Learning how to write a money order is easy, but it’s important to get it right. This spot may be marked “From” or “Purchaser” on the money order, depending on where you purchase it. Although money orders typically only cost a few dollars, some issuers charge higher fees than others. Triple check the recipient’s information. If the mistake is big enough, they may need to void the money order and print a new one. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Or you might have to cancel the money order if you’ve already paid for it and purchase a new one. Once you’ve paid for the money order, it’s as good as cash. © 2021 Forbes Media Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The most secure digital platform to get legally binding, electronically signed documents in just a few seconds. You cannot make alterations once the money order is processed. Or it could be the name of a business, if you’re using the money order to pay a bill. Who Is Eligible For The $600 Stimulus Check? How Will Your Payment Arrive? A money order can be cashed like a check but doesn’t show any account numbers or financial information about you other than your name, the name of the bank and your address information. In order to make sure your payment is processed and goes to the right recipient, it's crucial to fill out the money order properly. The trade-off for that convenience, however, usually means paying a fee to your bank. Make sure you have a dark-ink pen to fill out the form. Advertisement . A money order is essentially a type of prepaid check. Double-check it to make sure you’re writing the street number and street name correctly. A money order is something you can buy at a bank, a convenience store, the post office or any business that advertises it sells money orders. Where Is My Stimulus Check? You can buy money orders for a a fee that ranges from $1-$5 depending on where you purchase the money order. Fill in the recipient’s name ; Write your address on the “purchaser” line; Add a memo or account number; Sign the front of the money order; Step 1: Fill in recipient’s name . A prepaid debit card enables you to load money onto the card, which you can then use to pay bills. Typically, you need to have cash or a debit card to pay for money orders. Fill in your name and address. This final step before you can send it off to the recipient is not required for USPS postal money orders. Without the original receipt, you may have a harder time getting your money back if a money order comes up missing. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Below the space for the payee’s name, you should see another field for the payee’s address. If the payee is a person, you may put their home address. Make sure the name is spelled correctly, otherwise the recipient. You should also review a money order issuer’s policies on canceling or replacing a lost or stolen money order. Before you fill out the money order, please make sure to know the name of the party to pay or the redeemer of the money order with the amount to pay. Are you sure you want to rest your choices? Like filling out a check, you have to designate a specific recipient on each money order. Depending on their policy, they may be able to correct it for you. 1. The biggest differences between them lie in the cost and speed. Figuring out how to write a money order is easy, but it's essential that you do it right. (Indicator on image above shows where such signature field may appear on other money orders.). This could result in an additional fee; be careful and write slowly when you fill it out If you’re interested in payment methods other than money orders, and you have a bank account, you could make payments via: Each of these options provides a secure way to make payments. What's The Difference Between A Bank And A Credit Union? The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. In most cases, the process is quite straightforward – but since it deals with money, you must get it right on the first go. And money orders can only be claimed by the person or business they’re addressed to. Don’t write on the back of the money order; this area is for the recipient to sign. A wire transfer, on the other hand, can be completed in just a few hours. Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. Formats may vary slightly from issuer to issuer; still, this step-by-step guide can see you through. Money orders can also be sent internationally and can be used to settle debts larger than $1,000 (by sending multiple money orders). Money orders represent a convenient option when you have a payment to make. Gather enough funds for the money order (plus fee), the recipient’s contact information, and your account number if you’re paying a bill. This will appear on the front of the money order. But, while paying cash may be an obvious choice, it’s not always a realistic one. Write the name of the person or organization to whom you’re sending money on the line that says some variation of “Pay to” or “Pay to the order of.”. This could be a person, if you’re making a cash payment to an individual. Also, unlike a check you pay for a money order in advance, not when the person receiving it cashes it. Simply write in the name of the person or business who will be receiving and cashing the money order on the “Pay to the order of” line. I'm a freelance financial journalist and a regular contributor to U.S. News and CreditCards.com. As the purchaser or person who buys the money order, there are a couple of fields where you’ll add your information. Money orders are useful for transactions where you can't or don't want to use cash, a personal check, a bank or cashier's check, or a credit card. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. Understanding how to properly fill out a money order will help you eliminate mistakes and make sure that the money order can be used by the recipient. How to fill out a Walmart Money Order (Money Gram) - YouTube Filling out a money order isn’t complicated, but it does require entering the right information and doing so correctly. Cashier’s checks and certified checks are two forms of official checks you can secure at a bank using your bank account. If the money order is being used to pay a bill, make sure to write your account number here. The way you fill out a money order is very similar to how you fill out a check. Be sure to use pen and write legibly. Fill this out immediately after purchase. But if either scenario happens, it’s helpful to know beforehand what you’ll need to do to resolve the situation and get the money back. If you see that you’ve made a mistake, don’t try to correct it yourself. Other payment options include using a person-to-person payment app or a prepaid debit card. In some instances, you don’t need a bank account to send one. This is the name of the payee: the person or company receiving the payment. You could write a note in the memo line specifying that that’s what the money is being used for. Best Personal Loans For Debt Consolidation. What Exactly Can Be Taken From You In A Lawsuit? Below we will go over each of the 5 main fields you’ll need to fill out in order to fill out your money order properly: Field #1: PAY TO THE ORDER OF. You can do money orders anywhere there is a Western Union. If a money order is ever lost, damaged or stolen, you can fill out a form to get another replacement. The steps are fairly simple, and are as follows: 1. Available for PC, iOS and Android. The Forbes Advisor editorial team is independent and objective. Filling out a money order is as simple as plugging in the details mentioned above. An ACH transfer lets you transfer money from one bank account to another electronically. I've written for Life + Money by Citi, Bankrate and The Balance, among others. How to fill out a money order. How Money Orders Work . And, just as with a check, there are certain things you have to include for it to be valid. How do you fill out a money order? You can find me on LinkedIn or follow me on Twitter @seemomwrite. A person who buys a money order will have to fill out the name of the recipient on a form and the amount that the recipient should receive. Steps to Fill Out a Money Order. But either one can be used in place of a regular personal check, though your bank may charge a small fee for issuing one. Keep in mind that opening a bank account can be a helpful and convenient way to manage your money and make payments. You also must fill out a money order correctly, otherwise it will have to be canceled and refunded, and then repurchased. Keep the detachable receipt for your money order after you fill it out, and record who you sent it to. Remember the exact amount that was on the form, the person you'd send it to and if there is a serial number, you can write it down. This receipt should include a tracking number that you can use to track the money order and see when it’s cashed. 10 U.S. States With the Lowest Cost of Living, Information about the device's operating system, Information about other identifiers assigned to the device, The IP address from which the device accesses a client's website or mobile application, Information about the user's activity on that device, including web pages and mobile apps visited or used, Information about the geographic location of the device when it accesses a website or mobile application. LLC. After you’ve filled out all the necessary fields on the money order, read through it again to be sure all the information is correct. Money orders can look different, depending on where you buy them. Weird & Wacky, Copyright © 2021 HowStuffWorks, a division of InfoSpace Holdings, LLC, a System1 Company. Money orders look similar to personal checks and filling them out is also a similar process. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This is where you’ll want to add your signature once you’ve filled out the rest of the money order. First, you’ll fill in your name. To prevent this, make sure to fill out the form immediately upon purchase. Write the name of the … However extra fees may apply if paying for the money order other than with cash. For example, say you’re using a money order to purchase a used car from a private seller. Many Americans Have Already Received Their $600 Stimulus Payments—Have You? To buy a money order, just bring along the cash to cover the amount requested and fee. Other places you can get a mone… Step 1: Fill in the recipient's name . Fill in the name of the recipient. If you’re filling out a money order for the first time, it’s helpful to understand how to do it step by step. Step 1 – Fill in the recipient’s name. For example, if you need to pay your mortgage, you could use an ACH transfer from your bank. Before you go to buy a money order, make sure you know what types … Make sure the spelling and information are correct. Regardless of where you purchase a money order, it must be filled out properly. ANNOTATED BY FORBES ADVISOR These sample images are provided for educational purposes only. The payee is the party that receives the money you’re sending via money order. Some money orders only have an area for your name. Fill out, securely sign, print or email your money order template form instantly with SignNow. The recipient will be the only person or company authorized to deposit or cash the money order. Advertisement. This is where you’ll write the purpose of the money order. First, you have to get the money order. Purchase the money order at a bank, credit union, post office or another provider. Write Name of Recipient. Make sure the amount you paid and the amount printed on the money order are the same. Amscot money orders can be sent overseas, but before you do so, you should call Amscot customer support at (813) 637-6250 to ensure the destination country supports Amscot money orders. A Travelers Express money order for $20.00 U.S. is ready to be filled out by the purchaser. Money order fees vary but with a Shopper’s Card you may be eligible for a discount. How to fill out an international money order. Filling out a money order is as simple as plugging in the details mentioned above. You may also see a space for a signature on the back of the money order, but that’s not for you. Check it twice – once you've verified that everything is correct, you can send it on its way. All Rights Reserved. The payee’s or recipient’s name should go in the field marked “Pay to the Order of” or “Pay to” on your money order. 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