Table of Contents
A money order is essentially a paper check that you prepay, so it can’t bounce like a check can. Money orders guarantee the payment will go through, which can give a payment some much-needed validity.
If someone hasn’t bought a money order before, they may not know how the process works. Keep reading to learn what a money order is and how to fill out a money order, step by step.
Currently, SoFi does not offer money orders to members.
Key Points
⢠A money order is a paper check that is paid upfront with cash and can be purchased at financial institutions, the U.S. Postal Service, grocery stores, check-cashing companies, and large retailers.
⢠Filling out a money order typically involves writing the payer’s name and address, the payee’s name and address, and an optional memo and then signing it.
⢠It’s advisable to keep the receipt for the money order in case it’s lost, stolen, or used for some type of fraudulent activity.
⢠It can take anywhere from a few hours to a few weeks for a money order to go through, depending on how the payee receives the money order and how they process it.
⢠The typical cost for sending a money order is $1-$5, but it may vary based on the value of the money order.
What Is a Money Order?
Unlike a check, a money order isn’t linked to the payer’s checking account. Instead, the money order is paid for upfront with cash. The payer must buy the money order, which can be done at financial institutions, large retailers, convenience stores, check-cashing companies, or the U.S. Postal Service.
Some people may request that payments be made by money order because the money order can’t bounce like a check paid from your checking account can. If the money order is real and valid, then the funds are guaranteed because the payment was made at the time of purchase.
Money orders may be viewed as a bit old-fashioned, but they’re still around for a reason â they’re reliable.
Recommended: What Is a Cashier’s Check?
What Is Needed to Fill Out a Money Order?
Not sure what information you’ll need to fill out a money order? Generally, payers should have the following information on hand when they’re ready to buy a money order:
• Payee’s name (must have the same spelling as the name on their ID)
• Payee’s address
• Your name and address
• Memo information (payment reason, account number, etc.), which is optional
5 Steps to Filling Out a Money Order
When you’re ready to fill out a money order, you can purchase one at locations such as:
• Banks and credit unions
• Post offices
• Grocery and convenience stores
• Walmart and other mass retailers
• Check-cashing companies
When you buy one (whether paying in cash, with a debit card, or buying a money order with a credit card), you’ll need to provide the payment amount for the money order and then follow these steps to fill it out.
Step 1. Add the Payer’s Name and Address
Write the name of the individual or business that the payment is going to. It’s vital that the payee’s name is spelled correctly, because when they go to cash a money order (they have a few options for where they can cash their money order), they will have to show their ID to confirm that they are the person or entity that the money order is addressed to.
Step 2. Write Your Name and Address
Next, the payer needs to write down their name and address in the purchaser section of the money order. Again, this is a step that requires care, so write clearly and accurately.
Step 3. Add an Optional Memo
If the payer wishes, they can add additional info in the memo, such as what the money is going to be used for or their account number (this is more common when paying bills).
Step 4. Sign the Money Order
To make a money order official, the payer has to sign it.
Step 5. Keep the Receipt
It’s important for the payer to hold on to the receipt for a money order until they confirm that the payee has received and cashed or deposited the money order. This is a crucial step that shouldn’t be skipped. If for some reason the money order is lost, stolen, or involved in some form of fraud, then having the receipt is necessary in order to cancel the money order.
How Long Does It Take for a Money Order to Go Through?
It can take from a few hours to two weeks for a money order to go through. If you make funds available and the payee goes to a pickup location, the process might only take a couple of hours. If the payee cashes a money order and transfers it to a bank account, it could take a couple of days. And it might take even longer if mailed and then cashed (payment forms such as a wire transfer can be faster, but that requires the payer to have a bank account) or if the bank suspects that the money order is a counterfeit or forgery. If someone sends a payment via money order and it hasn’t been cashed or deposited within two weeks, then it may be time to cancel the money order.
Typically, money orders only take a few days to arrive via mail, but holidays and weekends can cause delays. The recipient also has to take the steps necessary to deposit or cash the money order. Though they are typically good indefinitely, they could potentially start losing value after an extended period of time due to service charges.
Recommended: How to Transfer Money From One Bank to Another
Importance of Filling Out a Money Order Correctly
It’s vital to fill out a money order correctly, as it’s not possible to change the details on a money order after completing it (you will need to get a new one issued). It’s especially important to correctly write the name of the recipient since the name on the money order needs to match the name on the recipient’s ID in order for them to cash it.
It’s also important to fill out a money order as soon as possible when you buy it. If you purchase a money order and it gets lost or stolen before you fill it out, the person who obtains it could fill it out to themselves and cash it.
How Much Does It Cost to Send a Money Order?
How much it costs to send a money order depends on where the money order is purchased. It usually only costs $1-$5, but it may also depend on the value of the money order. For example, if you obtain a money order at a U.S. Post Office at the time of publication, the fee will be $2.55 if the value is up to $500 and $3.60 if the value is between $500.01 and $1,000, the maximum amount available.
Recommended: ACH vs Wire Transfers: Which Should You Use?
The Takeaway
Money orders can offer an affordable and convenient way to send someone a guaranteed payment â unlike a check, which can bounce. Filling out a money order typically involves writing the payee’s and payer’s name and address, adding a memo if desired, and signing the money order. Keeping the receipt is also an important step.
FAQ
What can you use a money order for?
Money orders can be used to make a variety of payments. They can come in handy for making purchases when someone can’t write a check because they don’t have a checking account. A good use of a money order can be paying rent, since the landlord knows the payment is guaranteed, and many different vendors also accept money orders.
What are some alternatives to money orders?
If someone doesn’t want to buy a money order, they have a few alternative payment options available to them, such as a cashier’s check, which is guaranteed by the financial institution issuing it. Other options include wire transfers and digital payment services.
How long does it take to fill out a money order?
It generally only takes a few minutes to fill out a money order. To make the process go faster, it’s a good idea to know the exact spelling of the recipient’s name to add to the money order, as well as their address. Having the right amount of cash on hand to purchase the money order can also speed up the transaction.
About the author
Jacqueline DeMarco
Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.
Photo credit: iStock/Image Source
SoFiŽ Checking and Savings is offered through SoFi Bank, N.A. Š2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Eligible Direct Deposit means a recurring deposit of regular income to an account holderâs SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holderâs employer, payroll or benefits provider or government agency (âEligible Direct Depositâ) via the Automated Clearing House (âACHâ) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOBNK-Q226-112