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Money orders are a strong form of payment that’s accepted just about anywhere. Don’t get them confused with a cashier’s check, which is just available from your bank.
You can get a money order from the post office, a bank, Western Union, and supermarket. There’s a small cost for acquiring a money order. This charge can vary anywhere from $0.50 to $10 and up, relying on where you get one. Finding the right place for your money order purchase relies on the quantity you want to pay, where you should send it, and when the money order needs to reach its location.
The issue with figuring out the cost for cash orders is that there’s no set amount from a lot of monetary institutions to assist you identify the cost. The majority of banks notify you to obtain into contact with your local branch to find out if they supply money orders or not. Banks such as Bank of America don’t provide money orders, just cashier’s checks.
Take a look at some costs you can expect to pay to process money orders.
Money order fees from banks
Since numerous monetary institutions don’t list a quantity for cash order charges, the very best means to determine how much your regional bank charges is to discover a close-by branch. Most banks charge $5, $10, or 10 % of the total amount on the money order. The neighborhood (Los Angeles) Wells Fargo, Chase, and U.S. Bank charge a flat rate of $5 and only offers domestic money orders.
Money orders are waived by some banks if you’ve a special account. Wells Fargo waives cash orders if you’ve a preferred checking or Wells Fargo At Work Bank account. Chase will waive the charge if you’ve a premiere or personal account with the bank. UNITED STATE Bank waives the cost for those that have a platinum examining account.
Anyone that’s an unique checking account must inspect if their bank provides complimentary cash orders. You could too take advantage of any advantages that you’ve with your checking account.
Western Union fees
Just like with banks, Western Union doesn’t provide a set quantity for a cash order. A representative explained the rate varies by location. However, in basic, these fees can vary anywhere from $0.50 to $1.50 and even more. International money orders are offered, but validate with the financial institution where the funds will be transferred to guarantee the transaction can be completed.
As an example, 3 neighborhood L.a Western Unions were gotten in touch with by MyBankTracker. Below are the rates:
- Location 1: $0.50 cost for cash orders between $0.01-$500.00, and $1.00 cost for cash orders in between $500.01-$1,000.00
- Location 2: $0.69 charge for cash orders between $0.01-$500.00, and $0.89 charge for money orders in between $500.01-$1,000.00
- Location 3: $0.75 cost for money orders in between $0.01-$299.99, and $1.00 cost for cash orders between $300.00-$1,000.00
The significant benefit of getting money orders from Western Union is that you don’t need an account to produce one. Western Union likewise enables customers to deposit money orders in order to take out cash. Most banks require that you’ve an account with them to get a cash order. An additional upside is that Western Unions in your location are usually open every day, consisting of weekends, whereas most banks and the post office are closed on Sundays.
The post workplace doesn’t cash money orders. The cost related to cashing money orders from Western Union varies between 1.10 % -3.00 %, relying on the quantity of the cash order. A rep notified me that in order to figure out the amount that’d be taken from the cashed money order it’s suggested to enter a regional branch. This is because the rates fluctuate a lot from place to place, so it’s tough to identify the amount of it would cost to cash a money order from Western Union.
USPS domestic and international money orders
The present rate for domestic money orders at USPS are as follows:
- $1.20 for an amount of $0.01 to $500.00
- $1.60 for a quantity of $500.01 to $1,000.00
Domestic money orders only come in the maximum quantity of $1,000. Anyone that should send even more than $1,000 will should get 2 separate money orders. For instance, if Joe Cash has to send out $1,500 to his sibling, he’d pay a total amount of $2.80 for the money orders through the United States Postal Service. The first money order would cost $1.60 because it’s $1000.00 and the various other would cost $1.20 given that it’s $500.00. In the circumstances that Joe Money would need to send out $1,750 to his sibling, it would cost him $3.20 because both money orders would each cost $1.60.
International cash order rates include:
- $4.50 for any amount
International money orders from the United States Postal Service are just cashable in 29 countries. So be aware of where you can send out money orders to avoid troubles.
Other places to get cash orders
Grocery shops and outlet store also provide affordable cash orders so be sure to consult them and their rates. Walmart money orders are just $0.60 for a value of approximately $1,000. CVS Drug store likewise offers money orders for $0.99 each with a maximum value of $500.00.