What is a Money Order?
A money order is a certified form of payment.
It is an alternative to a cheque. You have to buy a money order by paying cash. Money orders are prepaid.
How does Money Order work?
A money order works like a check, except that it is prepaid.
Select the amount you want to send. You need to buy a money order.
Write the recipients’ names on the money order with your name. When the recipient gets the money order, they can cash it by taking it to the bank, ATM, or location written on the money order.
Can you track your Money Order?
Yes, you can track your money order using the receipt you get while purchasing a money order. It will help you if your money order gets pinched.
Are Money Orders safe?
Yes, Money Orders are safer means of money transaction for the following reasons:
You can track your money order. You can even cancel it anytime if lost or sent to the wrong person. And no one except the recipient can cash the money order.
Where to Buy a Money Order?
Following are the places from where you can purchase a money order:
Banks Retailers like grocery stores, pharmacies, or convenient stores. Check-cashing stores
How much does money order costs?
The fee varies from $1 US Dollars to $5 US Dollars depending on the purchase.
Banks charge $5 US Dollars. US post offices charge $1. 45 US Dollars for a purchase of $500 US Dollars and $1. 95 US Dollars for purchases of $500. 01 – $1000 US Dollars. Walmart charges up to $1 US Dollar.
Areas to Cash a Money Order?
Following are the places to cash your money order:
The nearest branch of your bank. Cashing storesRetailers such as grocery stores, pharmacies, and convenience stores.
How can you Cash a Money Order?
Here is a guide to cashing a Money Order:
Take your money order to your desired location, such as a bank or convenience store. Sign the backside of the money order. Sign in at the counter and not earlier. Prove your ID Receive payment
If the cash is transferred to your bank account, it will take a few days for the payment to be available.
How can I replace a money order?
The US Postal Services replaces a damaged money order without charge. Money Order that can damage during printing can be replaced. The customer should return the navigable part of the Money order and the customer receipt.
Can a Money Order bounce?
No, a money order can never bounce because it is prepaid. Even though a money order works like a cheque, it cannot rebound like a cheque.
There is a risk of money order bouncing only if the linked account does not have enough money.
Can you cancel a Money Order?
Yes, you can withdraw a money order if,
It is misplaced. It is sent to the wrong person. It is taking much time to deliver. It is lost.
How to cancel a Money Order?
To cancel your Money Order, you must have a specific reason. The cancellation process comprises of few steps following is a step-by-step guide:
Contact the LanderGive detailsAdd receipt copySubmit a cancellation requestPay cancellation fee
Do they charge a fee for money order cancellation?
Yes, if you want to cancel your money order, you will pay a fee. Here’s is a list of Money order cancellation fees:
MoneyGram for $18 US Dollars. US Postal Office charges $6. 25 US Dollars. Western Union charges $15 US Dollars with a receipt and $30 US Dollars if you don’t have one.
What are the necessities for Money Order cancellation?
To cancel your Money order, you need the original receipt of your money order. The receipt of the money order you get when you purchase it.
If you do not have the original receipt, make sure to have a picture of it. If not, you will be charged an extra fee for withdrawal.
How can you get a refund for misplaced Money Order?
Only a person who purchased a money order can get a refund for the lost one.
You have to submit a cancellation request. Pay the fee for the cancellation of the money order.
This will help you obtain your money back. Some issuers offer a refund, while others provide a replacement. In both ways, you will receive your money.
A money order is a paper form of payment.
A money order is a substitute for a cheque. It is prepaid.
You can purchase it from retailers and cash it to your nearest bank or cashing store.
You can also track your Money order. If lost, you can refund by paying the fee.
Money Order is considered a safer means of money transaction.
