Bank of America is the second-largest banking institution in the United States and offers many services to its customers, including money transfers, wealth management, bill pay, and more.
Money orders are one of the most prominent types of money transfers because they simplify sending money internationally in amounts less than $1,000.
Since Bank of America does not provide money order services, Bank of America branches help make sending money for its customers convenient through other secure methods.
Does Bank of America Do Money Orders?
Bank of America does not offer money orders, but there are many retailers, banks, and storefronts that do including United States Postal Service (USPS) branches, Walmart, MoneyGram, Western Union, Kroger, Wells Fargo, Chase, and Citibank.
The cost of a money order is usually around $0 – $5, with banks charging the highest amounts.
Some have wondered why a banking institution like Bank of America does not offer money order services in addition to other sending options like cashier’s checks and wire transfers.
Why Doesn’t Bank of America Do Money Orders?
Bank of America branches prefer to offer other types of money transfers to customers like cashier’s checks, which can be used to send larger amounts of money—$1000 at minimum. Cashier’s checks are more secure than money orders, but they can cost up to $15 and you must be a Bank of America account holder.
Bank of America offers other money transfer options, but none are as useful as money orders are for sending money internationally. Since it’s such a large banking institution, many assume that money orders would be a commonplace service at Bank of America, but they are not.
Has Bank of America Ever Offered Money Orders Before?
Most banks, including Bank of America, have offered money order services in the past to customers since, before there were digital transfer options, they were once a popular way to send money. Banks saw the value in allowing customers to transfer money nationwide to other family members or vendors selling items through catalogs.
Money orders have historically been the safe alternative to mailing cash or checks since the recipient of a money order could be assured that the value listed on the paper was the amount they could cash it in for at a participating bank.
Bank of America still sees the value in facilitating transfers of money, but they now offer faster, safer alternatives to money orders through digital money transfers.
Does Bank of America Do Money Transfer?
Bank of America offers multiple types of money transfer services that allow individuals and businesses to send money from one bank account to another. Even if the recipient does not have a Bank of America account, you can still transfer money to that account.
Here’s some ways you can transfer money using a Bank of America account:
- Deposit cash at a Bank of America branch: Free, but you need the account number and exact name on the account
- Money transfer app: Use app like PayPal, Venmo, or Zelle (Note: one or more accounts can be unaffiliated with Bank of America). They are free, but you need the account number and exact name on the account
- Get a cashier’s check: $15, but requires a Bank of America account
- Send a wire transfer: $15 to send; $30 to receive
Transferring money with Bank of America costs more than purchasing a money order does elsewhere. Bank of America’s alternative to money orders (a cashier’s check) makes it difficult to send money internationally and requires that the sender has a Bank of America account.
Are There Any Money Order Alternatives at Bank of America?
Bank of America offers cashier’s checks as the main alternative to money orders. Cashier’s checks cost $15 and are difficult to send internationally due to the cost of cashing the check in another currency at a foreign banking institution.
You may be able to reduce the $15 cost of a cashier’s check at Bank of America if you have a Preferred Rewards account there, but there are many other places that offer more cost-efficient and reliable money order services.
What Other Places Offer Money Orders?
Though Bank of America does not do money orders, you can buy and cash money orders at many other stores, agencies, and banks throughout the United States. The cost of a money order ranges from $0 – $5, with the United States Postal Service (USPS) and Walmart charging the least and banking institutions charging the most.
Here’s a list of stores and banks where you can get a money order:
- United States Postal Service (USPS)
- Walmart MoneyCenter
- Western Union
- Wells Fargo
Cash, check, or debit cards are accepted as payment to buy a money order at the above institutions. Credit cards are rarely accepted.
Can I Buy a Money Order at Bank of America?
You cannot buy a money order at any Bank of America location. As an alternative, Bank of America offers cashier’s checks for $15 to its account holders, along with other money transfer options like wire transfers and account-to-account transfers.
The least expensive places to buy a money order are the United States Postal Service (USPS) and Walmart MoneyCenter. Both of these vendors charge fees of $0 – $2 and offer more reliable options for sending money abroad than Bank of America does.
Related: Does Bank of America Support Zelle?
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.