Financial Literacy Series: Money Orders vs. Money Transfers

When you do not want to pass along cash, but need to take care of a financial transaction, then a money order or money transfer is your best bet. Both of these options are safe and easy ways to get your money moving to wherever it needs to go – whether it is to pay off a bill or help out a loved one who lives in another state. Here we take a look at the similarities and differences between money orders and money transfers. No matter which one you choose, our team at Cash2Go can assist you and answer your questions.

Money Orders Take Care of Business

Among the key money services that we offer at many Cash2Go locations is the issuing of money orders. These are a great way to move a large amount of money safely and securely, especially if you do not have a checking or savings account with a bank. A money order is a paper document that can be used as a form of payment. A plus of a money order instead of a check is that the person or business you are paying knows that the money is good to go. You cannot be given a money order without having the money on hand, while a check will have to clear a bank. 

At our currency exchange centers that are within our locations, you can not only be issued a money order, but also receive one from someone else. These are issued without a typical large fee from your bank. Money orders continue to be a quick, dependable and safe way to put your money to work for you.

Money Transfers Zip Your Funds Where They Need to Go

On the other hand, a money transfer is done electronically, and they can promptly move your money to the desired destination quickly – often within minutes. An agent takes care of this task for you for a small fee, and our team works with both Western Union and MoneyGram. Western Union has many locations across the country and you can send or receive money from them at our locations. MoneyGram works to a person, bank account or digital wallet as a money transfer service with more options. 

Both money orders and money transfers allow you to keep track of your money as they both leave a record of your payment. For both, you will need the amount of cash, a photo ID and basic personal information and our team will take care of the rest of the transaction.

Our Team Helps With All of Your Money Needs

At Cash2Go, we do way more than just money orders and transfers. Stop in at one of our many locations for a prepaid debit card, gift card exchange, utility payments, foreign currency exchange, electronic bill pay and notary services. We can address your questions at any time through our online contact form.