Is MoneyGram a safe way to transfer money internationally?| finder.com
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How safe is MoneyGram for international money transfers?

The second-largest money transfer service in the world, MoneyGram secures your money and information from send to receipt.

Working with more than 400 banks globally, MoneyGram makes it quick and easy to send money to friends and family in more than 200 countries worldwide. Read about some of the measures taken by MoneyGram to protect your identity.

MoneyGram International Money Transfers

MoneyGram International Money Transfers

Send funds to more than 200 countries and territories around the world with a MoneyGram international money transfer.

  • Pick up from one of the 350,000 MoneyGram locations around the globe.
  • Deposited directly into the receiver’s bank account.
  • Cash pickup.
  • Account deposit.
  • Mobile wallet deposit.

    How does MoneyGram protect my money?

    MoneyGram prioritizes protecting your banking information when you make a transfer. Over its many years in business, it has installed a number of safeguards.

    • Established and licensed. Founded in 1940, MoneyGram is a licensed money transmitter that’s successfully completed millions of transfers.
    • Tracking. You can easily track your transfer online by entering your last name and the reference number in your confirmation.
    • Secure connection. Using physical, technical and administrative security measures, its website is verified by Entrust, Inc.
    • Accountability. MoneyGram (MGI) is listed on NASDAQ.

    What are my rights when it comes to money transfers?

    The Consumer Financial Protection Bureau established rules in 2013 that protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also have the right to know:

    • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more.

    How do I report suspicious activity to MoneyGram?

    MoneyGram will never email you to confirm passwords, transaction details or personal information. If you are the recipient of an email from someone claiming to be MoneyGram, do not respond. If you’re wary about an email or phone call, contact your local authorities and MoneyGram’s Customer Care Center at 1-800-926-9400.

    How to avoid a money transfer scam

    Most likely you’ve heard about someone who’s fallen prey to a money transfer scam. Stay vigilant with these easy tips.

    • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

    TipDescription
    Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Bottom line

    An established and trusted money transmitter, MoneyGram is a safe way to send money to more than 200 countries. Compare transfer times and exchange rates to see if MoneyGram is right for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

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    8 Responses

    1. Default Gravatar
      FrancescoOctober 24, 2017

      Hello,
      I am dealing with an online seller and I don’t know if he is trustworthy or not.
      He said that I can safely make a payment through Moneygram. Just when I received the order, I will give him the reference code to allow him to take the money. Is it possible? Isn’t it odd?
      Thank you in advance,
      Best regards
      Francesco

      • Default Gravatar
        JonathanOctober 24, 2017

        Hi Francesco,

        Thank you for your inquiry.

        Generally, you need to be careful if you send money to pay for merchandise purchased online. Many online auction and e-commerce sites have their secure payment systems, offering greater protection for the buyer and seller (i.e. Escrow). These payment methods may be a better option than a money transfer.

        We’d recommend that you negotiate with the online seller to pay your item through PayPal or other online payment platforms that offer Escrow Protection.

        Hope this helps.

        Cheers,
        Jonathan

    2. Default Gravatar
      CamillaSeptember 21, 2017

      I am about to move to another country and Looking for houses. I am interested in a house and the landlord has asked me to set up an urgent MoneyGram postal receipt as a ‘deposit of guarantee’.
      Apparently this would imply settimg up an account, payinga deposit,l to the name of the landlord, receive a receipt as record of the payment that i will bring on the day of the visit.
      The person gave me its contact information to.make the deposit to the MoneyGram agency closest to me.
      Apparently once the visit has been made with the keys of my apartment and signature of the contract, the person will assert the postal receipt.

      Is this a scam?
      What if the person doenst show up to the appointment? I will have made the transfer already!
      When i asked to explain how that would work, here’s the answer
      ‘Once you make the deposit, you will receive a receipt with the code that allows to unlock the money you jealously guard the receipt and we from our side we reserve our tickets for transport. Once at the meeting point, we make the visit, if the studio suits you we go to the signing of the lease followed by the handing-over of the keys and that is when you give us the postal receipt of the deposit representing the bail.’
      Is this a scam or is it actually how it works?

      • Staff
        HaroldSeptember 25, 2017Staff

        Hi Camilla,

        Thank you for your inquiry.

        Never make a deposit without meeting the people or seeing the place and making sure they are actually the landlord – you must get proof of that.
        Also, if the landlord was real they should accept a check AFTER you see the place – if the “landlord” claims they will only receive it via a money transfer beforehand, that is a scam. We have a page on money transfer scams you can check on this page.

        I hope this information has helped.

        Cheers,
        Harold

    3. Default Gravatar
      RajJuly 2, 2017

      If I already sent money via money gram after a few month if someone want to details like how much time I send money? So he can get this information if I don’t know him?

      • Staff
        HaroldJuly 2, 2017Staff

        Hi Raj,

        Thank you for your inquiry.

        Regarding this information, it would be nice to check directly with the money transfer company to determine what are their security options based on they circumstance you’ve have mentioned.

        I hope this information has helped.

        Cheers,
        Harold

    4. Default Gravatar
      MichaelJune 2, 2017

      I’m sending $ to Kampala, Uganda
      Is there a fee the person has to pay to pick up the money in Uganda?

      • Staff
        AnndyJune 18, 2017Staff

        Hi Michael,

        Thanks for your question.

        Generally, there is no fee associated with picking up funds sent through MoneyGram.

        Cheers,
        Anndy

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