Cash a Western Union money order at any bank, or deposit it into an existing checking or savings account. Western Union money orders are available at participating Western Union agent locations, according to Western Union.Continue Reading
A money order is useful for paying a bill without writing a check or when a check is not an accepted form of payment. For the one in nine households that do not have checking accounts, NerdWallet suggests money orders as a viable option, since money orders are not tied to bank accounts and readily available from a variety of places. Most banks and the United States Postal Service offer money orders. The cost of buying the money order includes the face value of the money order plus a nominal money order fee.
Businesses sometimes require payment for goods and services using money orders instead of checks. This is generally due to the fear of a check bouncing. When a business requests a money order for payment, the business is assured of payment and has no worries about insufficient funds or stopped payments.
Money orders are also a good way to send money overseas, according to NerdWallet. Money orders from the Untied States are accepted in 29 countries, as of 2015.Learn more about Personal Banking