Direct debit is a small piece of paper similar to a check that allows a named person to receive a certain amount of cash. Money transfers are widely available, cheap, and offer a safer way to make a large purchase than paying cash. Money transfers are also a good alternative to payments if you don’t have your own checking account. How much is a money order?
How to use money transfers?
When you buy a money transfer, you pay the full amount in advance plus a small fee. After making sure that the amount is correct, you must provide your name and contact details on the front of the money order as well as the recipient’s name and contact details.
The row of notes allows you to specify what the money transfer is for. Then you sign the front as if it were a personal check. Keep a receipt in case you need proof of payment or want to track when your order is received.
For example, suppose you owe $ 800 rent on the first day of the month and you don’t have a checking account. You will go to a store where money transfers are sold, you buy them for $ 800, and then give them to the landlord as payments for rent. Then your owner will be able to deposit money into your bank account as if you had paid in cash or a personal check.
How to send domestic money transfers?
- Decide the amount of money transfer. You can send up to $ 1,000 in one order anywhere in the United States.
- Go to any location in the post office.
- Take cash, debit card or traveler’s check. You can’t pay by credit card.
- Fill out the money transfer at the counter with your retail colleague.
- Pay the value of the money transfer in dollars plus the issuing fee.
- Keep a receipt to track the money transfer.
How much for money transfer?
Money transfers are an inexpensive option for bills and purchases. They cost around a dollar at most retail outlets, and you’ll pay around $ 5 at the bank or credit union. Scroll down to see the price list of popular issuers.
Retail locations: The cheapest way to receive a money transfer is usually at the Western Union or MoneyGram office (try customer service). They can often be found at the following locations:
- Grocery stores
- Check out the cash register stores
USPS: US post offices are another good option. These remittances are considered particularly secure, can be used abroad and are relatively inexpensive. The valuation of USPS money transfers works as follows:
- $ 1.25 for $ 0.01-500
- $ 1.75 for $ 500.01- $ 1,000
- $ 0.45 for military postal orders
International money orders charge a $ 10.25 issue fee and a handling fee depending on the destination country.
Banks and credit unions: at financial institutions, money transfers usually cost more (don’t be surprised if it is between $ 5 and $ 10). You need a bank or credit union account to buy.
Restrictions on remittances
Money transfers are usually issued with a maximum amount of USD 1000. Some money transfer publishers use an even lower limit (for example, international USPS money transfers are limited to USD 700). If the purchase amount exceeds $ 1,000, you will need multiple money transfers. Then things get embarrassing and just as expensive as other forms of payment.