Name: MoneyGram
Brand: MoneyGram
SKU: moneygram

Last Updated on December, 2024

Are you looking for a reliable way to send money? With convenient options, secure transactions, and vast global networks, Moneygram ensures your funds reach their destination swiftly.

What sets it apart? Various payment methods and the convenience of sending money directly to the recipient’s bank.

Keep reading to discover how Moneygram simplifies your financial transactions.

Contents

MoneyGram Review
- Key Features
- Overview
About MoneyGram
How Does MoneyGram Work?
How Can I Create an Account for MoneyGram?
Is MoneyGram Safe to Use?
MoneyGram Customer Support
Countries Where MoneyGram is Available in
How to Send Money Online Using MoneyGram?
How to Receive Funds From MoneyGram?
Transfer Limits in MoneyGram
Payment Methods Supported in MoneyGram
- Payment Methods By Country
What is the Duration for an International Transfer With MoneyGram?
- Debit or Credit Card Payment
- Bank Transfer
MoneyGram Fees
MoneyGram Exchange Rates
MoneyGram Customer Reviews in Trustpilot
- Overall Rating
- Individual Reviews
MoneyGram Alternatives
MoneyGram Pros & Cons
Conclusion
FAQs

MoneyGram Review

Key Features

Moneygram owns a vast network with 350,000 agent locations in over 200 countries.
Make an international money transfer using various methods, including credit cards, debit cards, bank accounts, or cash.
Moneygram is one of the most trusted names in the money transfer industry.
Moneygram allows direct transfers to Visa debit cards in the United States.
Cash transfers are typically available within minutes, offering swift access to funds.
With agent locations in grocery stores and small shops worldwide, MoneyGram offers widespread accessibility.

Overview

a screenshot of the moneygram website homepage

If you’re considering MoneyGram, it’s a trusted name in the money transfer industry, with a vast network of 350,000 agent locations across more than 200 countries.

However, be prepared for higher fees and more considerable exchange rate markup than most money transfer services. To the convenience of funding, MoneyGram locations in grocery stores and small shops may come at a cost.

Still, it excels in providing quick transfers, especially for cash transactions, and allows direct transfers to Visa debit cards in the U.S. Despite its reputation, it’s advisable to compare MoneyGram’s costs with other options to ensure you’re making the most cost-effective choice for your transfer needs.

Or there’s another alternative! Consider using Wise for your international money transfers. With transparent fees and real exchange rates, you’ll always know what you’re paying and get more value for your money. It’s the smart choice for hassle-free and cost-effective transfers.

About MoneyGram

MoneyGram has a rich history dating back to 1940. As it exists today, the company was formed through the merger of Travelers Express and Integrated Payment Systems in 1998. It went public in 2004, but it is no longer publicly traded.

In 2017, MoneyGram underwent a significant development when the Ant Financial Services Group, the Chinese e-commerce giant Alibaba, acquired it. Ant Financial was valued at $60 billion at the time of accomplishment.

How Does MoneyGram Work?

a screenshot of the moneygram for business

Sending money with MoneyGram is a more straightforward process than other money transfer companies.

Here’s how it works:

Account setup: Visit MoneyGram and open a free account. Provide your phone number and email address, and create a secure password.
Recipient information: Enter your recipient’s contact information, and specify the country where you want to send money.
Transaction details: Indicate the amount of money you prefer to send and choose your preferred payment option. You can use a bank account, credit, or bank card in the United States. In Canada, funding options include Interac, credit card, or debit card. In other countries, credit or debit card payments are accepted. Cash payments are also possible at agent locations.
Payment processing: MoneyGram processes your payment and sends the money to the recipient.
Transfer time: Some transfers can be processed in just minutes, providing a quick and efficient way to send money.

Following these steps, you can easily use MoneyGram to send money to your desired recipient.

How Can I Create an Account for MoneyGram?

a screenshot of the benefits of moneygram

Creating an account with MoneyGram is also an easy process.

Here’s a step-by-step guide:

Visit MoneyGram online: Go to the MoneyGram website or download the MoneyGram app.
Initiate the registrations: Click or tap the ‘Sign up’ option.
Provide your information: Follow the guidelines on that page to enter your name, email, and phone number.
Choose a secure password: Select one you can easily remember for future logins.
Verification and confirmation: Check the information you’ve entered, confirm it, and you’re done with the registration process.

Note: Even if you have an online account, if you’re sending money in person with MoneyGram, you may still be required to present your I.D. This additional step ensures the security of the transaction.

Is MoneyGram Safe to Use?

MoneyGram is considered a secure and reliable service for sending and receiving money.

Here’s why:

Established: Founded in 1940, MoneyGram is a licensed money transmitter with a long history of completing millions of transfers.
Tracking capability: You can easily track your transfer online by entering the last name and reference number provided in your confirmation.
Secure connection: MoneyGram employs physical, technical, and administrative security measures. Its website is verified by Entrust, Inc., ensuring a secure connection.
Accountability and listing: MoneyGram (MGI) is listed on Nasdaq, demonstrating accountability and transparency.
Global licensing and compliance: MoneyGram is licensed in all 50 states in the United States, as well as in the districts of Columbia, the U.S. Virgin Islands, and Guam, Puerto Rico.

In the United Kingdom, it operates as a licensed authorized payment Institution. Monitored by FINTRAC in Canada, MoneyGram’s activity prevents financing terrorist activities and money laundering.

The company complies with licensing and regulations in many other countries:

Investment in compliance: MoneyGram takes regulatory compliance seriously, investing around $50 million annually in its compliance program. Overall, MoneyGram is considered a safe and well-trusted platform for handling financial transactions.

MoneyGram Customer Support

a screenshot of the moneygram help center

If you need to contact MoneyGram, here are the contact options available:

Contact form: Visit the MoneyGram website and use the contact form available. Provide the necessary details and submit your inquiry.
Email Support: Reach out to MoneyGram via email support at [email protected]. Include your concerns or questions in the email.
Phone number: if the issue persists or requires immediate assistance, you can call Walmart powered by MoneyGram customer service at 1-800-926-9400.

MoneyGram is committed to assisting its customers, and using these contact methods ensures you can reach them for any inquiries or support you may need.

Countries Where MoneyGram is Available in

Money Gram provides services for sending money to more than 200 countries worldwide.

Some of the countries where you can send money through MoneyGram include:

Australia
United Kingdom
Australia
United Kingdom
Brazil
China
Chile
Denmark
Egypt
Greece
Iceland
India
Japan
South Korea
Mexico
Philippines
Portugal
France
Singapore

It’s important to note that this is not an exclusive list, and MoneyGram offers its services to numerous other countries globally.

If you are considering sending money to a specific country, check MoneyGram’s website or contact customer service for up-to-date information on available destinations.

How to Send Money Online Using MoneyGram?

a screenshot of the steps to send money from US using moneygram

The process is simple if you want to send money through MoneyGram online. Here’s a step-by-step guide.

Fee Modeling

Before initiating the payment, use the fee modeling tool on the main MoneyGram web page or in the app.
Enter the country you want to send money to and the amount you wish to send.
Review the available payment methods and the delivery options for chosen destinations.
Check fees for different payment and delivery options, including the exchange rates, which offer a mid-market rate.

Initiating the Payment

Log in to your MoneyGram account online or through the app.
Choose the recipient, whether it’s someone you’ve paid before or a new recipient.
Select your preferred payment option and specify how you want the recipient to receive the money.
Enter recipient information as prompted on the screen.
Verify all information and click on to confirm.

Following these steps, you can quickly and securely transfer money overseas using MoneyGram online.

How to Receive Funds From MoneyGram?

To receive money through MoneyGram, follow the steps based on the payment type.

Bank or Mobile Money Transfers

No additional action is needed if your payment is directed to your bank account or mobile money. The money will be deposited automatically once processed.

Cash Payment Collections

If you expect a cash payment, visit a MoneyGram agent and bring the following documents:

Valid photo ID: Ensure that the name on your I.D. matches the one provided by the sender.
Transfer Reference Number: Obtain this number from the sender.
Proof of address: Some countries may require proof of address.

Follow these steps so that you can efficiently receive money through MoneyGram.

Transfer Limits in MoneyGram

a screenshot of the moneygram app from US

When using MoneyGram, it’s essential to know the transfer limits. While the service provides a widespread network of 350,000 agent locations and quick, secure transfers, there are considerations to keep in mind.

Moneygram may have lower limits for online transfers, per transfer and month, compared to other money transfer providers.

You can only send up to $10,000 at a time. And there’s a maximum of $10,000 you can send each month. If you’re in the US, you can send up to $15,000 online to 42 countries, but it depends on your bank account’s limits. If you need to send more money, you’ll have to go to a MoneyGram agent in person.

Understanding these limits is crucial to manage your transactions effectively. It’s recommended to check and compare these limits with other money transfer services to ensure they align with your transfer needs.

Payment Methods Supported in MoneyGram

MoneyGram offers various convenient ways to send money, providing different preferences.

Here are the supported payment methods:

Online Or Mobile Moneygram App: Pay using bank transfer, credit or debit card.
Online With Cash And Local Agent: make online transfers and pay in cash nearby.
Send From Kiosk: Visit the MoneyGram agent, use the kiosk, and pay the agent in cash.
Agent Location With Cash Payment: Talk to the cashier at an agent location and pay in cash.
Recurring Transfers Online: Set up recurring payments online using bank transfer, credit or debit card.
Pay Online: Make payments online using bank account transfers, credit or debit cards.

Regardless of the chosen method, payment delivery options depend on the destination country. If arranging the Moneygram money transfer at an agent location, the agent will provide information about available choices.

Payment Methods By Country

United States: Fund transfers with a bank account, credit, or debit card. Cash payments are also accepted at agent locations.
Canada: Fund transfers with an Interac transfer, credit card, or debit card. Cash payments can be made at any MoneyGram agent location.
Other countries: Payments can be made with a credit or debit card or cash at any MoneyGram agent location.

Note: It’s important to note that online transactions typically have a capacity of $10,000 per Moneygram money transfer and up to $10,000 per 30 days. Additional charges can be sent for more significant amounts by visiting one of MoneyGram’s numerous agent locations.

What is the Duration for an International Transfer With MoneyGram?

a screenshot of the moneygram sending money internationally banner

The time it takes for an international money transfer with MoneyGram depends on the chosen payment option and the fees you’re willing to pay.

Debit or Credit Card Payment

If you go for payment with a debit or credit card, the transfer can be completed in as soon as 10 minutes. However, remember that this option incurs a higher fee, and your credit card may charge a fee for cash advances, increasing the overall cost of the transfer.

Bank Transfer

If you pay through a bank transfer, saving more money is generally cost-effective, but it takes longer. You may need to verify your account for your first MoneyGram transfer, which can take four or business days. After the verification process, the actual transfer may take an additional five business days.

In short, the transfer speed with Money Gram varies based on your preferred payment method and associated fees. If speed is your priority, using a debit or credit card may be quicker, though at a higher cost. If cost savings are your priority, a bank transfer may be a more suitable but slower service provider.

MoneyGram Fees

MoneyGram charges fees for transferring money online, and the total cost depends on factors such as the destination, transfer amount, and payment method. It’s essential to consider the fee and exchange rate applied to your payment.

Transfer fee

MoneyGram charges a fee that starts from $0 to $75. The upfront transfer fee varies based on where you’re sending money and how you’re funding the payment.

Generally, a bank transfer from a U.S. checking account is often cheaper than a bank or credit card. If you use a credit card, check if your card issuer adds extra fees, treating it as a cash advance.

Online Vs. Agent Location

Transferring money through an agent location may have different fees and exchange rates than an online transfer. Initiating transfers online, especially for cash pickup and paying with a bank account, may lower costs than doing so at a physical MoneyGram location.

Payment Methods

Paying with a U.S. checking account through a bank transfer is usually the least expensive method. However, this option is only available for those with a U.S. checking account. Sending money to a bank account in selected countries may also incur lower fees.

Check Rates and Fees

To determine the cost of your transaction, use the Rates & Fees calculator on the homepage. This tool helps you understand the fees associated with your transaction, clarifying the total cost involved.

MoneyGram Exchange Rates

When using MoneyGram’s website or app to model your transfer, comparing the offered exchange rate with the mid-market exchange rate is crucial.

The mid-market rate is the rate at which MoneyGram purchased the currency, and comparing it helps you understand the markup they’ve added to your specific payment.

MoneyGram openly acknowledges earning money through both transfer fees and exchange rates. To assess the added cost, compare the mid-market rate with MoneyGram’s rate. Any difference is a markup, acting as an extra fee.

MoneyGram’s exchange rates include a margin on top of any fees. These rates may vary based on your payment methods and the recipient receiving the money. Pay attention to the total amount expected to be transferred to make a correct decision.

MoneyGram Customer Reviews in Trustpilot

Overall Rating

With 38,583 reviews, Moneygram International receives an overall rating of 4.5 stars.

Here’s an overview of the ratings:

5-star: 73%
4-star: 12%
3-star: 4%
2-star: 2%
1-star: 9%

While the majority had positive experiences, considering various perspectives in both positive and negative reviews is crucial for correct decision-making.

Individual Reviews

Overall, MoneyGram receives diverse feedback from users. While some command its promptness and effectiveness, praising it as reliable with outstanding customer service, others express frustration with concealed complexities in the process, causing decisions to be challenging.

There are also concerns about delays and difficulties encountered with fund transfers, resulting in varied opinions on Moneygram’s reputation.

MoneyGram Alternatives

If you’re exploring alternatives to MoneyGram, here are some money transfer services to consider, along with additional details.

PayPal

PayPal is a widely used and well-known platform for international money transfers.
User-Friendly Interface: PayPal is known for its user-friendly interface, which makes it easy for its users to manage and make transactions.
Quick transactions: Transfers through PayPal are often processed swiftly, providing a timely solution for your financial needs.

GO TO PAYPAL NOW

Western Union

Consider Western Union as another established alternative to Moneygram for money transfer companies:

Global network: with a vast network of agents worldwide, it provides extensive coverage for sending and receiving money.
Diverse Transfer options give you flexibility with various transfer options, including online transactions and in-person services.

GO TO WESTERN UNION NOW

Wise

Wise stands out as a compelling money transfer service to MoneyGram with the following advantages:

Lower fees: Wise typically offers lower transaction fees than MoneyGram, helping you save money on transfers.
Transparent exchange rate: with Wise, you get transparent and competitive exchange rates, ensuring you understand the actual cost of your transactions.
Online convenience: Wise provides a user-friendly online platform, allowing you to send money overseas simply from your mobile device or computer.

GO TO WISE NOW

In comparing Wise to MoneyGram, Wise has the upper hand in terms of lower fees, transparent exchange rates, and convenience of online transactions. Assess your needs to determine which transfer service aligns best with your preferences and requirements.

MoneyGram Pros & Cons

Pros

Choose the most convenient payment method, including U.S. bank transfer, Interac transfer (Canada), credit card, debit card, or cash at locations.

Send money through various channels, such as bank account deposits, mobile wallets, prepaid cards, cash pickups, and cash deliveries.

Make transactions online or in person with different preferences.

Primarily, you can process same-day transfers, ensuring fast delivery of funds.

Easily estimate fees and exchange rates on MoneyGram’s website before completing a transaction.

Track the status of your transaction using MoneyGram’s website.

Cons

Fees differ between agent locations and online, making it challenging to determine the best rate.

MoneyGram has one of the industry’s highest markups on exchange rates, contributing to its relatively higher costs.

You can transfer only to a bank account in a limited number of countries.

No customer support is available over the phone or through online chat.

Other online bank reviews:

Conclusion

If you prioritize a vast global network, Moneygram remains reliable. Evaluate your preferences and need to make the right decision.

However, for a modern and cost-effective alternative, consider Wise. Wise is an excellent choice with lower fees, parent exchange rates, and the convenience of online transactions.

Choose the service that aligns best with your priorities, whether it’s Moneygram’s extensive reach or Wise’s efficiency and affordability.

FAQs

To avoid MoneyGram fees, you can send money directly to the recipient’s bank account. Keep in mind that the availability of this option may vary by country. It’s also important to note that there is a hidden fee, in the form of a margin added to the mid-market rate, that comes with MoneyGram transfers.

To track a MoneyGram transfer, use the ‘Track a transfer’ tool on the MoneyGram website. Enter your last name and the authorization code or reference number from the receipt or email. You can also contact MoneyGram customer service or visit a MoneyGram location and provide your details to the agent for assistance.

MoneyGram allows you to transfer up to a certain amount of money daily, weekly, monthly, and annually. These limits may vary based on security measures, market conditions, and applicable laws and regulations.

Yes, MoneyGram is generally considered safe to use in Australia, as it is a well-established and regulated money transfer service. However, always be cautious of potential scams and ensure you are sending money to trusted recipients.