Although the modern financial landscape has seemingly undervalued this payment system, a money order still has a lot of value in the modern world. Indeed, they differ greatly from traditional cash or checks but are still very much viable. With many uncertain parameters connected to this form of payment, we break down if you can buy a money order with a gift card.
Although this payment method is certainly decreasing in popularity, its usage sports some notable benefits. The payment option is a lot like checks, in that they are filled out similarly. However, they provide far more security than checks and are more specific to use for a transaction than a cash option.
However, within modern finance, the use of gift cards has increased exponentially. Indeed, many financial institutions provide location vague options that allow funds to be spent at several different locations.
So, let’s explore a little more than there is to know about the money order and its place in the modern finance world. Additionally, we will answer some questions regarding whether or not you can buy a money order with a gift card.
What is a Money Order?
Also Read: Can You Mobile Deposit a Money Order?
Now, before we answer if you can buy money orders with a gift card, it is important to first discuss a little bit more about the payment option. Although it is certainly similar to other payment methods, it has a few distinctions. Moreover, these differences are crucial in the use of the order.
A money order is a lot like a traditional check, although it is prepaid. Moreover, what this means is that the transaction is more secure because the money order is less likely to bounce than the traditional check would be. However, the order is still more specific than cash and can be paid out to a specific entity or individual.
These documents are also more difficult to obtain than a traditional check. Specifically, although many people have checkbooks with blank checks within, that is not a possibility with money orders. Indeed, these orders are issued by a bank that authorizes the paid amount. That means that issuers are required, and you need to access a location where these orders are offered.
This kind of option is perfect for rather large purchases that are made, but cannot be made with a card. It allows the purchaser to have the funds without having to carry an abundance of cash. Moreover, it allows the recipient to ensure that they have the funds pre-parid, as opposed to the potential for traditional checks to bounce.
Can You Buy a Money Order With a Gift Card?
Also Read: Does 7/11 Do Money Orders?
Now that we know a little bit more about money orders, can you buy them with a gift card? Well, the answer to that is a yes. However, there are still things to remember when wanting to purchase a money order while using a gift card as the source of funds.
If you are seeking to buy a money order with a gift card, you will have to narrow down the purchase location. Specifically, only certain places accept this kind of payment. Moreover, it is also important to remember that only select kids of gift cards apply. You are unable to use a store gift card for such a purchase.
Conversely, you can buy the order using a pin-based or pre-paid gift card issued by MasterCard or Visa. These operate differently than gift cards that you would find for a retail location or anything of the like. Subsequently, the issuers of the order will likely be able to utilize the appropriate gift cards as debit transactions.
For any money order, you can pay with a credit card. Subsequently, you can typically only fund them using either a debit card or cash. However, because gift cards are prepaid, they often operate within the system with the same functionalities as a debit card.
Where to Buy Money Orders?
Also Read: How Long Do Money Orders Last?
Now that we know more about money orders, and if you can buy them with a gift card, it is important to break down where you can find them. As previously mentioned, you can only be issued a money order. Therefore, there are only a select few places that issue these orders. Luckily, these places are plentiful across the country.
Firstly, a lot of contemporary banks do issue money orders. Indeed, one of the most popular options is someone like Western Union. Moreover, what makes them such a primary option for many consumers is because of their various partnerships. Specifically, Western Union utilizes retail stores to help issue these orders. Therefore, people who seek to purchase money orders can do so at these partner locations.
Among the Western Union partners include places like Dollar General and Walmart. Therefore, you can get access to a money order through these places, and because they have so many locations, it makes the tracking down of such orders much simpler.
Additionally, you can purchase money orders at any United States Post Office location. This is the preferred option for many seeking such an order because of the lack of fees that the post office charges. Specifically, they offer up to $500 for $1.45 and have more than 31,000 locations in the United States.
More options for money order purchases are places like 7/11 and Rite Aide. These convenience stores provide financial services that include these orders. However, it is vital to remember that a lot of these locations may not accept money order payments in gift cards.
Things to Remember
altogether, it is important to remember that these kinds of things change consistently. Therefore, always inquire about the location where you are seeking to make the money order purchase. Specifically, note the desired payment method, and ensure that they do honor that.
Moreover, it is vital to keep track of various fees that could be incurred when purchasing these orders. The price will differ based on things like location, and amount being sent. Indeed, places like WalMart may charge fees that are completely different from a Western Union location.
Finally, be sure to be aware of any limits that may incur on money orders placed. For most, the limit on the amount you can send in one money order is $1,000. That may change depending on where the order is placed, but that figure is consistently found at various locations.
Ultimately, it is important to be well-studied before purchasing a money order. Whether that be the payment method, the limits you will confront, or the fees that will be directed toward you. These kinds of things occur at every location but differ in various ways.