![]() To cash a money order, you’ll need to sign the back of the document, just as you would a check. Cashing them is very similar to cashing a check, except you’ll have more options as to where to do it. If you receive a money order, you can often (but not always) cash it anywhere money orders are sold. Once again, please refer to our article How to Get Money Orders Near Me to see where you can purchase money orders, as well as the fees and terms for each. Also, money orders generally cannot be used to make online purchases. Though money orders are widely accepted, it’s important to check with the payee first, since acceptance is not universal. And since they’re pre-funded, they can’t bounce. That makes them equivalent to certified or cashier’s checks for payment security. Since money orders are funded at purchase, the amount transferred is virtually guaranteed. You can also use transfers from a bank account if you purchase them at one where you have an account. You can purchase them using cash, credit or debit cards. They’re typically available for purchase at fees ranging from $1 to $5. If you need to make a payment that exceeds those limits, you’ll need to purchase multiple money orders. They can be purchased in denominations of up to $500 or $1,000. You can purchase them from thousands of different outlets across the country. On a practical level, money orders work much like checks. Money orders are not attached to bank accounts, so they don’t display account numbers. But also in situations where you need to make a payment, but don’t want to provide any of the personal information that appears on checks or credit cards. They’re frequently used by people who don’t have regular bank relationships. They can be used to make payments when cash, checks, or debit or credit cards are either unavailable or undesirable. Money orders are negotiable instruments, similar to checks. Final Thoughts on Where to Cash Money Orders Near Me What are Money Orders and How Do They Work?.What are Money Orders and How Do They Work?. ![]()
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