Research the location where you will cash your money order If you know the sender, this might not be a concern, but if you aren't completely sure of the person sending it, you'll want to confirm it is what it's supposed to be. You'll also want to verify that the money order is legitimate. Also, make sure the name on the money order matches the name on your ID. The first thing to do when you receive a money order is double-check its value to make sure the amount is correct money orders are prepaid, so you should know in advance how much you're receiving. Note that you don't have to cash a money order - you can also deposit it into a checking account, if you prefer. You can also cash a money order directly with the issuer (like Western Union, Moneygram, Walmart, or USPS) if possible, rather than taking it to your bank. To verify your money order, you can start with calling the issuer at a number you've separately confirmed is legitimate. In some instances, money orders are even preferred to cash in hand.'īut that money orders can be canceled by the sender, making them an appealing tool to be used in scams. 'It's considered very secure and is an excellent way to send money quickly in situations where a personal check is not appropriate. 'A money order is a method of sending a prepaid amount of money to somebody,' explains Chane Steiner, chief executive officer of Crediful.

If you're receiving a payment from some someone you don't know - especially through the mail - you might want to consider a money order rather than taking a personal check or cash payment. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our

Who cashes money orders