A money order is a convenient way to pay. Money orders are a paper/document type of payment that is nearly identical to cheques.
Money orders, on the other hand, unlike checks, provide a guaranteed means of payment because they cannot bounce. Furthermore, money orders can be purchased with cash or debit cards.
The simplest way to obtain money orders is to visit a retail store; however, practically all banks offer this service in exchange for a small fee.
Citibank is the subsidiary of the consumer division of Citi Group and was founded in 1812 in New York. Later, it grew to become one of the most popular banks across the United States with 723 branches across the country.
Does Citibank Do Money Orders?
Citibank offers money orders in addition to day-to-day banking solutions. While the fee for a standard checking account is $5, the fee for a priority account is free. There is no upper limit to a money order and you can purchase it at any Citibank bank branch.
Citibank offers around 700+ branches in the United States from which you can choose any for your money order. You may find your nearest Citibank branch by visiting their website.
Next, let’s look at the cost of Citibank money orders.
How Much Does Citibank Money Order Cost?
So, on average, a Citibank money order costs $5. However, the costs vary depending on your account type. Hence, we have mentioned a table below where you can check the cost.
|Citi Priority Account||$0|
When compared to retail businesses like Walmart, which offers money orders for as little as 88 cents, these prices appear exorbitant.
However, if you go to the USPS or a Western Union location, you will be charged $1-5. Furthermore, this cost may differ from one place to the next.
As a result, we recommend that you thoroughly examine the money order charge before going directly to the banking branch.
Are there any limits on Citibank Money Orders? Let’s find out.
Are There Limits On Citibank Money Orders?
So, there have recently been some IRS re-regulations surrounding money orders. As a result, for Citibank customers, the maximum limit for domestic and international money orders is $1,000 and $700, respectively.
Citibank, on the other hand, allows you to acquire an unlimited amount of money orders. There is no specified maximum. Furthermore, the fee ranges from $0 to $5, depending on the type of checking account.
If you require more than $1,000 worth of money orders, say $2,000, you will need to acquire $1,000 worth of two money orders.
Furthermore, according to the IRS, if a business receives money orders totaling $10,000 (multiple money orders), the bank is required to report it to the IRS.
So, how do you buy a money order at Citibank?
How Do I Buy A Money Order At Citibank?
Money orders can be purchased at a variety of sites. You can obtain it at Citibank bank branches, the post office, or retail and supermarket establishments that offer Western Union or MoneyGram services.
To fill out a money order, follow these steps:
- Fill out the recipient’s name and address. This information should be filled into the “pay to” section. This you should do immediately as in case of a stolen money order, someone can easily cash it.
- Next fill in your name and address. Usually, this section is labeled as “purchaser” or “sender.”
- You can also fill in some important info in the memo line. This can include an important note or an account number.
- Lastly, sign the money order (in the front). You should sign where it says “purchaser’s signature”. Do not sign the back of the money order unless it’s to yourself.
If you purchase the money order from a store, you can pay with cash or a debit card. However, if you buy the money order through a Citibank bank branch, the amount would be deducted from your checking account.
So, now that you have bought a money order, how can you track it?
How To Track Citibank Money Order?
So, there are 2 methods to track a Citibank money order. This depends on the purchase procedure.
If you have purchased the money order from a Citibank bank branch, then you just need to submit a form at the helpdesk to know the status.
However, if you have purchased from any retail or convenience store with Western Union or MoneyGram support, you can do either of the three:
- Submit an Online Form. For MoneyGram: link, and for Western Union: link.
- Call the Customer Care. For MoneyGram: 1-800-926-9400, and for Western Union: 1-800-999-9660.
- Or, you can visit the nearest MoneyGram or Western Union location.
Also, keep in mind that Western Union can charge up to $15 as administrative fees.
But, does Citibank sell international money orders?
Does Citibank Sell International Money Orders?
International money orders are available through Citibank. Any of their branches can provide you with an international money order.
However, there is a $700 limit per money order, and the tracking procedure is the same.
Now, let’s see how you can cash your money orders.
Do Citibank Cash Money Orders?
Citibank money orders can be cashed at any branch or via the Citi mobile app. You can also deposit the money order into your bank account.
However, once you get to the bank, make sure you sign the back of your money order and bring a valid ID with you.
In the case of a dormant money order, there would also be a transaction fee.
Now, let’s see how you can refund your Citibank money orders.
Can You Get Your Citibank Money Orders Refunded?
Citibank money orders can be refunded until they are cashed or deposited. You can also do it at any branch location.
All you have to do is bring your money order and submit a refund/replacement/cancellation form at any bank branch. The procedure is time-consuming and is subject to administrative expenses.
Also, if someone else cashed out your money order, you can report it to the bank or the authorities with the necessary documentation.
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.