Notes are used instead of cash to make payments. Because the note is paid in advance, the payee is guaranteed to receive it in full, which is better than a check that runs the risk of being rejected or a bad credit card number. To cash out a money order, all you have to do is find the right place to either keep it or exchange it for money. Keep reading this article to find out everything you need to know to cash out money orders.
Step
Method 1 of 2: Choose a Place to Cash Out the Money Order
Step 1. Determine where the note came from
Money orders can be issued by post offices, banks, grocery stores, convenience stores (stores that are open until late at night), credit unions (credit unions) and cash advance stores (stores that accept cash withdrawals from credit cards).
- The place of origin of the money order is usually marked with a logo or stamp on one corner of the paper. Look for post office logos, bank logos, or the name of another institution.
- If it's not clear where the note came from, ask the person who gave it to you where he or she got it.
- It's okay you don't know where the money order came from. You won't be able to take it to the post office, but you can take it to a bank or other institution that can cash money orders.
Step 2. Find a place to cash out
Notes can usually be cashed at the same location where they were purchased. If you have a bank account, you can also choose to cash it there. These practices have been followed internationally.
- Go to your bank. The bank you use to check or save will cash your note. Some banks will ask you to have sufficient funds to cover the amount stated on the note. You can also deposit money orders into your bank account.
- Go to the post office. The post office will cash the money order sent from the post office. Larger post offices have more cash available to cash larger money orders, so if your money order has a great value for money, choose a larger post office in your area.
- Go to the grocery store or convenience store. Most grocery stores and convenience stores that sell money orders will also cash money orders. The fees are usually cheap, and sometimes they cash checks for free.
- Go to the credit union that guarantees funds on the note. For example, if the note is from an L&N Federal Credit Union, each branch of the L&N Federal Credit Union will cash the note in full.
- Go to the check cashing store. Use this as a last resort, as check cashing stores usually charge a higher fee than grocery or convenience stores.
- If you have a money order from overseas, you may have to get someone to cash it in that country and then transfer the money to you. Banks usually charge a high fee for this service, so if possible, make sure your money order is made in the currency of the country where you want to cash it.
Method 2 of 2: Cash Out Your Money Order
Step 1. Bring your ID
Since notes are made to be paid to a specific beneficiary, you will need proof that you are the intended beneficiary. Bring your driver's license, passport or other identification card to prove that you are the person in question.
Step 2. Show the money order
Walk up to the teller, post office clerk or cashier and tell him you have a money order to cash. He will ask you to show your money order and ID.
- Before you hand in the money order, ask the employee how much it will cost. Even if you've consulted about this beforehand, it's important to make sure you check with the agency's representative directly to avoid miscommunication.
- Don't be afraid to turn around if you're not comfortable cashing a money order with a particular institution. If the employee charges more than you expect, try a different bank, store, or convenience store.
Step 3. Receive your cash
After the employee has processed your money order, you will receive cash from your money order. Usually you can request a letter of receipt of a certain size. Count the money to make sure the amount is correct before leaving the institution.
- You can ask for a receipt, just in case you miscalculated the money and then realizes that the office paid you less than you should.
- If you keep the money in the note in your bank, you can have a portion of the note given to you in cash.
Tips
- Go around to find the cheapest service fees.
- In smaller towns, if you do not have a bank account and there is no check-drawing service in your area, you may have to go out of town to find an issuing office (for example, a post office) whose business is large enough to raise the funds needed online. cash in one working day. Money of IDR 4 million or more can be problematic in most cases, except at the end of the day and in a busy office.
- You can transfer a money order to someone else by signing the back of the money order, having the new recipient sign under the signature of the original recipient, and bringing the new recipient along with his/her ID card to the place where the money order is withdrawn.
