Cashing a money order is completed by depositing it in an existing bank account or using the direct issuer to cash the money order, according to My Bank Tracker. The process is similar to cashing a personal check, and valid identification is required. Wikipedia suggests using check cashing stores, convenience stores and grocery stores in the United States as additional options for cashing money orders.Know More
Although money orders are issued by banks, grocery stores and the U.S. Postal Service, using a direct issuer, such as Money Gram or Western Union, decreases the fees associated with cashing a money order. There is a transaction fee associated with cashing a money order, according to My Bank Tracker. However, using an issuer can improve the likelihood of getting the money order cashed quickly and inexpensively.
My Bank Tracker suggests depositing the money order in an existing bank account when cash is not needed immediately. Money orders are a secure form of payment, and they offer an alternative to checks. However, My Bank Tracker explains that, in some instances, money orders are associated with scams and fraudulent activity. For that reason, before cashing a money order, it is best to ensure it is authentic.Learn more about Personal Banking
How long a money order is valid depends on the financial service provider from which it is purchased, as well as any applicable state laws. For example, Western Union money orders don't have an expiration date. Money orders purchased from the U.S. Postal Service also don't expire.Full Answer >
Cashing a check without a bank account may be accomplished by visiting the check-issuing bank, a grocery store or a check-cashing institution. Another option is to sign the check over to a friend or family member, although this practice is not always accepted by financial institutions.Full Answer >
Go Banking Rates notes that the main differences between a money order and a cashier's check are how each is purchased and how much money each can be written for. A money order can be purchased at retail outlets, the post office and check-cashing services for a small fee. The money order is secured by an upfront cash payment. Cashier's checks can only be purchased at a bank.Full Answer >
A money order can be canceled as well as traced, states Western Union. Therefore, it's important for the purchaser to keep the money order receipt, whether the instrument was purchased from Western Union, the U.S. Postal Service or a bank. That way, the cancellation and refund process can be expedited.Full Answer >