You can fill out a money order and use it as a substitute for cash, credit, or checks. Although it is more like a check, it is not. A money order can also be used to complete transactions worldwide. It benefits people who need cash and are without access to banks in their immediate environment.
This payment can be used to pay bills, give gifts, and more. Getting it is not difficult, but it does require more patience and attention to detail. Filling out the form should be a careful process. This is a one-off purchase that can affect you.
What do I need to fill out to place a money order?
There are requirements before you even pick out a form to fill out a money order. However, you need to know everything you would be required to bring to the location of the Western Union agent who will be responsible for the transfer.1
Money orders are very similar to checks in that most of the information that should be filled out is the same. The difference between the two is that with a Money order, you would need to pay the money beforehand with unlinked checks, which take the money from your account.
With a money order, you can send and receive money immediately. To fill out a money order form, you need:
- Receiver’s name.
- Your home addresses.
- The amount being paid (in dollars).
- Cash or a debit card (this is to pay for the money order).
- A purpose for sending (most agents may not require a reason, but some will have one just in case).
How to Fill out a Money Order (step-by-step)
When the agent hands over the money order to you, it’ll look like this. Every critical section will be clearly labelled so you know where to fill in the information. Here’s how to fill out your money order.
After you’ve received the money order form, you will be required to fill it out. Every vital section is labelled so you know exactly where to fill in the required information. Here are the steps:
1. Write the name of the receiver
You would see a fuel saying “PAY TO THE ORDER OF”. In this section, ensure the receiver’s name is spelt correctly. There should be no mistakes, as changes cannot be made once the money order has been processed.
The receiver should be able to cash it in immediately after you send it. If the details you input are correct, this will happen; if they are incorrect, delays will occur, leading to late payments.
2. Fill out your details in the purchaser section
Whether it says “From,” “Sender,” “Remitter,” or “Purchaser,” you should enter your details there.
Write your full legal name and current mailing address in this section. Some may also require your address, but most only request your full name.
3. Sign on the front side of the money order
Do not sign at the back of the money order form; sign at the front. The back is for the person you are sending the money to.
You can leave a note or a small message if you wish to. Not all money order forms offer this, but some do.
After you’ve checked the money order form for mistakes and see none, send the money to the receiver the way you would a check.
If you happen to be sending the money order by mail, try to buy a tracking number so it doesn’t get lost in transit.
4. Keep the receipt of the money order
This will help you track the money order. Tracking an order is more complex than checking money, so keeping your receipts just in case would be a good idea. It not only provides proof of purchase but also tracking information.
If you feel your money order has gone missing, been misplaced, or stolen, report the case to the provider. You cannot take this action without your receipt, so keep it safe as much as possible until the receiver receives the cash.
What Is the Purpose of a Money Order?
A money order is a secure and convenient payment method, mainly when traditional forms of payment like personal checks or cash aren’t feasible or safe. Its purpose can be outlined as follows:
- Secure Payment Method: Money orders offer the sender and recipient security. Unlike cash, which can be lost or stolen, a money order is a prepaid financial instrument, making it safer to send through the mail or hand-deliver.
- Accepted Payment Alternative: Money orders are widely accepted as a form of payment, especially when personal checks are not accepted, such as for transactions with individuals or entities that don’t trust personal checks due to concerns about insufficient funds.
- No Bank Account Required: One significant advantage of money orders is that neither the sender nor the recipient needs a bank account. This accessibility makes money orders a viable option for unbanked or underbanked individuals.
- Payment Guarantee: By purchasing a money order, the sender guarantees payment to the recipient, as the funds are prepaid. This assurance is instrumental when the recipient requires immediate payment before providing goods or services.
- Record of Payment: Money orders provide a clear paper trail and proof of payment. The sender and the recipient receive receipts or copies of the money order, serving as documentation for record-keeping purposes.
- Control Over Amount: Money orders allow the sender to specify the amount to be transferred, which can help make precise payments, such as bills or rent.
- Cross-Border Transactions: Money orders can be used for cross-border transactions, providing a reliable means of transferring funds internationally, especially in regions where banking infrastructure is underdeveloped or where there are restrictions on certain financial transactions.
Where can I get/purchase a Money Order?
Unfortunately, money orders are not available online. It would be best to visit any available Western Union agent centres to get it. Here, you will buy the form in person from an agent happy to help you fill it out correctly.
Frequently Ask Questions
Do I need a bank account to use the money order?
No, you do not. One of the best parts of this payment method is that anybody can use it, and you do not need a credit card to send or receive money.
Can I use a credit card to purchase a money order?
No, you cannot use a credit card to purchase a money order. But you can use a debit card or a traveller’s check.
Do I need cash to pay?
No, you do not need cash to pay, but it can be used along with a debit card or a traveller’s check.
Are there fees attached to using a money order?
Fees are involved in the payment of money orders. The smallest amount starts at 10%, depending on how much you are sending. The higher the amount, the smaller the percentage.
Does money order have limits?
The limit to sending one money order form is $1000. You must purchase another money order form if you intend to send more than that.
Conclusion
Wrapping up our guide on how to properly fill out everything on a money order. It might seem like a small task, but getting it right can make a big difference. Whether sending money to family, paying rent, or buying something special, following these steps ensures your transaction goes off without a hitch.
Remember, it’s all about attention to detail. Every little bit counts, from neatly printing the recipient’s name to signing your John Hancock securely. And don’t forget to hold onto that receipt like it’s pure gold; it’s proof that everything went according to plan.
Digital payments are all the rage these days, but something is reassuring about the good old money order. It’s reliable, simple, and now, with our handy guide, easier than ever to use.
So, take a deep breath and think back to these tips next time you’re at the counter with a money order. You’ve got this! With a little practice, you’ll fill out money orders like a seasoned pro. Happy spending!
- WESTERN UNION. How to make a money order: send money internationally.
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