How do Money Orders Work?

Paying by money orders is an inexpensive payment alternative

Money Orders are a common alternative to personal checks and paying/sending large r amounts of cash.  They are convenient and inexpensive. There are many reasons you might want to use a money order to buy or sell something. Perhaps you do not have a bank account, or you want better security that the money gets to the right place without bouncing.

Money Orders are simple forms which require a few pieces of information. They don’t require your bank account numbers, home address or phone number to be shown and so offer added security that appeals to many.

Some sellers request money orders as they prefer them to personal checks. Money orders can also be a safe and convenient way to pay money to another country.

Where to get a money order? They can be purchased from a variety of places including:

Money Orders specify:

  • The name of the recipient or payee who should receive the funds

  • The name of the issuer

 

Money Orders are paid upfront up to a maximum of $1,000. They can be used to pay for utility bills, mobile phone costs etc..

They can be paid with cash, debit card or transferred from another account via your bank.

Step 1:

Inform the issuer of the money order how much you would like the order for and provide appropriate ID if requested.

Step 2:

The issuer will print a document for you to sign.  You must fill in the name of the recipient. This can be either a person or a company.

Step 3:

It is important to keep hold of your receipt as this will allow you to track or cancel the money order and determine if the money was received or not. Your receipt should include a carbon copy of the money order.

Step 4:

Deliver the money order by mail or in person.

Cashing a Money Order:

A money order can be cashed and deposited just like a check, or desposited directly into a bank account.

Money Orders can be bought at Pro Check Cashing LLC (part of Meriden Pawn on 273 W Main St, Meriden, CT).