Can You Write a Money Order to Yourself?

Money orders are a secure, prepaid paper payment method. Yes, you can generally write a money order to yourself. This article explains the process, including how to complete the money order and access the funds.

Understanding Money Orders and Payees

A money order is a prepaid financial instrument that provides a guaranteed method of payment. Unlike a personal check, the funds are paid upfront by the purchaser, making it a reliable form of payment that cannot bounce. Money orders are often used when cash is not advisable and a personal check is not accepted.

The process involves two main parties: the “purchaser” who buys the money order, and the “payee” who is the intended recipient. You can name yourself as the payee on a money order. This is often done for secure money transfers, such as sending funds to yourself in a different location, or for depositing cash into an account without a local bank branch.

Money orders can be purchased at various locations, including United States Post Offices, many banks and credit unions, and numerous retail stores like Walmart. Fees typically range from under a dollar to around $5, with post offices and large retailers often offering lower fees. Most money orders have a maximum value limit, commonly around $1,000, meaning multiple money orders may be needed for larger amounts.

Completing a Money Order for Personal Use

When filling out a money order to yourself, use a black or blue pen and print clearly. The money order will have distinct fields for the purchaser’s information and the payee’s information.

On the line labeled “Pay to the order of” or “Pay to,” write your own name as the payee. Your name and address should also be entered in the section designated for the “purchaser” or “sender.” The memo line, while optional, can be used for your own reference, such as “personal deposit.” You must sign the money order in the “purchaser’s signature” section to validate it.

After completing the money order, detach and keep the receipt or stub. This receipt contains important tracking information needed if the money order is lost or if you need to verify its status.

Accessing Funds from Your Money Order

Once you have completed the money order with yourself as the payee, you can convert it into cash or deposit it. Endorse the money order by signing your name on the back, generally waiting until you are at the location where you will cash or deposit it.

You can typically cash a money order at the location where it was issued, such as a post office for USPS money orders, or a specific retail location for MoneyGram or Western Union money orders. Many banks and credit unions will also cash money orders, especially if you have an account there. When cashing, present a valid government-issued photo identification, such as a driver’s license or passport, to verify your identity.

If depositing, you can deposit the money order into your bank account just as you would a check, either at a branch, through an ATM, or via mobile deposit if your bank supports it. Depositing into your own bank account often incurs no fees, whereas cashing at some retail locations or banks where you do not have an account might involve a small fee. Deposit or cash the money order promptly.

Other Methods for Moving Your Own Money

While self-addressed money orders offer a secure way to transfer funds, other methods might be more convenient. Bank transfers, such as ACH transfers or wire transfers, allow for electronic movement of funds directly between bank accounts. Wire transfers are generally faster, often completing within hours, and are suitable for larger amounts, though they typically incur higher fees, with domestic wire transfer sending fees averaging around $25.

Cashier’s checks, issued by a bank or credit union from their own funds, provide another guaranteed payment option, commonly used for significant transactions like vehicle purchases. Digital payment applications, including services like PayPal, Venmo, and Zelle, enable instant person-to-person transfers using linked bank accounts or credit cards. Transferring funds from the app to a bank account may take a few days unless a fee is paid for instant access. These digital options often provide a faster and more accessible alternative to paper-based methods.