A money order is a very traditional but simple way to pay. They can be thought of as a substitute for cheques, but unlike cheques, they cannot bounce.
Money orders are a type of paper payment guarantee that can be purchased with cash, credit, or debit cards. Nowadays, you can buy a money order at practically any retail establishment. There are, however, several banks that issue money orders.
Truist Bank or Truist Financial Corporations is an American bank that resulted in a merger between BB&T and SunTrust Banks. Truist Bank specializes in commercial banking, asset management, and mortgages. Moreover, it has over 2,700+ branches in over 15 states in the country.
However, does Truist Bank do money orders? We will find that out next.
Does Truist Bank Do Money Orders?
Unfortunately, as of 2022, Truist Bank doesn’t do money orders. However, it does accept money orders. Alternatively, you can visit retail stores that support MoneyGram or Western Union. These stores will cost you around $1-$4 and you can pay with cash, credit, and debit cards.
You can even try some big retail outlets like Walmart and Safeway which charge extremely low exchange fees of under $1.
But why don’t Truist Bank do money orders? Let’s find out.
Why Don’t Truist Bank Do Money Orders?
Instead of a money order, Truist Bank offers a cashier’s check. A cashier’s check is essentially identical to a money order in terms of payment, and it is almost instant and guaranteed.
A cashier’s check, unlike a money order, can be used for transactions over $1,000, but you must have a bank account to purchase one.
Truist Bank is one of the many banks that prefer cashier’s cheques to money orders.
Has Truist Bank Ever Offered Money Orders Before?
Truist Bank has not offered money orders before. And since they have an alternative to money orders, i.e., cashier’s cheques, it’s quite possible that they won’t do money orders in the future.
Also, they don’t do money orders but they do accept one. You can easily get your money orders cashed at any Truist Bank branch.
However, before the merger of BB&T and SunTrust Banks, SunTrust banks offered money orders to its customers. They charged a fee of $5 for normal customers and free for premium customers.
So, if Truist Bank doesn’t offer money orders, do they do money transfers?
Does Truist Bank Do Money Transfer?
There are numerous ways in which you can transfer money from your Truist Bank account. We have listed them below.
- You can transfer funds electronically from one Truist Bank account to the other instantly. However, transfer to other bank accounts may take up to 2-3 business days.
- You can even opt for a cahier’s cheque which is a brilliant alternative for a money order. However, it will cost you an additional $10 as an exchange fee.
Truist Bank even offers international wire transfer options. However, such transfers would be subjected to a fee of $65 (for BB&T account holders) and $50 (for SunTrust account holders) or even more (depending on the transaction).
So, now that we know that Truist Bank does money transfers, are there any money order alternatives available?
Are There any Money Orders Alternatives at Truist Bank?
Truist Bank does offer cashier’s checks for a $10 exchange fee. Furthermore, cashier’s cheques have no upper limit.
So, a cashier’s check is the ideal alternative to a money order. Your bank backs a cashier’s cheque, and the payment is almost instant. This occurs as a result of the payment being deducted from your bank account.
Wire transfers are another option. However, this can take up to 24 hours, and in extreme cases, up to 2-3 days (in case of international transfers).
Next, let’s find out what other places offer money orders.
What Other Places Offer Money Orders?
You can get money orders at any convenience stores, retail stores, pharmacies, supermarkets, and many more. Some places that sell money orders include:
- United States Post Office
- 7 Eleven
- Any local bank
You can even walk into any store that provides MoneyGram or Western Union services. Money orders from these locations are very cheap and usually cost between $1-$5.
Also, you must note that even if these retail stores do offer money orders, some of them might not cash them for you.
Can I Buy a Money Order at Truist Bank?
Truist Bank does not do money orders. However, you can opt for other money order alternatives like cashier’s cheques or even wire transfers which don’t require additional fees.
However, if you need a money order, you can visit any supermarkets, convenience stores, pharmacies, or retail outlets. They will charge you around $1-$5 depending on the service.
You can even reach out to banks like Wells Fargo and Citibank and offer money orders for a minimal fee of $5.
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.