MoneyGram leans slightly cheaper and averages faster transfer speeds than Western Union — but your experience may vary depending on your specific transfer. Because there are so many variables, you’ll want to compare Western Union and MoneyGram against one another to see which is best for you.
The process to transfer money over Western Union is nearly the same with MoneyGram. So much so, we can describe them both in one shot: You go to their sites, enter the amount you’re transferring, its destination and see how much you’ll pay for the exchange.
Both services also give the option to call, visit an office or use a mobile app to transfer money. After the transaction is complete, it converts and delivers your money to a bank account or makes it available for cash pickup at any location worldwide.
Figuring out how much you’ll pay to transfer money internationally is tricky. Fees start at around $5-$7 but can be tens or even hundreds of dollars when paying by credit or debit card for cash pickup in certain countries. But when sending money to high-traffic countries such as Mexico or India, agents offer free transfer options.
MoneyGram
Fees vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. Unless you actually initiate a transfer, it’s challenging to find out up front how much you’ll pay. For example, to send $750 to a number of countries such as India, France and Mexico, you’ll pay $4.99 in fees for a bank transfer. But if you want to pay in cash at an agent location, the fee could be higher.
Winner: Tie
Whether MoneyGram or Western Union offers lower fees may depend on where you’re sending the money, how you choose to pay and how your recipient chooses to receive the cash.
Let’s crunch the numbers: Sending $600 to Mexico
Let’s say you want to send $600 to Mexico, but you’re not sure which of these major companies is the right choice. Here are the fees and exchange rates offered by MoneyGram and Western Union when sending money for cash pickup and paying by bank transfer.
Western Union
MoneyGram
Transfer fee
$17.00
$4.99
Exchange rate
1 CAD = 15.5461 MXN
1 CAD = 16.0292 MXN
Transfer speed
0-4 business days
0-5 business days
Total received
9328.00 MXN
9,618.00 MXN
Based on rates when we checked, your recipient would receive about 290 pesos more if you sent your transfer through Moneygram.
Who 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, a typical exchange rate at Western Union could be up to 5% (or higher in some cases) above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars straight into Western Union’s coffers.
We’ll use the example of a transfer to euros (EUR):
If the mid-market rate is 1 CAD = 0.68 EUR
Western Union’s exchange rate might be 1 CAD = 0.65 EUR
MoneyGram
MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, the exchange rate could be between 0.5% and 10% above the mid-market rate. Like Western Union, this means hundreds of dollars on a large transfer diverted to MoneyGram’s pockets.
So if you’re sending money to Europe:
If the mid-market rate is 1 CAD = 0.68 EUR
MoneyGram’s exchange rate may be 1 CAD = 0.66 EUR
Winner: MoneyGram
Sending $750 to Europe with MoneyGram could result in about 7.50 more euros to your recipient over Western Union.
Who’s faster?
Western Union
Delivery speeds vary with transfer options. At an agent location, online or by phone, your transfer could be delivered in minutes — at higher costs. Sending to a mobile wallet or bank account could take 2-3 business days.
MoneyGram
Like Western Union, delivery speed with MoneyGram also varies for some types of transfers, but most transfers arrive in minutes. If you need to verify your account before sending your first transfer, you could be looking at a delay of up to 4 business days.
Winner: Moneygram
Moneygram offers delivery within minutes for most types of money transfers.
Who offers more options?
Payment Methods
Minimum and maximum transfers
Delivery methods
Transfer speeds
Countries
Western Union
Bank account, credit or debit card, cash
Minimum and maximum varies by country, but you can’t send more than $7,500 CAD online (limit is higher for in-person transfers)
Bank transfer, cash pickup, e-wallet
Varies from minutes to 3+ days
200+ countries
MoneyGram
Bank account, credit or debit card, cash
Minimum and maximum varies by country, but you can’t send more than $990 CAD online (limit is higher for in-person transfers)
Bank transfer, cash pickup, other options by location
Usually minutes (if account verification is required, it could take days)
200+ countries
Bottom line
While Western Union and MoneyGram can appear similar, you may get a stronger exchange rate with MoneyGram — which is especially important for larger transfers. But if your recipient needs to pick up your transfer as cash, Western Union’s 500,000 agent locations worldwide beats MoneyGram’s 350,000.
These two services aside, you could almost always do better with another money transfer specialist. Be sure to compare your options to find a provider that’s perfect for your situation.
Looking for more options?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Adrienne Fuller is the former head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aimed to deliver the accurate and transparent information she wished she had when she made some of life's important financial decisions. Adrienne has a BA from Colorado College and loves to hike with her two Catahoula dogs.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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