
Currencies Direct Multi-Currency Account for online sellers
Your detailed guide to the Currencies Direct Multi-Currency Account for online sellers, including exchange rates, fees, supported currencies and security. Read more…
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Western Union and MoneyGram are two of the top players when it comes to international money transfers, collectively reaching over 200 countries in the world with more than 900,000 agent locations. From small businesses and global corporations to families near and far away, both of these reputable services offer a convenient, secure and affordable way for Canadians to send money overseas.
While we don’t claim to have all the answers, we’re dedicated to helping you select the best option for your unique needs. The table below provides a quick snapshot of the structural differences between Western Union and MoneyGram, with the rest of this post dedicated to which option can help save you the most money.
Agent Locations | Payment Locations | Payment methods | Pick-up Methods | |
Western Union | 550,000+ | Online or in-branch | Credit/Visa Debit or Cash | Bank-to-bank or cash |
MoneyGram | 350,000 | In-branch only | Credit/Debit or Cash | Bank-to-bank or cash |
Features as of 25 May 2018 (subject to change)
It’s free to get a quote for your transaction with both Western Union and MoneyGram, which should take into account exchange rates and fees. The tables below compare the costs to send $1,000 from Canada to three different countries with both money transfers services. MoneyGram offers more competitive exchange rates in most cases while Western Union typically offers lower fees. The examples below demonstrate how much fees and exchange rates can vary by company depending on your destination country. One thing to keep in mind: if the difference between services isn’t significant, it might be worth your while to use Western Union’s online service since you don’t have to go into a branch to make your transfer.
Fees (CAD) | Exchange rates | Total received (US) | |
Western Union | $30 | 0.7550 | $754.91 |
Moneygram | $56 | 0.7497 | $749.69 |
Verdict: The cheapest option in this case is Western Union, which charges $26 dollars less in fees and around $7 less in exchange rates, for a total savings of $33. Rates as of 21 May 2018 (subject to change). |
Fees (CAD) | Exchange rates | Total received (INR) | |
Western Union | $25 | 52.053 | 52,050.82 ($979.21) |
Moneygram | $12 | 52.615 | 52,615.13 ($989.84) |
Verdict: The cheapest option in this case is MoneyGram, which delivers around $10 more to recipient while also charging $13 less in fees, for a total savings of $23. Rates as of 21 May 2018 (subject to change). |
Fees (CAD) | Exchange rates | Total received (EUR) | |
Western Union | $30 | 0.6275 | €627.42 ($945.65) |
Moneygram | $50 | 0.6419 | €641.89 ($968.10) |
Verdict: The cheapest option in this case is MoneyGram, which delivers around $22 more to recipient, despite charging $20 more in fees, for a total savings of around $2. Rates as of 21 May 2018 (subject to change). |
As you can see, it’s difficult to determine which service is the best fit for you without comparing the two services with up-to-date exchange rates and fees. If you’re planning to send money with either Western Union or MoneyGram, it’s best to plug the total amount you want to send into each company’s transfer calculator to make sure you’re getting the most bang for your buck.
Transfer fees will differ based on which transfer service you choose as well as which delivery method you opt to use. The following table breaks down the transfer fees to send money to the same three countries outlined in the above examples (United States, India and Germany) using both bank transfers and cash pickup.
Country | Transfer method | MoneyGram | Western Union |
---|---|---|---|
United States | Cash pickup | $56 | $30 |
United States | Bank-to-bank deposit | N/A | $25 |
India | Cash pickup | $12 | $25 |
India | Bank-to-bank deposit | $12 | $5 |
Germany | Cash pickup | $50 | $30 |
Germany | Bank-to-bank deposit | $50 | $20 |
Rates as of 25 May 2018 (subject to change).
Western Union offers more competitive fees than MoneyGram in most of the cases outlined above, but this doesn’t necessarily mean that the company will deliver the most savings. Exchange rates can really eat into your bottom line, and Western Union often offers less competitive exchange rates than MoneyGram, despite charging lower fees.
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