- Key Features of Money Order
- Important Tips
- How To Fill Out A Money Order
- Method To Deliver The Money Order
In this digital era, we have a lot of options to transfer money, but few are not only time consuming and expensive but also need certain prerequisite. In this, USA people highly prefer money order as there are no hidden extra charges and it is the most convenient option too.
If you are looking for a safe, easy and affordable option, money order tops the chart. Fill out a money order form and process the money transfer just like you fill out a personal check. This is a convenient and safest way to pay a bill. The format of money order might differ a little based on the outlets, but the necessary information remains the same.
Key Features of Money Order
- Cheap, safe, reliable and widely accepted.
- Simple and easy to fill out a form without sharing confidential information.
- Check fee in advance before filling out a money order.
- While paying the bill, mention the account number or the invoice number for easy payment credit.
- Write complete and accurate information for easy processing of money order.
Before filling out a money order here are some essential points which you should not ignore.
- The amount paid and the amount printed on the money order should be the same.
- Make use of a blue pen to fill out a money order.
- Fill out the details in capital letters to avoid misinterpretation.
- Mention all the pieces of information clearly as it is difficult to alter the writing later.
- Keep a tab on the location where you purchase a money order; this is highly helpful in case you misplaced it.
1. Why Choose Money Order
The money order is the safest choice when you are planning to pay someone or initiating a payment from someone. It is the smart paper payment, which is highly secure and hassle-free.
Moreover, it works best for people who don’t own a checking account or do not prefer to accept checks. The best part is, a money order is prepaid and totally rules out the risk of bouncing back.
2. Where To Get Money Order
Online account transfers can be tedious and pricy. To buy and fill out a money order you need to visit a nearby place when it is sold. Once the purchase is made (which involves a fee), you receive the money order in hand.
Money orders are usually not available online, and you can get this from a nearby bank, financial institution, post office or even an excellent retail store like Walgreens.
3. Crucial Information Needed To Fill Out A Money Order
Before buying a money order you must have preferable the exact change, the amount is usually machine printed on the money order. This amount is not changeable and pre-decided by the bank and financial institution.
$1000 is the largest money order which you can buy. If you are planning a money order higher than this amount, you must purchase multiple money order.
How To Fill Out A Money Order
If you are not aware of filling out a money order, here is the simple step by step instructions to get started.
1. Mention The Name of Payee
This is the first step of filling out a money order. In the “PAY TO THE ORDER OF” field, write the name of individual/business to whom you are addressing the money order.
Double-check the spelling and critical information; there is no option to rewrite or alter the information after the money order is processed.
2. Mention Your Address Details in The Purchase Field
You are the purchaser of the money order; hence, you must mention your information in the purchaser field. The field can be mentioned as “From”, “Purchaser”, “Sender”, “Remitter”, all these means you have to fill in your information.
Filling out this field is mandatory because this is how the recipient will contact you in future in case of any question or query regarding the payout. Make sure to use your complete legal name and current, complete residential address.
3. Include Account Number
In case you are paying a bill, make sure you have mentioned the complete account number. Simultaneously, your account must have enough credit.
4. Legal Signature
Your legal signature should be mentioned at the bottom of the money order. Sign next to purchaser’s signature field; this is to authenticate and validate the money order. Avoid signing at the back of money order, since it is the space where receiver signs.
There are certain money orders which have space to write a note or a small memo to mention the purpose of payment. Once you have checked the accuracy of the details mentioned in the money order, sign it.
5. Save The Receipt of Money Order
Each money order comes with a detachable recipient for recording purpose, save it as a proof of purchase. This receipt will help you to track the information and help you to confirm once the money order is deposited. In case the money order is lost or misplaced, you have a provision for reporting the issue to the provider via this money order receipt.
Method To Deliver The Money Order
Once you have filled out a money order with all necessary information, detach the money order receipt for easy tracking. It is also needed for record-keeping.
Once you have filled out the money order and retained the receipt with you, you can deliver the money order via mail to your recipient. Moreover, you also have an option to hand-deliver the money order. Finally, the individual or business will be able to cash the money order.
As you know, a money order is the safest way to make payment which can be easily tracked down. When you fill out a money order, all your information is kept confidential, and you don’t need to mention other sensitive information like bank account number, detailed home address, contact details, and your full name. This is not the case if you opt to transfer money via checks. All this makes money order the most reliable payment form for both buyers as well as sellers.