revealing your bank account information. It’s a safe way to make a transaction.
- Security: Most people make use of money orders for security purposes. It’s not safe to carry around a large sum of money. A money order is a good alternative to a credit or debit card. Unlike cheques that contain your personal information, Money orders do not.
How much does it cost to get a money order?
The price varies significantly depending on location. In most situations, you can get them for $1.50 or less.
The vast majority of retail establishments offer them for a flat rate, but some base their price on a proportion of the total amount you wish the money order to be.
Most establishments will demand a greater fee for money orders with a denomination that is above a particular threshold. You might be able to get them for free at some banks, but in most cases, you’ll have to pay for them.
Where Can I Purchase a Money Order
Western Union & MoneyGram are the two most prominent firms that create money orders. Although they are the two primary manufacturers, they make it possible for their money orders to be sold at many outlets across the United States.
Here are some of the top locations to purchase a money order:
There are over 4000 Walmart stores across the United States. And each of these stores provides money orders at their service counter or Money service department.
The convenience store chain 7-Eleven has 8,470 stores in the United States.
The majority of 7-Eleven stores provide money orders.
At CVS, you are able to purchase money orders. There are over 9000 CVS stores in Columbia, the United States, Puerto Rico, and more.
Kroger is the parent company of a number of various brands like Fries and Fred Meyer.
Money orders can be purchased at Kroger as well as other store brands that are part of the Kroger family.