There are two main differences between the two. The first one is going to be the cost. Do remember that money orders will require you to spend a bit of money. You just need to spend a few dollars though. When you say “cashier’s check,” this does not require you to spend any money.
The thing here is that when you get a money order, the person who will have the check does not need to have a bank account but someone who would get a cashier’s check would definitely need it. A cashier’s check is also issued only by the bank and cannot be bought legally.
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Answered May 19, 2020
A money order is a form of payment method in which the full payment is made upfront instead of withdrawing it when the recipient’s cash it. This method is the reason why it is said to be a safer payment option as compared to having a checkbook that has personal information in it. The maximum limit of the money order is generally a thousand dollars. There is a minuscule amount that is charged on a couple of dollars to make a purchase.
There are different establishments where this type of payment is available such as gas station retailers and post offices and convenience stores. A cashier’s check, on the other hand, works the same way as a money order, except the financial institutions only provide them. Just like money order, as with a cashier’s check, the payment is received upfront, and the bank secures the funds.