![]() If you’re buying a large item such as a car from a private seller, you may not want to carry a ton of cash on you. This guarantees that the funds are there and that the money won’t bounce. If you’re buying a large item from a private seller, for example, they may require a money order so they don’t run the risk of not receiving the money. Some sellers prefer being paid with money orders instead of personal checks. ![]() By using the US Postal System, you have the opportunity to send a money order to 30 different countries, and your recipient can easily convert the amount into their local country.įees are not too high (compared to some banks) and the system is relatively simple. With a money order, you can send money overseas securely and relatively cheaply. Plus, most money orders don’t include bank account numbers or sensitive information in order to be sent. If the money order isn’t cashed or is lost or stolen, you can easily cancel it and get a refund, or simply replace it with a new one.Īnd since you have a specific person’s name on the money order, it’s pretty much impossible for a thief to cash it. With a money order, your money is sent securely. Sending cash through the mail is risky since your money has a better chance of getting lost or stolen. You want to use something safer than cash ![]() This is useful if you don’t want a bank account or don’t qualify for one. If you don’t have a bank account, you can easily purchase a money order with cash and send it to the receiving party without any bank details needed. The issuing party doesn’t need a bank account in order to send a money order. Well, it’s a personal preference for one but there are a few reasons why a money order may be useful to you: You don’t have a bank account Afterall, there are tons of ways to send people money these days. You might be wondering why you might want to use a money order. But you can use several money orders at once if you need to send a higher amount. Money orders have a limit of anywhere between $700- $1,000, which depends on the issuer. Money orders are available at thousands of locations across the US and are a cheap and secure way to send money across the country. Naturally, if you need to send a money order you want to get it from the location with the lowest fees to save you money.Īnd you can pay for a money order via direct cash, debit card, or any other form of payment that funds would be guaranteed. If you are buying a money order, you will be paying for the issued amount you need plus there will be a fee for creating the money order from where you buy it. The funds are guaranteed and both parties must sign the money order for it to be valid – this reduces fraud, theft and since the funds have already been paid, the order cannot bounce back (unlike a check). It acts as a safer alternative to cash and checks: you prepay the total amount and send the money order to a specific person or organization. However, a money order is pre-paid where you will pay the amount needed upfront plus any fee that is charged for ordering one. Best Places to Get A Money Order Near MeĪ money order is a physical document that looks pretty much like a check and is used as a method of payment.The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. There are no guarantees that working with an adviser will yield positive returns. ![]() Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Securities and Exchange Commission as an investment adviser. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. ![]()
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