In our digital world, paying with a check or money order is far from the norm. While peer-to-peer payment and mobile banking applications offer convenience, they aren’t the best fit for every situation or person.
This article provides more information about money orders, including some of the possible payment uses and benefits money orders have to offer.
What is a Money Order?
A money order is a paper certificate you can use to make or receive a secure payment. Money orders are similar to checks but have a few key differences. For instance, you can’t create a money order at home, and you must visit a financial institution, such as ACE Cash Express, to order one. Additionally, because a money order is paid upfront, its value is not contingent on whether the payor has funds in their account when the money order is cashed, unlike a regular check.
How to Get a Money Order?
At ACE Cash Express, for example, you can purchase a MoneyGram money order at any of our stores. All you have to do is follow these steps.
1. Bring the correct information
When you visit your nearest ACE Cash Express location to get your money order be sure to bring:
- The name of the recipient, which will be printed directly onto your money order
- The recipient’s address (optional)
- The exact amount to be reflected on the money order
- Your account number if paying a bill (optional)
- An unexpired government issued ID, depending on the amount it may be requested
2. Pay for the Money Order
You will need to prepay for your money order, so make sure you have enough cash to cover the payment amount as well as the applicable processing fee for this service.
3. Keep the receipt
Every money order comes with a tracking number included on your receipt. You can use this tool to keep an eye on your payment and ensure it gets to the right person.
In the event the money order is lost, stolen, or does not reach the intended recipient, you can use your receipt to get help tracing and recovering your money.
Why Use a Money Order?
There are several reasons to use a money order, especially in place of cash or checks.
Money orders are a much safer way to send money through the mail. If you are covering a bill, making a payment, or sending a gift, a money order is much harder to steal than cash or a check.
Regular checks make you vulnerable to non-payment if the account holder doesn’t have the funds in their bank account. Money orders don’t have this same risk; the person sending the order has to pay the desired amount upfront. Therefore once the recipient receives the money order, it is already funded, and you can have peace of mind.
A money order is also ideal for people who don’t have a bank account. You can’t write checks, use cash apps, or transfer funds without an account. If you want a more secure option than cash, you can use a money order to quickly and safely make your payments.
What Can I Use a Money Order for?
There are several ways to use a money order to cover financial needs, including:
- Paying your bills, including rent, utilities, phone bills, and more
- Making a direct payment to another person, such as buying a used car or paying back a personal loan
- Securely sending money through the mail
You can use a money order to mail funds nationwide or worldwide. Even if someone opens your mail, they won’t be able to steal the money as easily as they could if you had sent cash.
Where Can I Cash a Money Order?
Many different companies, including grocery stores, banks, the post office, and convenience stores, will cash money orders. You shouldn’t have an issue getting your money from any business that advertises a money order cashing service.
That said, the only place guaranteed to cash your money order without issue is the financial institution that provided the certificate. You can visit a different location, but using the same service is your best option.
When you cash your money order, you will likely need a form of identification and money to cover the service fee. This charge varies depending on the business, but you can usually find a list of fees online or by calling the location directly.
ACE Cash Express can help protect your money while you stay on top of your payments. Find your nearest store to make secure money order payments today.
Be Aware of Scams
If you plan on sending someone a money order be sure you know who they are. If any of these situations sound familiar, think twice before buying and sending the money order.
