Some of the most popular money order locations include,Īmerica’s largest hypermarket chain offers money order services. However, keep in mind that there may be fees.Ĭheck with your local bank regarding the guidelines on buying or selling of money orders as well as the corresponding fees. You can obtain one from your bank or cash it there. Getting a money order from your local bank.ĭo you have an account at your local bank? If you received one from any of the aforementioned entities, you may deposit it directly with your bank like it’s cash. However, nowadays, you can also get it from companies like MoneyGram and Western Union. You can usually get a money order from a bank. But if you have an account with the bank, it may waive the fees. Some companies charge a flat fee while others take a percentage of the amount involved in the money order.īanks tend to charge more than retail stores. If someone gives you a money order with these telltale signs and you feel something is off, you can refuse to accept it. Western Union, MoneyGram, and similar other issuing companies usually put watermarks on their money orders if it’s missing, you may take it as a sign that it’s fake or counterfeit.The dollar amount is set too high at more than $1,000.The amount appearing on its face was altered, edited, manipulated, or changed.Here are some of the usual signs that it is fake or counterfeit: Ask them to verify its genuineness or authenticity. When you encounter a money order and you doubt if it’s real and legit, your best recourse is to contact the company that issued it. Even cash and checks are being fabricated and passed around as real. It’s understandable to have this concern. How can I tell if the money order I received is legit or not? The obligation to pay still subsists and the maker of the check will have to fulfill his part through payment. The same goes for the loss of a personal check. If the cash is lost in transit, the payor’s obligation to pay is still not extinguished, and he still has to fulfill the payment. In the event it is lost in transit, it is incumbent upon the third-party company to issue another one without additional cost to the sender or recipient.Ĭompare that with cash or personal check. The payment is also guaranteed by the third-party company that facilitated the transfer of money. With a money order, the name of the recipient is specified. On the other hand, a check may be susceptible to fraud or forgery prior to its illicit appropriation. Did you know it is safer to mail a money order than cash or check?Īny finder of cash can immediately appropriate it for himself. In fact, it is a more secure mode of payment than a check. If you’re looking to give money to someone and you don’t have a checking account, a money order will do. Or it could be for services rendered to you.Ī money order may also serve as a personal check. Perhaps you’re looking to give money to someone as a purchase price for an item you bought. There are several reasons why you want to get a money order. This usually happens upon the sender’s deposit of the money with the third-party company. Payment will only be possible when the recipient has presented proper identification, required transaction serial number, or other similar requirements.įor facilitating the transfer of cash, the sender pays the third-party company the corresponding fees for the transaction. This order comes with the instruction to pay the recipient a specific amount of cash that the sender provided. To make the transfer of cash from its sender to the recipient happen, a third-party company will take the order from the branch where the sender is and communicate it to the branch where the recipient is. For its part, the third-party company will give the cash to the recipient.Ī money order transaction is usually resorted to when the sender of the cash and the recipient do not reside in the same locality thus, the possibility of physically handing over the cash in person may not be possible. To expedite the transfer of money, the sender pays a third-party company, like Western Union or MoneyGram, to receive the cash. This convenient financial device helps facilitate the exchange of money in various transactions.īut unlike the usual exchange of money, there is a third party that makes the transfer of cash possible. On the part of the money sender, there’s no possibility of overdrawing and its consequent charges. If the recipient of the cash presents proper identification or other requirements, he or she will get the full amount. Unlike a personal check, a money order can’t bounce. Getting a money order from your local bank.ĭid you know a money order is safer than a personal check?.How can I tell if the money order I received is legit or not?.Did you know it is safer to mail a money order than cash or check?.Why would I want to have a money order?. Did you know a money order is safer than a personal check?.
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