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MoneyGram vs WorldRemit

Save time and money with our side-by-side comparison of big-name MoneyGram and digital provider WorldRemit.

MoneyGram and WorldRemit both specialize in fast, small transfers to over a hundred countries. But which one is better? We go through their fees, exchange rates and transfer speeds to find out who comes out on top.

The fees and rates used in this comparison are accurate as of 31 December 2018.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 Within an hour CAD 3.99 0.756 USD
7,555
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 day CAD 8.00 0.738 USD
7,379
Easily transfer cash to more than 350,000 locations around the world. Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Which has lower fees?

MoneyGram

There are a number of factors that affect the fees, including the currency you’re sending to, how you’re sending it and how your recipient will receive your funds. For example, if you pay with your bank, most transfers will cost you $5 in fees. If you pay at a location, fees typically cost $10 and up.

WorldRemit

Transfer fees for WorldRemit also vary depending on where you’re sending money, but the fee for most countries is $3.99. The method you can use to send money will depend on the country to which you’re sending it to. You may also qualify to get your first transfer for free.

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Winner: WorldRemit

Although for both companies, what you’ll pay depends on the options you choose and your recipient’s country, WorldRemit’s fee structure is simple and transparent. For most transfers, WorldRemit’s flat $3.99 rate will be cheaper than your fee with MoneyGram.

Let’s crunch the numbers: Sending $200 and $1,000 to Indonesia

To put this into perspective, let’s take a look at how WorldRemit and MoneyGram stack up side-by-side for smaller transfers. The payment method we’ll be using in this scenario is a bank transfer, and we’ll be sending it to a cash pick-up location.

Keep in mind that rates and fees vary with other currencies.

Sending $200 to Indonesia
MoneyGram WorldRemit
Transfer fee $15 $10
Exchange rate CAD$1 = IDR 10,256 CAD$1 = IDR 10,285
Transfer speed Instant Instant
Total rupiah received IDR 2,051,399 IDR 2,057,072
Receiver gets IDR 5,673 less IDR 5,673 more
Sending $1,000 to Indonesia
MoneyGram WorldRemit
Transfer fee $50 $20
Exchange rate CAD$1 = IDR 10,256 CAD$1 = IDR 10,285
Transfer speed Instant Instant
Total rupiah received IDR 10,256,998 IDR 10,285,362
Receiver gets IDR 28,364 less IDR 28,364 more

For both of these transfers, your receiver ends up getting more money with WorldRemit.

Which offers better exchange rates?

MoneyGram

Depending on where you’re sending money, the exchange rate with MoneyGram could be anywhere from 0.6% to 10% above the mid-market rate.

WorldRemit

WorldRemit takes a smaller margin than MoneyGram, often somewhere from 1% to 3%. For example, if the mid-market rate today is CAD$1 = US$0.75, WorldRemit may offer CAD$1 = US$0.74 – a 1% margin.

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Winner: WorldRemit

By taking less of a margin on average than MoneyGram, WorldRemit is the clear winner here.

Which is faster?

MoneyGram

It depends on which transfer option you choose. If you’re transferring to a cash pick-up location, it can be delivered in minutes but will end up costing more. MoneyGram’s cheaper options take two to four business days.

WorldRemit

Like MoneyGram, transfer speeds depend on how you’re sending the money. Sending via a bank transfer typically takes one to three business days, although a few banks offer instant transfers. Sending money to a cash pick-up location or via airtime top-up is available immediately.

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Winner: Tie

If you need to get your money there in a hurry, you might not mind the higher fees for MoneyGram to get it there instantly. However, WorldRemit’s cash pick-up and airtime top-up options won’t cost you an arm and a leg – and even its slower option could save you a day.

General features

Payment methods Minimum and maximum transfers Delivery methods Transfer speeds Currencies
MoneyGram Bank transfer, credit or debit card, cash Minimum: $1

Maximum: $7,000

To bank account, cash pick-up location, mobile wallet Within an hour 100+ currencies
WorldRemit Bank transfer, credit or debit card, Apple or Android Pay Minimum: $1

Maximum: $50,000

To bank account, cash pick-up location, mobile wallet, airtime top-up, door-to-door delivery Within an hour 100+ currencies

MoneyGram

You can transfer money through MoneyGram either in person, online, using the app or over the phone. MoneyGram will convert and deliver your money to a bank account or to cash pick-up locations worldwide.

WorldRemit

WorldRemit is fully online, so you’ll need to create an account and be verified. Once you’re approved and have paid for your transfer, WorldRemit converts your currency and sends it to your recipient. They can then pick it up through a bank transfer, cash pickup or mobile wallet. There’s also the option to top up your recipient’s mobile credit, called “airtime top-up”.

Bottom line

MoneyGram offers more flexibility in terms of being able to transfer in person, but WorldRemit comes out on top when it comes to exchange rates, transfer fees and low-cost delivery speeds.

Ultimately, you’ll want to compare your options to find the service that best fits your specific needs.

Looking for more options?

Use our comparison calculator below to weigh up the fees, exchange rates and other details of money transfer providers out there.

Rates last updated July 21st, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
TransferWise International Money Transfers
CAD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
WorldFirst International Money Transfers
CAD 2,000
1 day
Online, Phone
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
CurrencyFair International Money Transfers
CAD 5
1 - 2 days
Online
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Venstar Exchange International Money Transfers
CAD 7,000
1 day
Phone, Bank Account to Bank Account
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000.
CurrencyTransfer International Money Transfers
GBP 5,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

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