How to Cash a Money Order
Buying and sending a money order is a pretty easy process but cashing that money order may not be as easy if you don’t have a bank account. Cashing a money order from a foreign country is even harder and can cost you more money. There are a few ways to cash a money order depending on the type of money order you receive.
The United States Postal Service (USPS) issues money orders and you can cash them at your local post office. The sender has already paid for the money order so there’s no added expenses when cashing a money order at the post office. You may need to visit a larger post office if you live a rural area however. Money orders for large sums of money may need to be cashed at specified times as the post office may not enough funds to cash a large money order.
If you have a money order from a money order service, these can be deposited into your bank account if you have one. If you don’t have a bank account it’s up to the discretion of any bank as to whether they’ll cash the money order for you. A money order that’s issued by a bank can be cashed at that same bank.
You can also cash a money order at check cashing services, but these require both identification and a fee, so this is not an ideal way to cash a money order. Depending on the size of your money order the fee may be a large chunk of change. In this case you might want to look around for the cheapest service available.
Some grocery stores and convenience stores will cash a money order either for free or a small fee. Grocery stores often have a lot of money so they’re a good bet to get your money order processed. Again you’ll most likely have to show identification when cashing a money order at a super market.
Money orders from foreign countries don’t issue money orders in US dollars. It’s an expensive process to convert currencies so any bank that is willing to cash a foreign money order will most likely charge a large fee to do it. You also may need a currency converter if cashing a money order in a foreign country.
The best ways to cash a money order are in this order: Into your bank account, through the USPS, at a grocery store, and finally using a money order cashing service. The easiest by far is to just deposit it into your checking account and withdraw the money once it has cleared.