In most cases, this time frame is several years from the date that it was first issued. However, companies like MoneyGram and Western Union may charge a carrying cost against the value of the money order if it is not cashed within a specific time frame. In other words, money orders are similar to cash while personal checks are a future debit. The main difference between money orders and personal checks is that a money order is paid for in cash at the time of issue while a personal check draws against a bank account at the time of deposit. Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available: Money Orders vs Personal Checks Do You Want Our Free Non-Resident Banking Guide? This ensures that any problems can be swiftly resolved. That said, it is best to cash a money order near the time of issue. In fact, while certain companies may charge a carrying fee for uncashed money orders after several years, generally they do not expire. Money orders continue to be good until they are cashed by the recipient. If you are looking for banking solutions, you can also get started with our free banking articles, ranging from topics like US bank account for foreigners and much more by clicking here.įeel free to use the table of contents to jump ahead to the sections most relevant to you. However, there are some important nuances you need to consider, which we’ll discuss below.Īnd, depending on the company that issues the money order, you may face fees if you leave a money order uncashed for a long period of time. The short answer is that most money orders do not expire. In this article, we’re answering “how long are money orders good for?”
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |