Payments are an inevitable part of our daily life. In order to assist in making payments, we have come up with different types of solutions over the years like credit cards, debit cards, and the latest way of transferring money through UPI payments.
But even though there are different methods of payment for us now, there is one kind of payment that everyone will have to make at one point in their life or another and it is Money Orders.
There are situations where the payment cannot be completed using your credit or debit card or any such methods and money order is the most reliable mode of payment in such situations.
While checks can also be used for such payments, what makes money orders preferable is the fact that they are a guaranteed mode of payment than a check and more dependable than cash or digital payment.
Money orders are usually used to close payments involving security deposits, bills, purchasing used vehicles, or even international money transfers.
How Does a Money Order Work?
Money Orders are one of the safest modes of payment when it comes to paying for things like used cars purchase, security deposits, or even international money transfers.
The payment is much safer than the common;y used to check the fact that a money order won’t bounce like a check as it is a pre-paid arrangement. Also, paying through money order helps to keep the confidentiality of your bank details which is often revealed to other parties while using other modes.
Money orders are not a complicated mode of payment and it is quite easy to carry out the payment using the method. Money orders can be purchased by anyone and the only condition in the purchase of a money order is that the person has the needed amount to fund the amount that is mentioned on the money order. It should also be noted that the person should be ready to pay any kinds of additional fees that are levied by the agency that they approach for the service.
Also, there are a few instructions that should be kept in mind if you are planning to buy a money order. In order to get a money order, the person should possess an identity card with a photo that is issued by the government and also should have a form of payment.
If these two conditions are fulfilled then the person can buy the money order from any place such as a bank or a credit card union. Money orders are also available in retailers like grocery stores, pharmacies, USPS post offices, and such places. Some financial institutions even have money order machines in place to aid people with the purchase of money orders.
While deciding to make a payment using a money order, it should also be kept in mind that there is usually a limit on the money order amount. As for the USPS offices, there is a limit for money orders which is usually around $1,000.
There is also a small fee that is associated with a money order at the time of purchase. This fee is not a fixed amount and it tends to change according to the issuer of the money order.
Buying money orders from any of the above-mentioned stores is also an easy process. The buyer should be specific about the amount from the money order and also should provide the needed information regarding the recipient.
After the money is paid to the issuer, the issuer will take the payment and print the money order for the paid amount. After that it is printed and given to you, the order can be used for the kind of payment that you intend for.
Another attractive feature of a money order that makes it popular is that, unlike checks, money orders do not have an expiration date. They are valid for a longer period than a check.
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What is CVS?
CVS is probably one of the largest pharmacy chains in the United States. The pharmacy business and money orders do not have a visible link between them, in a normal context but it should not be forgotten that money orders are also sold through pharmacies in the United States.
Being one of the largest pharmacy chains in the country with more than 10,000 stores all over the nation, CVS is also one of the biggest outlets that sell money orders. The CVS pharmacy is a sub-unit of CVS Health and it was founded in 2007. Through the article, you will be able to know and understand everything about CVS and money orders sold through the outlet.
Can We Buy Money Orders at CVS?
Money orders are sold through financial institutions like banks and credit unions but at the same time, they are also available through the USPS post offices and retailers like grocery stores or pharmacies.
CVS is the largest pharmacy chain in the United States.The chain has around 10,000 outlets all over the country and they have branches in around 3,300 cities, including all of the major cities in the country.
Along with the drugs sold through the pharmacy, people can also buy money orders from CVS. CVS has money orders available for purchase at almost every store owned by the company. The sale of money orders at CVS takes place through MoneyGram. It is a money transfer service provided and is regarded as a safe way to transfer money.
Another perk of buying money orders at CVS is the availability of it. Unlike most other stores, being a pharmacy, the majority outlet of the CVS is 24-hour shops where people can buy their needed commodity at any time.
So, if you need a money order, deciding to buy it from CVS makes sure you have access to one at any time. As for stores that do not function 24 hours, their normal timing starts around at almost 8 a.m. and they close around 10 p.m. While this is the general pattern of timing for almost every CVS store, there still can be a few variations.
It is also advised that you check the timing of the store that you wish to visit beforehand online, in order to be sure of the timing. You can also inquire about the timing of the store just simply by ringing up the store.
How To Find the CVS Outlets That Sell Money Orders?
The sale of Money orders at CVS takes place through MoneyGram. It is a popular financial service provider and the transfer of money through MoneyGram is regarded as one of the safest modes of payment.
But the question is, does every outlet of CVS sell money orders? Is there an easy way to find CVS outlets that sell money orders? The sad truth is that there are no exact ways to know it but there are ways through which you can get the answer to that question. One of the best ways to find the answer to that question is by using MoneyGram’s store locator.
The application asks for the details of your location like the address and the zip code of the area that you want to know the details; Once these details are provided, the map will pinpoint the CVS stores that sell money orders.
The problem with this technique is that as we are using a service provided by MoneyGram, the map will show all kinds of outlets that sell MoneyGram money orders. So if you are looking for a CVS store, you will need to find one from all the options that are shown on your device. CVS also has a similar store locator but the feature cannot be used for this particular purpose as it does not show the stores that sell money orders.
Buying Money Order at CVS
Just like any site that offers money orders for sale, it is also very easy to make a money order purchase at a CVS store. In order to purchase a money order, one has to find a CVS store that offers money orders and everything else can be completed in around 10 minutes.
The first thing that the buyer should have is a valid government-issued identification card with a photograph. The money order can be purchased after the identity card is checked and the amount for the money order is paid at the store.
The CVS stores provide the customer with two different ways through which they can complete the payment. The customer is free to accept the physical money order and make the payment by hand delivering the money order to the needed person or there is also a provision to complete the payment online. It is possible for the customer to send a direct money transfer to the recipient through MoneyGram.
Is There a Limit for CVS Money Orders?
As it was mentioned before, money orders do come with a limit. For example, the money orders that are available at the USPS post offices come with a limit of $1000. Likewise, the money orders sold through CVS outlets also come with a limit.
Generally, the limit of the money orders is $500. While there is a limit on the number of money orders, there is no regulation regarding the number of money orders that a person can purchase. SDo it is also possible for the customer to buy more than one money order if the amount that is to be transferred is greater than $500.
Does MoneyGram Collect an Additional Fee for Money Orders?
There is a small fee collected from the customer by MoneyGram for the service provided by them. According to the most recent information, the additional charge that a person has to pay for a CVS money order through MoneyGram is $1.25.
That is the amount that is to be paid for a single money order which means that the customer will have to pay multiple fees for additional money orders they purchase.
There are different ways to avoid this simple charge that is collected by MoneyGram. The major way to do that is to try and buy a money order from a bank or a credit union.
While some banks and credit unions charge a fee for the money order, the majority of these agencies do not charge anything for the money order. Even if they charge a fee, most agencies charge below the price that is mentioned above.
How To Track a CVS Money Order?
The transactions through money order from CVS takes place through the service of MoneyGram. So, it is possible to track the money order through the online tracker system provided by MoneyGram.
This system can be used to find out the location of your money order and it is easily accessible to anyone. The online tracker will ask for a little information regarding the money order like the reference number and the last name. So if you ever want to track the status of your money order, make sure you have the needed information beforehand.
Do Money Orders Get Expired?
This is one of the best qualities of money orders when compared to checks. Unlike checks, money orders do not expire after a certain period. But as they do not have an expiration date, there are additional complications that come with a money order.
As for the money orders from MoneyGram, the service provider collects a small amount as a service charge if the money order is not used for over a year. More information about the scheme can be understood from the ‘service charge’ section behind the money order.
How To Purchase a Money Order From CVS?
Buying a Money order from CVS is not a complicated task. Anyone can buy a money order from the store, provided that they meet a few regulations. Here is how one can easily buy a money order from a CVS store.
- Be ready with the money
If you are planning to get a money order, the most important thing that you should make sure about is the availability of cash. You should have the amount needed to settle your money order account from the issuer or if not, you should be sure that there is enough money in your debit account. If you are short on cash, the amount for the money order can be paid using a credit card or a debit card.
- Keep The Information of the Recipient Ready
So, if you are planning to get a money order, the details regarding the recipient also should be available to you for the smooth process of transferring the amount. The issuer can ask for details regarding the name, contact information, and mailing address of the recipient. You should also remember to double-check the filled details regarding the recipient.
- Enter Your Personal Details
Just like that of the recipient, the issuer can also ask for your personal information. As the person who sends the money order, you will be asked to sign at the front of the check and also will be asked for a description in the memo line. You should also check the details provided as they cannot be changed once the money order is sent out.
- Keep The Receipts Safe
After the procedure is complete, the issuer will hand over a receipt that contains the necessary details of the transfer. Make sure to keep those receipts safe at least until; the transaction is completed successfully.
In case the transaction faces any inconvenience of failure, it is the receipts that can provide the proof of the transfer and also some needed information like the reference number. So make sure to keep the receipts safe.
Throughout the article, we have listed almost all aspects of CVS money orders and everything that you need to know about them for a smooth and easy transaction. The following details also compare the pros and cons of getting a money order, which will help you take an effective decision if you ever come across confusion regarding choosing a payment mode.
Pros and Cons of Money Orders
We will start by talking about the pros of this payment mode, which is listed below.
Pros
- Easy
The availability of money orders makes it one of the easiest modes of payment. A money order can be purchased from financial institutions like banks and credit unions or retailers like grocery stores, pharmacies, and convenience stores.
Bank Account is Not Necessary
Another important aspect of money orders is that there is no necessity for a bank account for the person to transfer money. A Bank account is a criterion that is needed for almost all types of financial transactions but money orders can be used to transfer money by people who do not have a bank account too. In order to make payment using a money order, all you need to have is a government-issued identity card.
- Traceable Transfer
The status of the money order can be traced by the sender very easily using a reference number that is provided by the money order issuer. As it is easily traceable, people can know whether they have made it to the recipient safely and on time.
- International
As effectively they work domestically, money orders can also be used to send money safely internationally.
- Security
Unlike checks, money orders have a guarantee over their payment and the recipient will definitely receive the money. They also do not reveal any kind of personal information to a third party during the whole process.
Now, here are a few drawbacks of Money Orders
Cons
- They come with a Limit
Money orders have a maximum limit in terms of money that can be sent through them. So, it will be inconvenient if you plan to send a large amount through money orders. While there is no limit on the number of money orders that a person can buy, it also comes with an additional charge depending on the issuer.
- Additional Fee
Money order comes with an additional fee, which makes it more expensive than other methods like cash or check. Some financial service providers also charge an additional amount if the money order is not cashed within a limited period.
Frequently Asked Questions
- Can I buy money orders from CVS?
Yes. Money orders are available at CVS and you can buy them if you have enough money and a government-issued identity card with a photograph.
- Can I use a credit card to pay for a money order at CVS?
CVS generally does not accept credit cards for their money order payments as a credit card is not a guaranteed form of money. Paying in cash or using a debit card is more convenient.
- Is a bank account needed to get a money order?
No. A person does not need to have a bank account in order to get a money order but they should have a valid identity card with their photograph on it, which is issued by the government.
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