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Western Union vs MoneyGram

Discover where to find the best deal on your next overseas transfer.

Tim Falk

Updated Feb 14, 2020

Fact checked

Neither Western Union nor MoneyGram is the cheapest or fastest option out there – but they are the most visible. Which one is best for you depends on how much you’re transferring and how fast you need the money to arrive.

The fees and rates used in this comparison are accurate as of 14 February 2020.

Quick verdict

Lower fees:
Tie

Exchange rates:
Tie

Fast transfers:
MoneyGram

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	CAD 1	Same day	AUD 20.00	0.747	USD 7,454	Western Union sends money online to friends and family in 200+ countries around the world.		Compare	Show details	Details Minimum transfer amount CAD 1.00 Transfer methods Online, Phone, Agent, Bank Account to Bank Account, Cash Transfer, International Money Order Transfer options One off payments Customer service Phone, Email Available currencies AED, AFN, ALL, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CHF, CLP, CNY, COP, CRC, CUC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, EUR, FJD, FKP, GBP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HUF, IDR, INR, IQD, ISK, JMD, JOD, JPY, KES, KGS, KMF, KWD, KZT, LAK, LKR, MAD, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NGN, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SAR, SBD, SEK, SGD, SLL, STD, THB, TND, TOP, TTD, TZS, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZMW Read the full review
	CAD 1	Within an hour	AUD 8.00	0.746	USD 7,458	MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.		Compare	Show details	Details Minimum transfer amount CAD 1.00 Transfer methods Online, Agent, Bank Account to Bank Account, Cash Transfer, International Money Order Transfer options N/A Customer service Phone, Email Available currencies AED, AFN, ALL, ANG, AUD, AWG, BMD, BND, CAD, CHF, CZK, DKK, DZD, ERN, EUR, FJD, GBP, GIP, HKD, HUF, IDR, ILS, INR, IQD, JPY, KRW, KWD, LKR, LRD, LYD, MAD, MGA, MKD, MMK, MNT, MOP, MXN, MYR, NGN, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SBD, SCR, SDG, SEK, SGD, SZL, THB, TOP, TRY, TWD, USD, UZS, VND, VUV, WST, XCD, XOF, XPF, YER, ZAR Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

Western Union

Figuring out how much you’ll pay to transfer money internationally can be difficult. Although many fees start at $5-$7, they can be tens or even hundreds of dollars when paying by credit or debit card for cash pickup in certain countries.

MoneyGram

Unless you actually initiate a transfer, it’s not easy to find out upfront how much you’ll pay. As an example, to send $1,000 to a bank account in India, you could pay $4.99 in fees if you send online and pay by debit or credit; if you send the same amount at an agent location and pay for it in cash, the transaction fee could rise to $13.

Trophy icon
Winner: Tie

There are several factors that affect transaction fees with Western Union and MoneyGram, so there’s no clear winner here.

Let’s crunch the numbers: Sending $950 to Europe online and in person

Julie wants to send money to her daughter in France. She compares the cost of sending $950 online and in person at a local branch, collecting estimates from both Western Union and MoneyGram. (Assume the transfer is for cash pickup and that the fee is deducted from the amount being sent.)

Sending $950 to Europe online

	Western Union	MoneyGram
Transfer fee	$29.00	$4.99
Exchange rate	1 CAD = 0.6488 EUR	1 CAD = 0.6759 EUR
Transfer speed	Within minutes	Within minutes
Total euros received	EUR€175.82	EUR€199.40
Receiver gets	EUR€23.58 less	EUR€23.58 more

As you can see, MoneyGram offers better value for money when sending $950 online to Europe. In this case, transferring money online through MoneyGram allows Julie to save around $25 on transfer fees and send an extra €23 to her daughter.

Sending $950 to Europe in person at an agent location

	Western Union	MoneyGram
Transfer fee	$7	$15
Exchange rate	1 CAD = 0.6488 EUR	1 CAD = 0.6759 EUR
Transfer speed	Within minutes	Within minutes
Total euros received	EUR€611.82	EUR€631.97
Receiver gets	EUR€20.15 less	EUR€20.15 more

As you can see, the cost of this transaction is quite similar to the previous example. Even though transferring money in person at a local MoneyGram branch will cost Julie $8 extra in transfer fees, its higher exchange rate allows her to send an additional €20 to her daughter.

Note that the results could be different if Julie decides to send a different amount, change her payment method or change the way she wants the money to be received.

Which offers better exchange rates?

To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency – and the rate banks and transfer services use when they trade among themselves.

Western Union

Depending on the country you’re sending money to, Western Union’s margins on international transfers vary, but can be between 1% and 5%. If you’re sending a large amount overseas, this means hundreds of dollars that goes straight to Western Union.

We’ll use the example of a transfer to Chinese yuan renminbi (CNY):

If the mid-market rate is 1 CAD = 5.27266 CNY
Western Union’s exchange rate might be 1 CAD = 5.05960 CNY

MoneyGram

MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, MoneyGram’s margin on the exchange rate could be between 0.5% and 10%. Like Western Union, this means hundreds of dollars on a large transfer diverted to MoneyGram’s pockets.

So if you’re sending money to China:

If the mid-market rate is 1 CAD = 5.27266 CNY
MoneyGram’s exchange rate may be 1 CAD = 4.9985 CNY

Trophy icon
Winner: Tie

Exchange rate margins vary greatly depending on where you’re sending your money, so we couldn’t split Western Union and MoneyGram here.

Which is faster?

Western Union

Delivery speeds vary with transfer options. When you send a cash pickup transfer from an agent location or online, your transfer could be delivered in minutes (but will cost more). However, sending money to a bank account can take up to 5 days, depending on the country.

MoneyGram

Like Western Union, delivery speed with MoneyGram varies by transfer option, with cash transfers in person delivered in minutes (again with higher costs). However, bank deposits are typically processed on the same or next day.

Trophy icon
Winner: MoneyGram

There’s no question that these services are similar. Both allow you to send cash to a loved one overseas within minutes, but MoneyGram has shorter processing times for bank deposits than Western Union.

General features

	Payment methods	Receiving options	Maximum and minimum transfers	Transfer speeds	Currencies
Western Union	Bank account, credit or debit card, cash	Bank transfer, cash pickup, ewallet	Minimum: $1 Maximum: $50,000	Same day	200+ countries
MoneyGram	Bank account, credit or debit card, cash	Bank transfer, cash pickup, other options by location	Minimum: $1 Maximum: $13,750	Within an hour	190+ countries and 45+ currencies

Western Union

Western Union is a major player in the world of international transfers and allows you to send funds to more than 200 countries around the world. You can send money online, in person or via a mobile app, and the funds can be deposited into your recipient’s bank account or made available as cash for collection at more than 500,000 locations. To send a transfer online, you’ll need to register for a free account and then provide your recipient’s details and specify the amount you want to send.

MoneyGram

MoneyGram also offers in-person and online transfers, and it boasts almost 350,000 agent locations in more than 190 countries around the world. It allows you to send cash pickup transfers and bank deposits, while home delivery, mobile wallet deposits and loading funds directly onto your recipient’s debit card are also available in some countries. To send a transfer online, register for a free account, specify your payment amount and then enter your recipient’s details.

Learn more: Western Union
Learn more: MoneyGram

Bottom line

Western Union and MoneyGram are quite similar. Exchange rates vary greatly between the 2 providers depending on where you’re sending money, so it’s worth getting a quote from each provider for your specific transaction.

MoneyGram offers faster transactions if you’re sending a bank transfer (only available in selected countries). But if it’s more important that your friends or family be able to pick up your money in cash, Western Union’s 500,000 agent locations worldwide beat MoneyGram’s 350,000.

These 2 services aside, you could do better with another money transfer specialist. Compare your options to find a provider that’s perfect for your situation.

Looking for more options?

Input the details of your transaction into the calculator below to compare fees and exchange rates across a range of money transfer services.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
CAD 1	Same day	CAD 0.00	0.795	USD 7,954	XE has fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 1.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, COP, CRC, CVE, CZK, DJF, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TMT, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
USD 150	1 day	CAD 0.00	0.796	USD 7,962	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount USD 150.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR Go to site Read the full review
CAD 10	Within an hour	N/A	N/A	N/A	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, BDT, BGN, BOB, BRL, CAD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
CAD 0	Within an hour	CAD 3.99	0.796	USD 7,954	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
USD 10,000	1 - 2 days	CAD 0.00	0.793	USD 7,926	Dunbridge Financial offers diverse transfer options to more than 120 countries. Powered by Currencycloud.	Go to site	Compare	Show details	Details Minimum transfer amount USD 10,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AFN, ALL, AMD, ARS, AUD, AZN, BAM, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BWP, BYR, CAD, CHF, CNY, COP, CRC, CZK, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, IQD, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MXN, MYR, MZN, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, THB, TJS, TND, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VND, VUV, WST, XOF, XPF, YER, ZWD, ZAF Go to site Read the full review
CAD 1	1 - 2 days	CAD 90.00	0.799	USD 7,922	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount CAD 1.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, ERN, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
GBP 5,000	1 - 2 days	CAD 0.00	0.796	USD 7,960	CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 5,000.00 Transfer methods Online, Phone, Bank Account to Bank Account, International Money Order Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, BGN, BHD, BRL, CAD, CHF, CNY, CZK, DKK, ERN, EUR, GBP, GHS, HKD, HNL, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KWD, MAD, MUR, MXN, NGN, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, UGX, USD, ZAR Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Thank you for your feedback!

Tim Falk

Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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