Both cashier checks and a money order process are great ways to send sums of money to people and businesses when you’re looking for a more secure method over standard cash or check payments. However, both cost money and have their own pros and cons, so if you’re wondering which is best, you’ve come to the right place.
Let’s just straight into things by showcasing the four top tips on how to choose whether either a cashier’s check or money order is right for you.
- The Payment Sum Matters
Typically speaking, if you are buying something large and expensive, you’ll want to use a cashier’s check. Most banks and advice service will state that if you’re making a purchase over $1,000, then use a cashier’s check. Any payment of $1,000 or under, use a money order.
Not only is this because most businesses won’t even use money orders if the purchase is over $1,000, but it’s also just more cost-effective to work within these guidelines. There’s pretty much no value a bank won’t cover with a cashier’s check, so go as high as you like!
- Money Orders are Easier
Generally speaking, you’ll find it easier to get hold of a money order than a cashier’s check. This is because money orders are available everywhere, from post offices and banks to money transfer outlets, supermarkets, and even some retail stores. This means if you’re in need of some quick cash transfers, money orders will be with you shortly.
On the other hand, cashier’s checks are only really available from institutions where you’re already signed up and have a membership. Cashier’s checks also require a physical location unlike money orders, which means you can’t get them online.
- Money Orders are More Affordable
Of course, getting either a cashier’s check or money order and how much it’s going to cost you will typically depend on where you’re going to get it from, but generally, money orders are more affordable than cashier checks. At the time of writing, Walmart offers $0.88 for money orders up to $1,000, whereas a cashier check will be around $10.
4. Cashier’s Checks are More Secure
It’s a general fact when looking at the cashier’s checks vs money order comparison that cashier’s checks are a very safe way to transfer money, more so than money orders are. This is because cashier’s checks are traceable by the place you got it from and far safer than carrying cash around with you.
Money orders are fairly comparable to checks since you’ll write the purchaser’s name on it and once the order has been cashed, there’s no way you’re going to get your money back, which could be an issue if you experience fraud.
As you can see, there are both pros and cons to money orders and cashier’s checks, and which one you end up going for is completely up to you. We hope these tips helped and you’re able to make your next and upcoming transactions as safely, efficiently, and as securely as possible!