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.Continue Reading
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
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 >
The biggest differences between a money order and a cashier's check are where they can be bought, how much money they represent and the guarantee for each. In most cases, a cashier's check is considered a more credible form of payment.Full Answer >
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.Full Answer >
The remitter on a money order is the person who purchases the order. For example, a person sending a payment in the mail who does not have checks may purchase a money order to make that payment. In doing so, that person is the remitter of the money order.Full Answer >