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Where and Why to Get Money Orders

If you don’t have a chequeing account, you might find it difficult to make certain types of purchases or to pay certain types of bills. Even if you do have a chequeing account, there may be some purchases or payments that you need to make which you don’t really want to write a personal cheque for. Luckily for you, money orders can be purchased from a variety of different locations and work in the same way as a cheque without the need for a chequeing account to cover the transaction.
Here is an overview of what money orders are, how they’re used, and where and when you might want to purchase them.
What money orders are
Money orders are essentially cheques that you purchase from banks, retailers, or other providers. You pay cash in the amount of the money order plus the cost of buying the money order which can vary depending upon where the money order is purchased. The seller of the money order stamps the amount that it is worth on it, leaving the “to” and “from” sections for you to fill out in most cases.
Money orders are treated basically the same as cheques by banks, though they may have the additional benefit of being able to be cashed at certain government offices in the case of some money orders that are issued by these offices though the availability of government-backed money orders may vary depending upon where you live. In most cases, there is a maximum amount that can be purchased on a single money order… meaning that you may have to purchase two or more if you need to send a larger amount.
How money orders are used
Since money orders are essentially purchased cheques, they are used in the same way as a personal cheque would be. You can use money orders to pay utilities or other bills, to send payments via the mail, or in many other situations where you might use a personal cheque. Money orders also can provide receipts to help with recordkeeping to show where you’ve made payments or used the money order for other reasons.
Where to purchase money orders
Money orders can be purchased in a variety of different locations, ranging from petrol stations and other retailers to banks and some government offices depending upon your location. The cost of the money order will likely vary depending upon where it was purchased, so you might want to take a little time to check with various banks, retailers, and financial service providers in your area to determine where you can buy money orders locally and which option will cost the least.
When to use money orders
You can use a money order at any time when you might use a personal cheque, though with the additional time and cost of purchasing the money order they aren’t exactly practical for frequent or everyday use. However, money orders are a convenient option for individuals who don’t have easy access to a chequeing account and need to send payments via the mail, or for anyone who wishes to make a payment without it showing up in their chequeing ledger.
Additionally, some government agencies, courts of justice, and retailers do not accept personal cheques due to the possibility of the cheque not having sufficient funds to cover the amount… money orders do not have this problem, and are usually accepted in situations where personal cheques are not.
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