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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Sunday, July 16, 2006

Money Orders

Money orders are sold in various places across the United States. MoneyGram, Western Union and the U.S. Post Office are the most popular places to go, but often you can acquire them at a local convenience store or grocery. There is often a charge to buy a money order at these places, but if you do have a bank they typically give you one for free.

They are extremely useful if you do not have a checking account. Plus they are safe because only the recipient you name on the money order can cash it--this is much better than sending money through the mail. Even if you do have a checking account it is safer to use money orders than check because you check has your bank account number and routing number.

Remember to keep your receipt in case something happens to the money order so you have proof of your purchase. Also, know that there is limits to the amount of money you can purchase a money order so if your transaction is large be prepared to buy more than one.

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