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Remitly vs MoneyGram

Both are better than sending money with your bank, but which one should you choose?

We compare Remitly and MoneyGram on fees, rates and speed to see which international money transfer service is best for you.

The fees and rates used in this comparison are accurate as of 21 July 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 day CAD 8.00 0.727 USD
3,630
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?

Remitly

Remitly charges different fees depending on currency, amount and whether you want an economy or express transfer. The faster express transfers will always cost more and can range from $3 to $99.99, while the slower economy option often only costs $2 to $4.

MoneyGram

MoneyGram doesn’t have a flat fee or percentage rate. Instead, the fees vary depending on where you are sending, how much and how you are paying. Some corridors like India can be quite cheap, but it can get up to $100 for other currencies and if you’re paying by card.

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Winner: Tie

Both providers change their fees depending on multiple variables, meaning you don’t know which provider is better without testing the exact transaction details.

Let’s crunch the numbers: Sending $1,000 to the Philippines

To have a closer look at the two providers to see if we can get an idea of which will be more cost effective, we’ll compare a $1,000 transfer.

We’ll use the express option for Remitly.

Sending $1,000 to the Philippines

Remitly MoneyGram
Transfer fee $6.99 $10
Exchange rate 1 CAD = 41.00 PHP 1 CAD = 38.86 PHP
Transfer speed Same day Same-4 days
Total Philippine pesos received PHP40,713.41 PHP38,471.40
Receiver gets PHP2,242.01 more PHP2,242.01 less

Altogether, Remitly gives you a better deal overall. With a lower fee and a better exchange rate, your recipient would receive PHP2,242 more (roughly $55 CAD) than if you had sent through MoneyGram. Keep in mind that if this was a Remitly economy transfer, there would have been no fees, so the difference between the 2 transfers would have been even greater.

Which offers better exchange rates?

Remitly

Remitly charges a margin on the exchange rate, but it differs depending on the currency.

For example, if you want to send money to South Africa:

  • Mid-market rate: 1 CAD = 10.674 ZAR
  • Remitly’s exchange rate: 1 CAD = 10.470 ZAR

This shows a Remitly margin of 1.91%.

MoneyGram

Depending on where you’re sending your money, MoneyGram’s exchange rate could be 0.6% to 10% above the mid-market rate. It changes from currency to currency.

Looking at the same example of South Africa:

  • Mid-market rate: 1 CAD = 10.674 ZAR
  • MoneyGram’s exchange rate: 1 CAD = 9.830 ZAR

This shows a MoneyGram margin of 7.91%.

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Winner: Remitly

While both Remitly and MoneyGram don’t have a flat mark-up percentage and change their exchange rates based on the currency, the MoneyGram margin is generally higher. It’s worth checking both, as there may be some currencies that MoneyGram gives you a better rate on, but Remitly wins overall.

Which is faster?

Remitly

If you use the express option, funds can be in someone’s account that day, often within minutes. Economy transfers take 3-5 working days.

MoneyGram

If paying by debit or credit card, your money will be there in minutes. If paying via bank deposit, it will likely take 2-4 business days.

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Winner: Tie

Both providers can get your money there in minutes but also have some longer turnaround times.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
Remitly Bank transfer, debit card, credit card Bank account, cash pick-up Minimum: $10

Maximum: $18,000

3 – 5 days 30+ currencies
MoneyGram Bank transfer, credit card, debit card, cash Bank account, cash pick-up location, mobile wallet Minimum: $1

Maximum: $990

1 day 40+ currencies

Remitly

Once you have an account, you just put in all the details for your transfer, including where it’s going, the currency and how you’ll pay. Remitly will then make the conversion and send it to where it needs to go.

MoneyGram

You enter how much you’re transferring and to where, and see how much you’ll pay for the exchange. You then either log in to your profile if you already have one, or you sign up. You enter your payments details, then MoneyGram converts and delivers your money to your nominated location.

Bottom line

Overall, Remitly is more likely to give you a better deal. While it varies currency to currency, its mark-ups often aren’t as high as MoneyGram.

Both services offer speedy transfers and both charge their fees and exchange rates regularly, but generally speaking, Remitly is going to save you more money.

However, keep in mind that MoneyGram offers a lot more currency options and Remitly might not have the currency you need.

Looking for more options?

Use the calculator below to compare rates across other providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 Within an hour CAD 3.99 0.744 USD
7,439
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 - 2 days CAD 90.00 0.753 USD
7,465
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.739 USD
7,390
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
USD 150 1 day CAD 0.00 0.75 USD
7,503
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.
Go to site Show details
CAD 0 1 day CAD 0.00 0.75 USD
7,499
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 5 1 - 2 days EUR 3.00 0.742 USD
7,420
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 250 1 day CAD 0.00 0.75 USD
7,495
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details
CAD 7,000 1 day CAD 0.00 0.74 USD
7,397
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.75 USD
7,496
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site 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.

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