How Much Does a Money Order Cost at 7-Eleven?

How Much Does a Money Order Cost at 7-Eleven?

If you need to send money to someone but don't have a bank account or prefer not to use electronic transfers, a money order can be a good option. Money orders are widely accepted and can be purchased at many locations, including convenience stores like 7-Eleven. But how much does a money order cost at 7-Eleven, and what do you need to know before buying one?

Cost of Money Orders at 7-Eleven

The cost of a money order at 7-Eleven can vary depending on the amount you need to send. As of 2021, the fees for money orders purchased at 7-Eleven are as follows:

- For money orders up to $500, the fee is $0.99.

- For money orders between $500.01 and $1,000, the fee is $1.99.

Note that these fees are in addition to the face value of the money order, which is the amount of money you want to send. For example, if you want to send $300 to someone, you'll need to pay $0.99 for the money order, plus the $300 face value.

How to Buy a Money Order at 7-Eleven

Buying a money order at 7-Eleven is a relatively simple process. Here's what you need to do:

1. Bring cash or a debit card with you to the store.

2. Ask the cashier for a money order and specify the amount you want to send.

3. Pay the fee for the money order, as well as the face value of the money order.

4. Fill out the money order with the recipient's name and address.

5. Keep the receipt as proof of purchase.

It's important to note that money orders are non-refundable, so make sure you double-check the recipient's information before purchasing one.

Alternatives to Money Orders

While money orders can be a convenient way to send money, they're not always the best option. If you have a bank account, you might be able to use free or low-cost electronic transfers, such as ACH transfers or wire transfers. These methods are generally faster than money orders and don't come with the risk of loss or theft.

If you don't have a bank account, you might consider using a prepaid debit card to send money. Many prepaid cards allow you to send and receive money, and some even come with features like direct deposit and ATM access. Just be sure to read the terms and conditions carefully, as some prepaid cards can come with high fees.

Investment Tips

Sending money to someone else is an important financial decision, and it's important to make sure you're using the most cost-effective and secure method. If you're looking to invest your money instead of sending it away, consider doing your research and finding a reputable brokerage firm. With the right investments and a solid long-term strategy, you can grow your wealth over time and achieve your financial goals.