With the popularity of financial apps like Venmo, Cash, and countless others, there are more ways than ever to send and receive money. But not everyone is comfortable with or able to use these apps. And sometimes, the parties conducting the transaction prefer more traditional financial tools. Let’s look at these often-misunderstood financial products and how you might use them.

Cashier’s Check

A cashier’s check is a form of payment issued by a bank or credit union to a third party at the request of a customer.  The customer pays the financial institution the full face value of the check plus a service fee (usually no more than $15).

These checks are considered more secure, because they are backed by the financial institution’s funds, rather than the payer’s. They also clear more quickly than personal checks; usually in just one day rather than three-four days.

Many larger financial transactions, such as making a down payment on a vehicle, paying earnest money on a home, or making a security deposit on an apartment, require the payment by cashier’s check.

Certified Check

A certified check is similar to a cashier’s check, in that it is a form of payment guaranteed by a financial institution. But there’s one key difference. A certified check draws on the payer’s own funds, while a cashier’s check draws from the bank or credit union’s funds.

When you request a certified check, the teller will verify the amount of the check is available in your account. They will earmark those funds, thus guaranteeing the money will be available to the payee when they submit the check. You will write the check in the teller’s presence, and they will stamp it as ‘certified.’ There is usually a small service fee for getting a certified check. Ask your bank or credit union for details.

Money Order

Money orders are another form of guaranteed payment. However, unlike cashier’s or certified checks, a consumer doesn’t need a bank account to use them. In fact, those who are unbanked often use money orders to pay for rent, utilities, and other bills since they can’t write checks or easily transfer funds electronically.

You can purchase money orders at post offices, some banks, certain retailers — like many big-box stores — and check-cashing stores. You may pay for money orders using cash, a debit card or travelers checks. There is generally a small fee (less than $5) to purchase a money order. You can use money orders to pay bills and send them through the mail, just like paper checks; or use them to make in-person payments. You may aslo send money orders internationally. Be sure to keep the receipt each time you purchase money orders in case they are lost or stolen.

If you receive a money order as payment, you can cash it or deposit it into a bank account.

Traveler’s Checks

Once a staple of family vacations and very convincing TV commercials, traveler’s checks have largely been replaced by the widespread use of debit and credit cards when traveling. But even if you don’t hear much about them, traveler’s checks still exist and serve a purpose. The key benefit of traveler’s checks is that they can be replaced if lost or stolen, so they are safer than carrying large amounts of cash.

Traveler’s checks can be useful when you’re traveling internationally — especially if you’ll be in places where there aren’t many ATMs, if you’re traveling in areas with known safety issues, or just to have back-up in case your debit or credit cards are lost or stolen.

American Express and some banks still offer traveler’s checks (sometimes spelled “cheques”) for purchase. Once purchased, you sign all the checks once, then sign them a second time when you used them. Some merchants may not be familiar with accepting traveler’s checks, but any bank will cash them for you. This allows you a safe, secure and convenient way to acquire local currency when traveling internationally.