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If you need quick access to cash and have received a payment in the form of a money order, your first question will likely be, “Where can I cash a money order near me today?”
In this comprehensive guide, we will delve into the process of cashing a money order and explore various options beyond Walmart, where you can conveniently and securely cash your money order.
What is a money order?
Money orders are a secure form of payment that resembles checks in appearance and function. The key distinction is that money orders are prepaid, making them generally safer than checks.
Several reputable institutions issue money orders, including well-known money transfer companies such as MoneyGram, Western Union, and PayPal, as well as popular retail outlets like Walmart and the Post Office. Ria and Xoom are also notable providers of money orders.
If you have received a money order, you may wonder about the options for cashing it or depositing the funds. You can obtain cash for a money order or deposit the funds into a bank account. Below, we will outline the specific steps for both of these options.
How do you cash a money order?
If you have a money order that you need to convert into cash, follow these steps:
Step 1: Find a location that cashes money orders, such as a bank, check-cashing store, or some retail locations.
Step 2: Before handing over the money order, you must sign it back. This is called endorsing the money order.
Step 3: Be prepared to show a valid photo ID to the agent to confirm your identity and authorization to cash the money order. Acceptable forms of ID usually include government-issued documents like a driver’s license, passport, permanent resident card, or military ID.
Step 4: Some places may charge a fee for cashing the money order, so be ready to pay any required fees.
Step 5: Once you complete the necessary steps, you will receive the cash equivalent of the money order.
When cashing a money order, it’s crucial to ensure that the name on your ID matches the name on the money order, regardless of where you plan to cash it. Therefore, it’s important to instruct the sender to write your name on the money order exactly as it appears on your photo ID.
Additionally, if the money order includes an address field, it’s essential to ensure that the address on your photo ID matches the one on the money order. This attention to detail will help prevent any potential issues when cashing the money order.
Places to cash money orders
While there are numerous locations where you can purchase money orders, the options for cashing them are more limited. Many grocery stores, including Publix, Meijer, and Winn-Dixie, only sell money orders and do not provide cashing services.
Despite this limitation, there are still several establishments where you can cash money orders.
Below, we have compiled a list of places that offer money order cashing services.
1. At your bank or credit union
If you want to cash your money order without a fee, one of the best options is to visit your local bank or credit union. Banks are generally well-equipped to handle money orders as they usually have much cash readily available.
Even if you do not have an account with a bank, you can typically still cash a money order there, although a small fee may apply. However, being an account holder is often a requirement for larger amounts.
Some well-known banks offering money order cashing services include Citibank, Commerce Bank, HSBC, SunTrust, TD Bank, Bank of America, Capital One, Chase Bank, Regions Bank, and US Bank.
2. At the money order issuer (post office, MoneyGram and Western Union)
If you find yourself without a bank account or a nearby branch, you may opt to cash your money order at the location of the organization that issued it. Money orders are available from various sources, some of the most well-known being MoneyGram, Western Union, and the Post Office.
However, it’s important to note that not all places that issue money orders will cash them. Some popular places that issue money orders and also cash them at select locations, include:
Western Union
Western Union offers money order services, and while many of its locations sell money orders, not all are equipped to cash them.
It’s recommended to contact your local Western Union office to inquire about their money order cashing services. Remember that not all locations selling money orders can cash them.
You can use their online locator tool to find the nearest Western Union office.
MoneyGram
MoneyGram is a well-known provider of money orders, and it offers the additional service of cashing money orders at select locations.
To locate a nearby MoneyGram office, you can use their online tool to find the closest location to you.
Visiting the issuer directly can often result in reduced fees or even free services, and you are more likely to receive the full cash amount promptly. Simply refer to the issuer listed on your money order and visit one of their locations for efficient service.
Post Office
If you need to cash a USPS money order, consider visiting your nearest post office. Cashing a money order at the post office is a convenient option, and some locations may not charge a fee for USPS money orders. It’s advisable to call ahead, especially if you have a large money order to cash. Typically, USPS charges around $1.25 for money orders up to $500 and $1.65 for money orders up to $1,000.
You can use the USPS locator tool on their website to find the closest local USPS office. Simply enter your location to find the nearest post office where you can cash your money order.
3. Walmart
At the same location where you can have duplicate keys made, you can also have MoneyGram money orders cashed. With numerous Walmart stores scattered throughout the area, chances are high that you can locate one nearby.
You can easily find your nearest Walmart store by visiting their website and utilizing the store locator tool.
4. Kroger
Through the Money Services offered at Kroger and other store brands within the Kroger family, you have the convenience of cashing money orders. With over 2,000 Kroger and affiliated stores housing Money Services desks, you can easily access this feature.
Simply follow the provided steps to cash a money order at the Money Services desk, and you can receive the funds in cash or have it loaded onto a prepaid card. Please be aware that this service has a fee, and the fees and limits may differ by state. Please contact or visit your local store for specific information on cashing money orders, including fees and limits.
To locate your nearest Kroger store with a Money Services desk, you can use the tool provided on the website.
5. Other stores to cash a money order
When it comes to cashing money orders, it’s important to note that the number of places where you can do this is more limited than where you can purchase them.
In addition to traditional financial institutions, some grocery stores, retailers, and even certain liquor stores and gas stations offer small financial transaction services. Some examples of stores that provide these services include Stop and Shop, Hy-Vee, and WinCo Foods.
To find the nearest store offering these services, visit their respective websites. You can also call your local stores to inquire about their money transaction services and associated fees.
6. Check cashing places
When you need to cash a check or a money order, you might consider alternative financial service providers if you don’t have access to a bank. However, it’s important to know that these providers often charge exorbitant fees, sometimes as high as 10% or more.
Some popular cash checking places offering high-fee money order cashing services include ACE Cash Express, Speedy Cash, Amscot, Friendly Check, Money Mart, and Check Into Cash.
Remember that using these services should be your last resort, as the fees can significantly reduce the amount of money you receive. It’s advisable to explore other options before resorting to these high-fee services.
How to deposit a money order
If you have received a money order, consider depositing it into your bank account instead of cashing it, especially if you don’t need the funds immediately.
Depositing the money order is safer as it eliminates the risk of carrying large cash. While accessing the funds may take longer, it is a more secure and convenient method.
Depositing a money order is similar to cashing it. You must endorse it and present identification to access the funds.
Avoiding money order scams & fraud
While money orders are generally considered a more secure payment method than personal checks, taking certain precautions is important to avoid scams and fraud.
Some measures to consider include:
1. Only accept money orders from people you trust
When considering whether to accept money orders, it’s important to be mindful of the circumstances. Money orders are generally a suitable payment method when received from friends and family. However, if you operate a business, it’s advisable to restrict money order acceptance to local customers. When engaging in online transactions, particularly on platforms like Craigslist or eBay, it’s best to refrain from accepting money orders as a form of payment due to their potential risks.
On the other hand, accepting money orders can be a viable option for in-person transactions. In such cases, verifying the legitimacy of the money order is feasible. Additionally, consider obtaining a copy of the payer’s photo ID and exchanging contact information. These measures can be beneficial should any issues arise regarding the money order.
2. Look for warning signs on whether a money order is legitimate
Issuers take several measures to safeguard money orders against fraud by incorporating various security features. These features may include multi-colored reflective threads, machine-printed dollar amounts, watermarks, machine-printed serial numbers, and issue dates.
If any of these security features are missing or if you notice a handwritten dollar amount, there’s a chance that the money order may not be legitimate. It’s important to note that watermarks on a money order should only be visible when you hold it up to the light. If the watermark is visible without needing to hold the money order up to the light, it could be a potential warning sign of a counterfeit.
Additionally, carefully inspect the money order for any areas where the ink appears unusually lighter or darker or has bled, as these can indicate that the money order is not genuine. Furthermore, examining the serial number and dollar amount is crucial to see any signs of alteration.
If you encounter any suspicious signs on a money order, contacting the issuer immediately is crucial to confirm its authenticity. It is also advisable to search for legitimate money order samples online and compare them with your own to ensure that they meet all the necessary criteria.
3. Only accept money orders for the amount you’ve asked for
When dealing with money orders, being aware of a common scam is essential. This scam involves receiving a money order for an amount higher than what you were expecting. The sender then requests that you refund the excess amount through mail or digital transfer.
It’s crucial to remember that you should never accept money orders for more than the requested amount, and you should never send money back to the sender in these situations. Always be cautious and verify the legitimacy of any financial transactions.
4. Try to cash your money order as soon as possible
It’s important to note that while some money orders don’t expire, others expire a year after the issue date. To ensure that you receive the full amount, it’s crucial to cash your money order within a year of the date it was issued.
The terms and conditions for money orders are typically found on the back, so it’s advisable to check to see if they have an expiration date. Cashing your money order promptly ensures that you receive it and mitigates the risk of it becoming invalid.
5. Resources
Thinking of sending money? Here are some resources to help you avoid scams and make sure your transfer reaches the right hands:
- Common types of fraud: by Western Union
- Using money transfer services: by the Federal Trade Commission
- Avoid Costly Scams Involving Fake Checks and Money Orders: by Federal Deposit Insurance Corporation
If you or anyone you know becomes a victim of such scams, it’s important to report it to the relevant authorities such as the Consumer Financial Protection Bureau, the Federal Trade Commission (FTC), or by calling 1-877-382-4357.
Are check cashing services a good option for cashing money orders?
Check cashing services should only be used as a last resort because they often charge high fees, sometimes as much as 10% or more of the money order amount. To avoid these high fees, it’s advisable to exhaust all other options before resorting to check cashing services.
The bottom line
When you receive a money order payment and need to cash it, knowing where to go is important. Typically, you can cash a money order at various locations, such as banks, check-cashing centers, and retail stores.
However, you must know that you usually incur a fee if you cash a money order anywhere other than your bank. If you regularly receive money orders and do not have a bank account, it may be beneficial to consider opening one to avoid these fees. Doing so can save money on fees and have a more convenient way to handle your money orders.
Give these methods a try, and you can quickly and easily cash your money order or deposit it into your bank account.