Q:

What is the difference between a money order and cashier's check?

A:

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.

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Full Answer

About.com reports that a cashier's check is secured by the funds in a customer's account. The cashier's check is guaranteed by the bank to be valid. Cashier's checks can be used for large purchases, such as the down payment on a house or car. A money order may have a financial limit, such as $1,000, depending on the issuer.

Anyone with the cash for it can purchase a money order while a cashier's check may only be available from a customer's bank. Someone who does not have a bank account may not be able to purchase a cashier's check. My Bank Tracker notes that some banks may be willing to issue a cashier's check for a non-bank customer if the person has the full amount of the cashier's check available in cash. The bank may also charge a larger fee for issuing the cashier's check than it would for a bank customer.

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Related Questions

  • Q:

    How do you send a money order?

    A:

    Send a money order to any domestic or international location by paying for it using a credit card, debit card, cash or traveler's checks at the nearest post office, according to United States Post Office (USPS). MoneyGram money orders can be sent online or from the closest MoneyGram location, according to MoneyGram.

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  • Q:

    Where can you cash a money order?

    A:

    People can cash money orders at their banks or places where they have accounts, from the business that issued the money order, and from many grocery stores, convenience stores and check cashing stores. To minimize fees and get the money faster, the consumers' best bet is to go to their own banks or where they already have accounts, according to About.com.

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  • Q:

    How do you track a money order?

    A:

    To track a money order, simply submit an inquiry request to the provider, according to the Houston Chronicle. The provider uses the serial number in the money order to trace it. If it has not been cashed, it can be replaced.

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  • Q:

    Where can you get a money order?

    A:

    There are a number of places where consumers can purchase a money order. The local office of the United States Postal Service is one option. Western Union offices also sell money orders, as do some grocery stores.

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