MoneyGram International Money Transfer Review 2023

Welcome to the glorious age of the digital revolution, where we’ve successfully converted money into strings of 1s and 0s, allowing it to effortlessly bounce from one side of the globe to the other! It’s not just about physical cash or plastic cards anymore. International money transfers, a concept that would’ve seen you promptly escorted out of the bank a few centuries ago, is now as commonplace as grabbing a cup of coffee at your local coffee shop.

MoneyGram is one of the most prominent companies in this sphere. It’s not just another app on your smartphone. It’s one of the big kahunas of the money transfer game.

MoneyGram has been a trusted wingman for millions worldwide, whether you’re a globetrotting freelancer getting paid in multiple currencies, an expat sending cash back home, or just trying to send a birthday gift to your cousin in another country.

Born before the internet, MoneyGram has shown it can roll with the times, adapting to the digital world and carving out a chunky piece of the market for itself. It’s grown from just another money transfer service to a significant player in the global remittance landscape. 

But is it the right fit for you? Will it give you the best bang for your buck, or are there hidden gotchas waiting to sting you in the fine print? Let’s dive in and take a deep, honest look at MoneyGram in 2023.

Who are MoneyGram?

MoneyGram International, Inc. is an American multinational finance company specializing in money transfer services. Founded in 1940 as Travelers Express Co., the company has its roots in providing money orders and related financial services. It later merged with Integrated Payment Systems, leading to the creation of MoneyGram in 1998.

Headquartered in Dallas, Texas, MoneyGram operates globally with a vast network of local and regional offices. It’s the second largest money transfer company in the world, just behind Western Union, operating in more than 200 countries and territories with approximately 380,000 agent offices. Their annual revenue exceeds a billion dollars each year.

But it’s not just about the numbers and the growth charts. What sets MoneyGram apart is its commitment to fostering a culture of innovation and customer-centricity. They’ve walked the talk by developing state-of-the-art services like account deposits, mobile wallets, and walk-in services at various locations around the world.

Over the years, MoneyGram has experienced various challenges and transformations. The company faced significant losses during the financial crisis of 2007-2008, leading to a majority stake sale to Goldman Sachs and Thomas H. Lee Partners. However, it has continued to innovate and adapt to market changes.

For instance, it has been embracing digital transformations, shifting from primarily physical transactions to digital ones to cater to the changing needs of its customers. They have also started exploring blockchain technology for cross-border payments, indicating their willingness to innovate and adapt to emerging technologies in the financial sector.

The unique aspect of MoneyGram is its deep-rooted history in money transfers combined with its commitment to innovation, whether it’s through digital transformations or exploring technologies like blockchain. This blend of legacy and innovation has allowed MoneyGram to maintain its significant role in the global finance and remittance industry.

MoneyGram Pros & Cons

	Pros	Cons
1.	Multiple payment options – MoneyGram accepts payments from bank accounts, credit or debit cards, and even cash at agent locations. This gives you the flexibility to choose the most convenient option for you.	Not suitable for large money transfers – Due to its limits on transaction amounts, MoneyGram may not be the best option for people looking to transfer large sums of money at once.
2.	Amazing customer service – MoneyGram has a reputation for quick, friendly, and helpful customer service. They’re ready and willing to assist with any issues or queries you might have.	Low maximum transfer limits – MoneyGram has a limit of $10,000 per online transfer for most countries and $25,000 for certain countries when sending from the US. If you’re looking to move larger sums of money, you might run into these limits.
3.	High Trustpilot rating – The high rating on Trustpilot (4.5/5) reflects customer satisfaction and trust in MoneyGram’s services. This suggests that they’ve been successful in delivering on their promises.	Transfer fees can get high – Depending on the amount of money you’re sending, where you’re sending it to, and how you’re paying, MoneyGram’s fees can stack up. If you’re making frequent or large transfers, these fees can eat into your funds.
4.	Flexible receiving solutions – MoneyGram offers multiple ways for recipients to get their money – from direct deposits into bank accounts, debit cards, and mobile wallets, to home deliveries at selected locations.	High exchange rates margins – MoneyGram adds a markup of 1% to 5% on top of the mid-market exchange rate. While this isn’t uncommon in the industry, it does mean you might not get the best possible exchange rate for your transfer.
5.	Cash pickup option – In addition to the above methods, MoneyGram offers cash pickup at thousands of locations worldwide. This can be more convenient for those without easy access to banking services.	No business hedging options – If you’re a business looking to protect against fluctuations in currency exchange rates, MoneyGram doesn’t offer hedging options like forward contracts or limit orders. Other services might be a better fit for these specific needs.
6.	Global service coverage – MoneyGram has a massive global network, with services in over 200 countries and territories. This wide reach makes it a great choice for international money transfers.
7.	Solid currency coverage – MoneyGram supports transfers in 58 different currencies. This broad range ensures that you can send money to many different parts of the world.
8.	Amazing mobile app – MoneyGram’s user-friendly mobile app allows you to send money, track transfers, find agent locations, and more, all from your smartphone or tablet.
9.	Lots of experience – Having been in the money transfer business since 1940, MoneyGram has plenty of experience navigating the intricacies of international financial regulations.
10.	Fast money transfers – MoneyGram’s transfers are typically completed within minutes, making it a great choice for those in need of quick money transfers.
11.	Convenient rewards program – MoneyGram’s loyalty program, MoneyGram Plus Rewards, offers benefits such as discounts on fees, special promotions, and faster transactions. This can add even more value to your money transfers.

MoneyGram Key Attributes

• Founded: 1940
• Headquarters: Dallas, Texas, US
• Other offices: MoneyGram’s operations span across a swath of global cities, including Denver (Colorado, US), Minneapolis (Minnesota, US), Brussels (Belgium), São Paulo (Brazil), Vancouver (Canada), Shanghai (China), Hong Kong (China), Mumbai (India), Jakarta (Indonesia), Dublin (Ireland), Rome (Italy), Mexico City (Mexico), Warsaw (Poland), Singapore, Madrid (Spain), Istanbul (Turkey), and London (UK);
• Annual trading volume: While their transactions volume isn’t public, we can only imagine it’s in the tens of billions since, in 2022, MoneyGram raked a hefty $1.3 billion in revenue;
• Number of employees: This thriving behemoth operates with the might of over 2,500 in-company employees and thousands of agents working relentlessly across the globe; Trustpilot rating: If there ever is a vote of confidence in their services, that MoneyGram’s Trustpilot rating of 4.5 out of 5 stars;
• Number of clients: Their success might explain why over the last five years, more than 150 million people have trusted MoneyGram with their hard-earned money;
• Available countries: With an astounding network of 380,000 locations in over 200 countries and territories, MoneyGram’s reach is simply titanic;
• Number of currencies: The company supports currency trading in about 60 different currencies, many of which are exotic and not supported by other similar companies;
• Minimum transfer limit: MoneyGram keeps it flexible when it comes to transfer limits, imposing no minimum limit on any transaction;
• Maximum transfer limit: Optimized for making smaller money transfers, MoneyGram allows up to $10,000 per online transfer for most countries (with a $10,000 as a monthly cap), and a generous $25,000 for online transfers to 42 select countries from the United States. Cash transfers at agent locations usually follow these same guidelines;
• Transfer fee: Transfer fees are on a sliding scale, depending on your location, the amount you’re sending, and your payment method. If you’re a U.S. checking account holder, you can score lower fees. But credit or debit card payments will leave you with a slightly higher bill. Given that, some transfers come with a transfer fee that’s as low as $0-$15. Others, such as paying with a credit card to an exotic location, can generate up to $100 in transfer fee;
• Exchange rate markup: When it comes to exchange rate markups, the range can slide anywhere between 1% to 5% above the mid-market rate. With most money transfer services charging a 1%-3% profit margin, MoneyGram can be a more expensive option, but still a cheaper one compared to what traditional banks usually charge;
• Sending money: The choices for sending money are as diverse as the currencies they deal with. Bank accounts, credit or debit cards (MasterCard, Visa, or Discover), and cash at agent locations are all game;
• Receiving money: On the receiving end, money can land in a bank account, debit card, mobile wallet, or be collected as cold hard cash. You can even arrange for a home delivery in selected countries;
• Payments flexibility: MoneyGram makes it easy to get your money moving, be it through their online platform, mobile app, or a walk-in at a physical location;
• Supported languages: Not an English speaker? No problem! They’ve got you covered with language support, including Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese;
• Regulated by: MoneyGram is as safe as a bank vault. In the UK, it’s regulated by the Financial Conduct Authority and Her Majesty’s Revenue and Customs. Across the European Economic Area (EEA), it’s licensed under the European Union Payment Services Directive and regulated by the National Bank of Belgium. And in the US, the New York State Department of Financial Services keeps a keen eye on it. Even up North, Canada keeps a tight check on MoneyGram through the Financial Transactions and Reports Analysis Centre (FINTRAC). Essentially, MoneyGram is under the microscope of financial authorities globally, ensuring your money is as safe as possible;
• Mobile app: In the palm of your hand is where you’ll find MoneyGram’s convenient mobile app, available for both iOS (rating of 4.9 / 5) and Android (rating of 4.7 / 5) devices. So, whether you’re an Apple aficionado or an Android enthusiast, you’re just a tap away from executing international transfers;
• Awards: If you need even more assurance, just take a look at the glittering array of industry awards that MoneyGram has collected over the years. They’re not just participant ribbons either. The following accolades are a testament to their unwavering commitment to expertise and excellence in the field of international money transfers:
  • Best Cash Innovation and Best Comeback Story (PYMNTS Innovator Awards, 2016 and 2017);
  • Technology Innovation Award (Asian Bankers, 2017);
  • Money Transfer Awards (Mobex Africa Innovation, 2018);
  • Top 100 Places to Work (The Dallas Morning News, 2021);
  • Top Workplaces USA Award (Top Workplaces, 2022);
  • Best Use of Blockchain in FinTech (FinTech Breakthrough Awards, 2023).

MoneyGram Features

Let’s dive into the meaty bits of what MoneyGram brings to the table in terms of features and benefits.

Unlike most of their competitors who offer dedicated account types to personal and business users, MoneyGram features a single account type.

Whether you’re looking to send money to your family across the seas or pay an overseas invoice, this account type has got you covered. The key benefits of having a MoneyGram account include:

• Convenience
  MoneyGram offers a range of options to make your transfers, be it through their website, mobile app, or at a local agent location.
  
  
• Multiple Transfer Options
  You can send money directly to bank accounts or mobile wallets, or arrange for cash pickups.
  
  
• Speed
  Need to send money pronto? MoneyGram has you sorted, with most transfers being completed within minutes.
  

• Rewards
  MoneyGram Plus Rewards members can enjoy a range of benefits like fee discounts and faster transactions.
  
  
• Exchange Rate Lock-ins
  To safeguard your business from fluctuating exchange rates, MoneyGram allows you to lock in rates.
  
  
• Flexible Payment Solutions
  Whether you need to pay international invoices, distribute funds to your global team, or make payments to overseas vendors, MoneyGram provides a tailored solution to meet your business needs.
  
  
• Global Network
  MoneyGram boasts a vast global network, allowing you to send money to more than 200 countries and territories.
  

As for the types of transfers that can be made via MoneyGram, here are your options:

• Bank Transfers
  With this method, money is transferred directly to the recipient’s bank account or debit card. This is a convenient option for regular transactions which adds the benefit of security and convenience.
  

• Cash Transfers
  The classic method where the recipient walks into a MoneyGram location and collects the money in cash. This is ideal for urgent situations and provides the benefit of immediacy.
  
  
• Mobile Wallet Transfers
  MoneyGram supports transfers directly to a recipient’s mobile wallet. This method provides a seamless, quick, and convenient money transfer solution for folks on the go.
  
  
• Home Delivery
  In some locations, MoneyGram even offers home delivery of funds. This is beneficial for recipients in remote areas or those unable to travel to a physical location.

So, whether you’re sending money for personal reasons or to keep your business wheels turning, MoneyGram offers a diverse suite of features tailored to meet your specific needs.

Additional MoneyGram Features

Another important feature that MoneyGram offers since its inception are money orders.

A money order is like a pre-paid check. Imagine you’re heading out to buy a shiny new gadget, but instead of taking cash or your credit card, you take a piece of paper on which the exact amount you need to pay is already filled in. That’s basically what a money order is. You pay the money upfront to an issuer (like MoneyGram), and they give you a document that promises the recipient the exact amount written on it.

The benefit? It’s safer than carrying cash around and doesn’t bounce like a personal check might if there isn’t enough dough in your account. Plus, it leaves a paper trail, making it easy to track or replace if it ever gets lost or stolen.

Now, let’s talk about MoneyGram money orders. They’re one of the most recognized money orders around. So, if you need to settle a bill, pay your rent, or send money to someone, and you’d rather not deal with cash or checks, a MoneyGram money order can be a lifesaver.

And the convenience? You can purchase a money order at any MoneyGram location (and there are a whopping 380,000 around the world). Once you have your money order, you can either mail it to the recipient or hand it over in person. No more fretting over sharing bank details or carrying hefty wads of cash.

MoneyGram International Money Transfer Costs

Here, we’re going to talk dollars and cents, or rather how much it’s going to cost to send your money with MoneyGram.

Transfer Fees

MoneyGram’s transfer fees are a bit like a choose-your-own-adventure story – they depend on a few factors. Where you’re sending money to, how much you’re sending, and how you’re paying all influence the fee.

Generally, fees are lower if you’re paying with a US checking account, and a bit higher if you’re using a credit or debit card. It’s worth noting that sending money in person through a MoneyGram agent location might also incur different fees.

Given that, some transfers come with a transfer fee that’s as low as $0-$15. Others, such as paying with a credit card to an exotic location, can generate up to $100 in transfer fees.

Exchange Rates

When it comes to exchange rates, MoneyGram adds a margin on top of the mid-market rate. This markup can vary, typically falling anywhere between 1% and 5%.

The mid-market rate, for those unfamiliar, is the midpoint between the buy and sell prices of two currencies – it’s the fairest exchange rate out there. Usually, banks and money transfer providers add a profit margin to the mid-market exchange rate in order to rack up profits.

In this regard, it’s worth noting that MoneyGram can be a more expensive option than similar money transfer services which usually charge a 1%-3% profit margin. However, even if you incur a 5% profit margin with MoneyGram, you’d still be paying less than what a traditional, high-street bank would charge.

Additional Fees

MoneyGram doesn’t charge additional fees for online transactions. Although, if you choose to pay your transfer fee with a bank transfer, or by using your debit or credit card, your bank or card issuer may charge a cash advance fee.

And remember, if you’re sending money for cash pickup at a MoneyGram location, the recipient might be subject to local taxes and service fees. So, ensure to read all of your fine prints before commencing your money transfer journey.

How Safe is MoneyGram?

When it comes to safety, MoneyGram doesn’t take a backseat. Instead, they’re on the front lines with a comprehensive security plan to keep your hard-earned money as safe as a diamond in a vault.

Here’s how MoneyGram ensures your cash is in safe hands:

• Regulatory Oversight
  MoneyGram isn’t just a cowboy in the wild west of financial transfers; they’re a trusted player who follows the rulebook. In the UK, they’re regulated by the Financial Conduct Authority and Her Majesty’s Revenue and Customs. Across the European Economic Area (EEA), they’re licensed under the European Union Payment Services Directive and regulated by the National Bank of Belgium.
  
  In the US, they’re under the watchful eye of the New York State Department of Financial Services. And up North, Canada keeps tabs on them through FINTRAC. Essentially, MoneyGram is under the microscope of financial authorities worldwide.
  
  
• Consumer Protection
  MoneyGram is big on consumer protection. They have a robust system in place to monitor transactions for suspicious activity and offer resources to educate customers about various types of consumer fraud. They also have a Fraud Prevention team that works tirelessly to detect and prevent illicit activity. So, they’ve got both your back and your front.
  
  
• Advanced Technology
  MoneyGram employs cutting-edge technology to protect your transactions from fraud and cyber threats. They use secure socket layer (SSL) technology to encrypt your data, ensuring that your personal and financial information is always confidential and secure.
  
  
• Strict Verification Processes
  MoneyGram ensures safety through stringent verification processes. Each transaction requires valid identification and must pass through security checks before it’s approved.
  
  
• Transparent Transactions
  With MoneyGram, you can track your money every step of the way. This transparency lets you know exactly where your money is, so you’re never left in the dark.

All these measures go a long way to demonstrate that MoneyGram places the utmost importance on safety and security. They’re not just about moving your money; they’re about moving it safely. You can rest easy knowing your funds are in a secure, trusted, and globally recognized system with MoneyGram.

How Fast is MoneyGram?

Strap in for some speedy service, because when it comes to delivering your cash, MoneyGram is like a Formula 1 race car.

One of the standout features of MoneyGram is its lightning-fast transfer times. Typically, when you send money through MoneyGram, it’s available for pick-up within just a few minutes. That’s right, minutes! You could literally send money over your lunch break and your recipient could pick it up before you’ve even finished your sandwich.

As for bank transfers, MoneyGram usually completes these within 1-3 business days. This depends, of course, on the recipient’s bank and country. But even so, it’s impressively quick compared to the industry average of 3-5 business days.

And how does MoneyGram keep the pedal to the metal? They’ve invested in high-tech systems and solid relationships with global partners. This allows them to streamline the transfer process, making it swift, smooth, and hassle-free.

In the race against time, it seems MoneyGram has the lead foot, leaving many competitors in its dust. So whether you need to make a fast payment or just want to surprise a loved one, with MoneyGram, you can rest assured that your money will get there in the blink of an eye.

How to Use MoneyGram

Now that we’ve covered the ins and outs of MoneyGram, it’s time to tackle the million-dollar question: “How do I send money with MoneyGram?”. The process shouldn’t worry you in the slightest – it’s as easy as pie.

Let’s break things down into a step-by-step guide:

• Step 1: Create an Account
  First things first, head over to the MoneyGram website or download their mobile app (it’s available for both iOS and Android). Sign up for a free account by providing your basic personal information like your name, email address, and phone number.
  
  
• Step 2: Initiate a Transfer
  Now that you’re a registered MoneyGram user, click on the “Send Money” button. You’ll need to fill in some details, like how much you’re sending, where you’re sending it to, and how you want your recipient to get the money (bank deposit, debit card, cash pickup, or mobile wallet).
  
  
• Step 3: Choose Your Payment Method
  Next up, choose how you want to pay for the transfer. You’ve got multiple options here: If you’re in the US or Canada, you can pay directly from your bank account, or use a credit or debit card. Additionally, at any MoneyGram agent location in the world, you can pay with cash.
  
  
• Step 4: Enter the Recipient’s Information
  Here, you’ll need to enter the details of the person you’re sending money to. If it’s a bank deposit, you’ll need their bank account info. If it’s a cash pickup, you just need their name and address.
  
  
• Step 5: Review and Send
  Before you hit that “Send” button, review all the details of your transfer. Make sure everything is correct – the amount, the currency, the recipient’s info, everything. Once you’re sure, go ahead and send that money on its merry way.
  
  
• Step 6: Track Your Transfer
  After sending, you’ll get a reference number. You can use this number to track your transfer online or through the mobile app. This way, you’ll know exactly when your recipient gets their money.

With these simple steps, you’ll be a MoneyGram pro in no time, navigating the world of international money transfers with the confidence of a seasoned globetrotter. So, go on, give it a try! Your wallet (and your recipient) will thank you.

MoneyGram’s Cancellation Policy

Ever hit the ‘Send’ button on a MoneyGram transfer and then immediately regretted it? Maybe you sent too much money or mistakenly entered the wrong person’s details. You might have just changed your mind as well. There’s nothing to worry about – it can happen to the best of us. So, let’s talk about the big “C” – Cancellations.

If you’ve sent money online, you’ve got a small window of opportunity to cancel the transfer. Just access your online account, select the transaction that you wish to terminate, and if it’s still in progress, you’ll see an option to cancel it. Simple, right? But remember, speed is the name of the game here. If your recipient has already picked up the money, then it’s a done deal, and cancellation isn’t an option.

If you’ve sent money from a physical location, it gets a bit trickier. You’ll need to fill out a form and request the cancellation. Again, if your recipient has already picked up the cash, your ship has sailed.

Now let’s talk about getting your moolah back. If your transfer is canceled before the recipient gets the money, you’ll be refunded the transfer amount and fees. You’ll get your refund as a credit back to your card or bank account, or in some cases, as a check in the mail.

The key takeaway? Act fast if you need to cancel. The quicker you are, the better your chances of getting your money back. And remember, always stay vigilant – with great power (to send money anywhere in the world), comes great responsibility (to double-check the details before you hit ‘Send’).

MoneyGram Customer Service

Let’s talk about the folks who put the “service” in “customer service” at MoneyGram. 

Customer service can be the make-or-break factor when it comes to choosing a money transfer service. After all, if things go sideways, you’ll want to know there’s a responsive team ready to put things right.

So, what’s the word on the street about MoneyGram’s customer service?

• Customer Reviews
  Customers generally seem to be singing MoneyGram’s praises. The company boasts a shiny 4.5 out of 5-star rating on Trustpilot, and that’s no small feat. Users tend to appreciate the friendly, helpful service they receive when they reach out with questions or concerns.
  
  They’re also raving about their mobile app, which has one of the best ratings on the Google and Apple app stores.
  
  
• Accessibility
  Another feather in MoneyGram’s customer service cap is their accessibility. With support available in many languages (English, Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese), they’ve made sure that language barriers aren’t a problem.
  
  
• Support Options
  MoneyGram provides several ways for customers to get in touch. There’s the traditional phone support route, with different numbers for different regions – great for those who prefer talking to a real live human. Then there’s email support for those who would rather type out their issues.
  
  And for those who like their support in byte-sized pieces, there’s a pretty comprehensive FAQ section on their website, and a live chat option ready to answer any query.

How Does MoneyGram Compare With Its Competitors?

Let’s size up MoneyGram against some of the other big hitters in the international money transfer league.

When compared with the rest of the field, MoneyGram comes out swinging. With its global presence in more than 200 countries and territories, it’s certainly one of the most accessible services around. That’s a big plus, especially for those who need to send money to less common destinations.

As far as speed goes, MoneyGram is like Usain Bolt on a caffeine buzz. With their transfer times typically clocking in at a few minutes for cash pickups, they’ve got many of their competitors lagging behind.

And let’s not forget about their flexible payment and pickup options. With the ability to pay online, via mobile, or at a physical location, and equally diverse options for receiving money, they’ve made sure they’ve got everyone’s preferences covered.

However, no one’s perfect. Regarding their fees and exchange rates, MoneyGram isn’t always the cheapest option. Some fintech challengers, like TransferWise (now Wise) and Revolut, pride themselves on their low fees and real mid-market exchange rates, which could mean more bang for your buck.

Additionally, while MoneyGram’s customer service is generally well-regarded, some digital-native competitors offer 24/7 customer support, which can be a big advantage when you’re dealing with time-sensitive money transfers across different time zones.

Take a look at the tables below to see how MoneyGram compares to three of their top competitors: Remitly, OFX, and Send Payments.

MoneyGram vs. Remitly

Feature	MoneyGram	Remitly
Founded in	1940	2011
Trading Volume	Not specified ($1.3 billion in revenue in 2022)	$20.4 billion in 2021
Trustpilot Rating	4.5 / 5	4.1 / 5
Suitable for	Small money transfers and remittances	Remittances (small monthly money transfers to family or friends)
Transfer Fee	Depends on your location, the amount you’re sending, and your payment method. Some transfers come with a transfer fee that’s as low as $0-$15 and others, such as paying with a credit card to an exotic location, can generate up to $100 in transfer fee.	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).
Average Exchange Rate Markup	A profit margin ranging from 1% to 5% added to the mid-market rate.	1% – 2.5% on mid-market rates on average (can range between 0.5% and 3.7%).
Minimum Transfer Amount	$1 (or currency equivalent)	$1 (or currency equivalent)
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap); $25,000 for online transfers to 42 select countries from the United States.	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
Transfer Speed	Within minutes (cash transfers); 1-3 business days (bank and debit card transfers).	Within minutes (Express delivery); 3-5 business days (Economy delivery).
Dedicated Dealer	No	No
Countries Covered	Over 200 countries and territories	Over 180 countries
Currencies Covered	About 60 global currencies	Over 75 currencies
Payment Methods	Bank account, credit or debit card, and cash	Bank account, credit or debit card, Passbook (USA), Klarna (Germany and Austria), SEPA (France), and iDEAL (the Netherlands).
Receiving Methods	Bank account, debit card, cash pick-up, mobile wallet, and home delivery.	Bank account, cash pick-up, mobile wallet, and home delivery.
Cash Pick-Up Option	Yes (about 380,000 locations worldwide).	Yes (about 400,000 locations worldwide).
Instant Custom Quote	Yes	No
Business Features	No	No
Flagship Debit Card	No	Yes (Passbook card)
Mobile App	Yes	Yes
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.

Read our full Remitly review.

MoneyGram vs. OFX

Feature	MoneyGram	OFX
Founded in	1940	1998
Trading Volume	Not specified ($1.3 billion in revenue in 2022)	$140 billion
Trustpilot Rating	4.5 / 5	4.2 / 5
Suitable for	Small money transfers and remittances	Large money transfers
Transfer Fee	Depends on your location, the amount you’re sending, and your payment method. Some transfers come with a transfer fee that’s as low as $0-$15 and others, such as paying with a credit card to an exotic location, can generate up to $100 in transfer fee.	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for rest of the world.
Average Exchange Rate Markup	A profit margin ranging from 1% to 5% added to the mid-market rate.	0.4% – 1.9% added to the mid-market exchange rate
Minimum Transfer Amount	$1 (or currency equivalent)	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap); $25,000 for online transfers to 42 select countries from the United States.	No limit
Transfer Speed	Within minutes (cash transfers); 1-3 business days (bank and debit card transfers).	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).
Dedicated Dealer	No	Yes
Countries Covered	Over 200 countries and territories	190+ countries
Currencies Covered	About 60 global currencies	55 currencies
Payment Methods	Bank account, credit or debit card, and cash	Bank account
Receiving Methods	Bank account, debit card, cash pick-up, mobile wallet, and home delivery.	Bank account
Cash Pick-Up Option	Yes (about 380,000 locations worldwide).	No
Instant Custom Quote	Yes	No
Business Features	No	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.
Flagship Debit Card	No	No
Mobile App	Yes	Yes
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.

Read our full OFX review.

MoneyGram vs. Send Payments

Feature	MoneyGram	Send Payments
Founded in	1940	2018
Trading Volume	Not specified ($1.3 billion in revenue in 2022)	AU$1 billion
Trustpilot Rating	4.5 / 5	4.9 / 5
Suitable for	Small money transfers and remittances	Both small and large money transfers.
Transfer Fee	Depends on your location, the amount you’re sending, and your payment method. Some transfers come with a transfer fee that’s as low as $0-$15 and others, such as paying with a credit card to an exotic location, can generate up to $100 in transfer fee.	None
Average Exchange Rate Markup	A profit margin ranging from 1% to 5% added to the mid-market rate.	About 1% added to the mid-market exchange rate.
Minimum Transfer Amount	$1 (or currency equivalent)	AU$250 (or currency equivalent).
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap); $25,000 for online transfers to 42 select countries from the United States.	No limit (AU$25,000 for recurring, daily transfers).
Transfer Speed	Within minutes (cash transfers); 1-3 business days (bank and debit card transfers).	0-2 business days on average
Dedicated Dealer	No	Yes
Countries Covered	Over 200 countries and territories	Sending from almost 60 countries to more than 180 countries.
Currencies Covered	About 60 global currencies	37 different currencies at the moment.
Payment Methods	Bank account, credit or debit card, and cash	Bank account, POLi, and PayID.
Receiving Methods	Bank account, debit card, cash pick-up, mobile wallet, and home delivery.	Bank account
Cash Pick-Up Option	Yes (about 380,000 locations worldwide).	No
Instant Custom Quote	Yes	No
Business Features	No	Spot contracts, limit orders, stop orders, delayed contracts, and regular payments.
Flagship Debit Card	No	No
Mobile App	Yes	No
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Most money transfers can be canceled upon contacting Send Payments. Note that transfers that have been completed are seldom refunded.

Read our full Send Payments review.

MoneyGram Customer Reviews

Do you wonder what real-life customers have to say about their experience with MoneyGram? After all, there’s no better way to gauge a company than hearing from the folks who’ve actually used the service, right?

One place that’s a gold mine for customer reviews is Trustpilot. There, MoneyGram boasts a commendable 4.5 out of 5-star rating. So, it’s clear that a lot of customers are having positive experiences.

Customers regularly sing the praises of MoneyGram’s speed and efficiency, with many noting that the transfer was faster than they expected. Comments like “fast and reliable”, “money transferred in minutes”, and “smooth transaction” are common. 

The convenience and ease of use of the platform also get a lot of love. Users appreciate the straightforward process and the ability to send money both online and in person. Phrases like “user-friendly”, “convenient”, and “easy to navigate” pop up frequently in reviews.

As for the customer service, it’s generally well-regarded. There are numerous mentions of helpful and responsive customer support, which clearly adds to the overall positive experience.

However, customers have their complaints as well. Some users did mention the higher fees and exchange rate markups as a drawback. Others mentioned occasional technical glitches and difficulties with transaction limits.

But overall, the general consensus among customers is that MoneyGram is a reliable, convenient, and speedy service for international money transfers. They might not be the cheapest option on the block, but for many customers, the positives outweigh the negatives, making MoneyGram a popular choice in the money transfer world.

Positive MoneyGram Customer Reviews

I have used MoneyGram to send money overseas countless times & they don’t disappoint. There was a minor issue with payment options as the name on the card or bank account has to match the name of the receivers. The issue was resolved on the spot with the help from the wonderful customer support team & there were no dramas. I would 100% recommend this service to all my friends & family as they have never let me down. I will continue to use MoneyGram in the future.

– S. A.

My experience with MoneyGram International is fantastic. I will always use MoneyGram International, they are competent, accurate, safe to send money and easy to use. MoneyGram International you are too good and safe. My experience with MoneyGram International is fantastic. I advise everyone to use MoneyGram International because customer advice is always there to help you always. Thanks a lot MoneyGram International.

– Anonymous

Great and fast service and I don’t have to go to an agent to send money because I have the app on my phone. Fee for sending money is also very cheap compared to other money transfer agents. Sometimes the currency rate is also better than other service providers. One thing that I would love to see available is having the funds transfer directly to a bank account overseas. Thank you MoneyGram.

– Julie

Flexibility of sending money directly using my phone. No need to go to MoneyGram locations. Anytime, anywhere. However you need to cope up with competition. Many apps are now available where you can easily send money via mobile money. For the receiver it’s very convenient. Apps like sendwave, remotely etc. are taking away your customers. Think of also including the option of sending to a mobile money account. I have heard from many people who have switched because of this.

– Anonymous

Negative MoneyGram Customer Reviews

I’m very happy with the convenience of the mobile app. However there seems to be some problem with some of the MoneyGram agents when it comes to retrieving funds. My app showed funds were available and ready to be picked up almost immediately. Yet my recipient had trouble finding an agent with enough cash to complete the transaction.

We’re talking about $75 USD and him visiting more than 3 different locations. There’s definitely a problem with the vetting process used by MoneyGram in allowing someone to be declared an agent, but at the same not being able to fulfill minimal transactions. And again we’re talking multiple locations and $75 USD.

– Cairo

The Agent in Aberdeen, South Dakota, USA told the recipient that payment had been blocked by my bank. I checked my bank account and this was not true. The recipient went again the next day to collect the money and was told that the transaction number was wrong. This was not true. I eventually managed to contact MoneyGram and verified the transaction. The agent should tell the truth, not make up stories. He should say ‘Sender verification is required -please ask the sender to telephone….’ and provide a number.

– Robert Symons

I liked the quickness of the response to inputting material into the website. I found for the most part transfers ran smoothly. Only once did I have a problem with money transfer being “sent, in process, and received” when it was not. It was sent at 10: 25 am and received at 5:25 am. The receiving party did not pick it up before it was sent obviously and never did get this money. She did get the other transactions the day before and that same afternoon but not this transfer.

I haven’t had a resolution to this incident yet. The “live chat” people were pleasant and started a “ticket” to resolve it. I personally prefer to be able to talk to a “live person” to decrease time interaction and be able to answer and ask questions quickly. Overall, I have been satisfied with the process.

– Yvonne Nies

MoneyGram Alternatives

CurrencyFair

CurrencyFair is a force to be reckoned with in the world of international money transfers. As a digital-first fintech company, they’ve carved out a niche with some unique features that could potentially make them a better fit for some customers compared to MoneyGram. Here’s what they’ve got going on:

• Competitive Exchange Rates
  One of CurrencyFair’s biggest selling points is their competitive exchange rates. They work on a peer-to-peer exchange model, which often allows users to get rates that are close to or even better than the mid-market rate. This can result in significant savings, especially for larger transfers.
  
  
• Low, Transparent Fees
  CurrencyFair prides itself on its transparent fee structure. Unlike some services that tack on hidden fees or mark up the exchange rate, CurrencyFair charges a small fixed fee for transfers, along with a small margin on the exchange rate. This transparency can make it easier to understand exactly how much you’re paying for your transfer.
  
  
• Peer-to-Peer Exchange
  CurrencyFair’s peer-to-peer model is a bit of a game-changer. It allows users to trade currencies directly with each other, potentially getting a better rate than what traditional banks or other money transfer services offer. Users can even choose their own rate and wait for a match – a unique feature that isn’t found in many other services.
  
  
• High Maximum Transfer Limit
  CurrencyFair also shines with its high maximum transfer limit, especially for business transfers. This makes it a great choice for users who need to transfer large amounts of money internationally.

Moneycorp

Moneycorp is another heavyweight contender in the international money transfer ring. They’ve got a few unique punches they can throw that might make them a more appealing choice for some folks compared to MoneyGram. Here’s the lowdown:

• Specialist in Large Transfers
  Moneycorp is known for their proficiency in handling large-value transactions. They have a strong foothold in the business sector, providing services for international trade and foreign exchange risk management. So, if you’re a business looking to make large international transactions, Moneycorp might be your guy.
  
  
• Market Expertise and Guidance
  One of the standout features of Moneycorp is their team of currency experts. These guys offer market guidance and insights to their customers, helping them make informed decisions and potentially secure better exchange rates. This level of personal service can be a big win for users who need to navigate the often-confusing world of currency exchange.
  
  
• Forward Contracts
  Unlike many other money transfer services, Moneycorp offers forward contracts. This feature allows you to lock in a current exchange rate for a future transfer, protecting you from potential fluctuations in the currency market. It’s a pretty handy tool, especially in an unpredictable market.
  
  
• Regular Payments
  Moneycorp is also golden when it comes to setting up regular international payments. Whether it’s for paying an international mortgage, receiving a pension abroad, or any other recurring payment, they’ve got you covered. It’s a simple, fuss-free way to manage your international commitments.

Key Currency

Let’s take a look at Key Currency, another player in the international money transfer field. Here are a few areas where Key Currency stands out compared to MoneyGram, along with some points where they might not measure up:

• Personalized Service
  One of Key Currency’s strong suits is its personalized customer service. Each client is assigned a personal account manager who provides tailored advice and guidance, helping customers navigate the sometimes complex world of international money transfers. This is a stark contrast to the more automated approach of many other services, including MoneyGram.
  
  
• Competitive Rates for Large Transfers
  Key Currency typically offers competitive exchange rates, especially for larger transfer amounts. This can result in significant savings compared to some other services, and can be a major advantage for users who need to transfer large sums internationally.
  
  
• No Fees
  You read that right – there are no transfer fees with Key Currency. This can make them a cost-effective choice, especially for those who are tired of being nickel-and-dimed with fees from other services.

However, it’s not all rosy. Here are a few potential drawbacks:

• Limited Service Availability
  Unlike MoneyGram, with its vast global network, Key Currency services are not available in every country. This might limit the usefulness of their service for some customers, particularly those needing to send money to less common destinations.
  
  
• No Cash Pick-up Option
  While MoneyGram offers the convenience of cash pick-up, Key Currency doesn’t have this option. All transfers must be sent to a bank account, which might not work for everyone.
  
  
• Lack of a Mobile App
  While MoneyGram has a mobile app that allows users to transfer money on the go, Key Currency doesn’t offer this feature. In an increasingly mobile world, this can be seen as a drawback.

Conclusion

Time to wrap things up! We’ve taken a deep dive into the world of MoneyGram and compared it with some top contenders in the international money transfer game. From the flashy streets of fintech to the dusty corners of traditional banking, we’ve examined what MoneyGram brings to the table.

Of course, no service can be a perfect fit for everyone. Like trying to choose the perfect avocado at the grocery store, finding the right money transfer service depends on what you’re looking for.

Need speedy transfers and worldwide coverage? MoneyGram’s got your back. But if low fees and killer exchange rates are your jam, you might want to give CurrencyFair, Moneycorp, or Key Currency a whirl.

At the end of the day, MoneyGram, like every other service out there, has its pros and cons. It might not be the cheapest or offer the most personalized service, but it’s reliable, easy to use, and has a widespread presence. And for many folks out there, that’s enough to seal the deal.

Our conclusion is that MoneyGram has managed to stake its claim. With its global reach, quick transfers, and variety of service options, it’s no wonder it’s a popular choice for folks looking to move money across borders.

F.A.Q.

I’ve found a cheap iPhone online from a brand-new company abroad, but they only accept payment via MoneyGram. Is it safe to send them money so they can send me the product?

Be cautious. MoneyGram is meant for sending money to people you know and trust. Scammers may set up fake e-commerce sites that request payment via money transfer services. Stick to secure payment methods for online shopping.

Can I send a surprise birthday money gift to my friend in Japan with MoneyGram?

Absolutely, you can! Just remember to let your friend know they’ve got a birthday surprise waiting for them at a MoneyGram location or in their bank account.

My parents don’t use a smartphone or a computer. Can they still receive money through MoneyGram?

Yes, they can! MoneyGram allows for cash pickups at their agent locations, so mom and dad don’t need smart devices to receive money.

If I mistakenly send money to the wrong person in the right location, can I get it back?

That’s a tricky one. If the money hasn’t been picked up, you can cancel the transaction. If it has been picked up, you might be out of luck. Always double-check the recipient’s details before hitting “send.”

Can I use MoneyGram to pay for my international online shopping spree?

Not really. MoneyGram is intended for person-to-person transfers. Online retailers typically won’t accept MoneyGram transfers as a payment method.

If I’m transferring money to myself overseas, do I need to ask someone to make the transfer in my name?

No need for such hassle. As long as you’ve got a valid ID and the transfer details, you can send yourself your own money and pick them up at the destination location.

My vacation destination won’t have internet access. How can I keep using MoneyGram to send money back home?

You can still use MoneyGram anywhere if you’re able to find a local MoneyGram agent location. There, you can send money the good old-fashioned way – in person.

Also see:

MoneyGram vs Remitly
MoneyGram vs OFX
MoneyGram vs Currencies Direct
MoneyGram vs CurrencyFair
MoneyGram vs TorFX