The fee can vary. Postal money orders are an exception — they never expire and never lose value. The post office will honor its money orders for the exact amount printed on the document regardless of how old the money order is.
If you have an older money order and are concerned that fees may reduce the principal amount of the money order, you may be able to find out what service fees, if any, apply by looking on the money order itself. For example, MoneyGram puts service charge conditions and information on the back of its money orders. You may also try contacting the issuing company for more information about its policies and fees. If you have an old money order and expect a large service fee, consider asking the person who gave you the money order to request a refund and send you a new one.
A refund request may require a receipt and a processing fee. But if the refund fee is less than the service fees you would face if you tried to cash the money order, it may be worth it to work something out with the sender. If you want to avoid the potential drawbacks of a money order, including fees for waiting too long to cash it, there are some alternatives you could consider. You have many ways to make payments, including money orders. As with any financial decision, it pays to understand all your options before choosing how to make a payment.
Image: Young woman at home using laptop to look up if money orders expire. Keep your receipt any time you buy a money order. Even a photo of the original money order is helpful.
Once you submit your cancellation request, the money order issuer will research the item and confirm that it has not been paid. Plan for the process to take days. However, the timeframe can vary depending on how complicated the situation is. Yes, that is a long time to wait. If approved, some issuers offer refunds, while others provide a replacement money order which you make payable to yourself.
If theft or fraud was involved, that documentation could help you and law enforcement officials to track down thieves. That information could also help you get your money back if the bank that paid out funds did not properly verify the identity of whoever cashed the money order, for example.
To be safe, cash or deposit the money order as quickly as possible. Doing so reduces the chances of problems, like somebody canceling the money order. The two key risks you face when getting paid with a money order are:. Some money orders are fake, and con artists regularly use them for online scams.
For up-to-date forms and the fastest service, contact your money order issuer immediately, and get forms directly from them. Money orders typically do not have an expiration date. However, some institutions may charge a fee for cashing money orders more than a few years old. If you have an outstanding money order that you don't want to be cashed, be sure to cancel it.
If you're unsure whether a money order has been cashed, you can contact the issuing institution to track it. MoneyGram, Western Union, USPS, and local banks all have different procedures for tracking lost money orders , and each will require a fee for the service.
If you make a mistake when issuing a money order, you probably can't change the existing order. You'll have to cancel it and issue a new one.
Money Gram. Western Union. United States Postal Service. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads.
Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. In this world of ubiquitous ATMs, tap-to-pay checkout, and automated bank deposits , there are still times when it is necessary to hand over or collect actual cash.
That is why money-transfer services like MoneyGram and Western Union have tens of thousands of agents in cities and towns around the world. Money-sending services can be a lifesaver. You may feel it is unlikely you will ever be broke and stranded in a bus station in Bengaluru, needing your spouse to send cash, but stranger things have happened—and not just when you are traveling abroad.
How about when your child who is studying at a Canadian university needs you to send the rent deposit—pronto? More routinely, money-transfer companies provide banking services like money transfers, money orders , and bill payments to people who do not have bank accounts.
In the United States and Canada, many customers are new immigrants who send money regularly to family members in their home countries. Cash is still king in many countries, and, in developing nations, many people do not have bank accounts. Western Union is the larger of the two companies and has instant name recognition around the world, thanks to its one-time monopoly of the telegraph business. Sending telegrams was officially discontinued only in , but by then Western Union had moved on to new ventures.
It has about , locations in over countries around the world. Customers can send money by phone, through the Western Union website, or in person. Fees can be steep or cheap, depending on a long list of factors, including the form of payment used, how fast the money is delivered, whether it is paid in cash or wired to a bank, where it is sent from, and where it is delivered. For international transfers, the exchange rate adds another element of uncertainty to the cost.
Using a credit card or debit card to send cash costs more and depends upon the amount being sent.
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