How to Transfer Money from a Money Order: Step-by-Step Guide
Learn how to transfer money from a money order easily by endorsing and cashing or depositing it at banks or check-cashing stores. ID may be required.
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To transfer money from a money order, first endorse the back of the money order by signing it. Then, take it to a location that cashes money orders (like a bank, credit union, or check-cashing store). Deposit the money order into your account, or cash it if you prefer immediate funds. Some institutions may require ID for the transaction. Fees might apply, especially if you’re not a customer of the institution cashing the money order.
FAQs & Answers
- Can I transfer money from a money order to another person? Generally, money orders are payable to a specific individual, and transferring them to another person involves endorsing it and allowing the new payee to cash or deposit it. However, policies vary by institution.
- Are there fees for cashing a money order? Fees may apply when cashing a money order, especially if you use a check-cashing store or are not a customer of the bank or credit union cashing it.
- What identification is required to cash a money order? Most institutions require a valid government-issued ID, such as a driver’s license or passport, to verify your identity when cashing a money order.