Sign your name on the back. Wait until you’re indoors and ready to hand the money order to a teller or customer service agent before signing it.
Use your existing checking or savings account and transfer the money elsewhere if you have other uses for it. If you don’t have an account at a bank or credit union, you can use this money order for your initial account opening deposit. Having a bank account can potentially save you money and time over the long term.
For example, at most Walmart stores, you can cash a money order issued by MoneyGram for a maximum fee of $4 if the value is $1,000 or less or a maximum fee of $8 if the value is $1,001 to $5,000.
You can cash money orders at a variety of locations. Your best option is usually a bank or credit union that you already have an account at.
You’ll need to verify that you are authorized to cash the money order. A government-issued photo ID, such as a driver’s license, passport, or military ID, is the best option.
When you receive a money order, you need to cash it or deposit it into a bank account. Until you do so, a money order is just a piece of paper. You can cash them at numerous locations, including banks and convenience stores.
Place it securely in a pocket, purse, or wallet before leaving the customer service counter.
Working directly with the issuer can help you minimize fees and increase your chances of getting 100% of the cash quickly. However, some offices won’t cash your money order, even if they sell money orders.
These costs will reduce the total amount of cash you receive.
Learn how to cash money orders while minimizing fees. Retailers and banks can give you cash, or you can deposit to a bank account, just like a check.