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Money orders may seem old-fashioned, but they're a secure way to transfer money, especially if you have to put it in the mail. They help sellers feel confident in the security of a transaction, and many sellers prefer them over personal checks. Payment is guaranteed with a money order, and you can purchase them in many locations, increasing convenience. Learn your money order basics, here.

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1. What Is a Money Order?

A money order is a financial piece of paper similar to a check, but you don't need a checking account to get one. Think of it as a cashier's check that you can buy in places other than a bank. When you purchase one, you typically pay for it with cash. It is valid for the amount printed on it, and you should protect it the way you would cash.

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