Fast, flexible money transfers to 200+ countries and territories worldwide.
finder.com’s rating: 3.0 / 5.0
Speed: 5.0 / 5.0
Services: 3.0 / 5.0
User experience: 2.0 / 5.0
If you need a quick, easy way to transfer money to friends or family overseas, MoneyGram can help. Specializing in international money transfers, MoneyGram has more than 350,000 agent locations around the world — over 30,000 in the United States alone.
Money transfers with MoneyGram are fast and secure, with multiple sending and receiving options. But you won’t get the best exchange rate, and watch out for transfer fees.
|Product Name||MoneyGram International Money Transfers|
|Min. Transfer Amount||USD 1|
|Max. Transfer Amount||USD 6,000|
Minimum transfer time
|Available Currencies||AED, AFN, ALL, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, LRD, LYD, MAD, MGA, MXN, MYR, NGN, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SBD, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XCD, XOF, XPF, ZAR|
|Online Transfer Fee||USD 4.99|
|Exchange Rate Updates||Real time|
Transferring money online with MoneyGram is surprisingly uncomplicated. In addition to the typical transfer methods, it also offers home delivery as well as the option to send money to a debit card or mobile wallet.
How much does it cost to send money with MoneyGram?
MoneyGram makes its money from transfer fees and by padding the exchange rate for a profit.
MoneyGram’s transfer fees vary depending on where you are sending your money, how much you are sending and your payment method. If you fund a transaction using your bank account, the fees you pay will typically be lower than if you pay with a credit or debit card.
For example, an online transfer of $1,000 to Mexico for cash pickup could incur a fee of $4 if sent from your bank account, or $15 if you pay with your credit or debit card. Sending the same amount to India could attract a $6 fee for online transfers or $10 for credit or debit card transactions.
The best way to determine how much your transaction will cost is to use the Estimate Fees feature on MoneyGram’s website.
What are MoneyGram’s exchange rates?
Depending on where you’re sending your transfer, how much you’re sending and how you’re paying for it, your exchange rate could be 5% above the mid-market rate. If you’re sending a large amount of money, this could mean hundreds of dollars that go straight into MoneyGram’s pockets.
MoneyGram gives you the opportunity to confirm your exact exchange rate before initiating your transfer.
Compare MoneyGram’s rates with those offered by banks and other transfer companies to see how its services stack up against the competition.
Compare MoneyGram to other money transfer services
What types of transfers can I make with MoneyGram?
MoneyGram makes it possible to send money using the following methods:
- Online. Easily transfer money online.
- In person. Transfer money at any one of MoneyGram’s agent locations.
- MoneyGram Sendbot. Send money using the Facebook messenger app.
There are also multiple options when it comes to receiving funds. Money can be:
- Picked up from one of the 350,000 MoneyGram locations around the globe.
- Deposited directly into the receiver’s bank account.
- Deposited into the receiver’s mobile wallet.
- Deposited into an inmate’s county, state or federal correctional account.
Pros and cons of using MoneyGram
- Global provider. MoneyGram has more than 350,000 agent locations in more than 200 countries.
- Transfer options. From online or in-person transfers to collection via cash pickup or deposit into a bank account or mobile wallet, MoneyGram offers a wide range of transfer options.
- Large number of countries and currencies supported. MoneyGram allows you to send money to 197 countries in a large range of currencies.
- Fast. With same day service available at many locations (subject to local holidays and other circumstances), your money can arrive at its destination in as little as 10 minutes. Note that cash is available to recipients sooner than if you send it to their bank account, which can take a day.
- Low maximum amount. MoneyGram only allows you to transfer a maximum of $6,000 online, so you may need to look elsewhere if you want to transfer more than this amount.
- Fees. As with most services, MoneyGram international money transfers do incur a fee. Fees can be higher when you use a credit or debit card to pay. For example, if you wish to send $5,000 from a US agent location to a friend in Australia picking up the money at an agent location, your transfer fee will be $169. There are providers out there that don’t charge a fee.
- Currency exchange. When sending MoneyGram international money transfers from the US, you typically must send the money in US dollars and do not have the option of sending it in a foreign currency. Depending on the recipient’s country, they can pick it up in US dollars or local currency. Local exchange rates may vary.
The registration and transfer process
Sending money with MoneyGram is easy. All you need to do is provide your recipient’s name, how much you wish to send and where the money will be sent to. Then you set up an account and pay for the transfer and any associated fees.
If you’re making a transfer, you can do so with cash in person at a MoneyGram Branch, or online.
To conduct a cash transfer with MoneyGram first find a MoneyGram agent and bring some identification, including a passport or driver’s license, and then complete the money transfer form. You’ll then need to contact the recipient and give them the reference number.
Sending money to a bank account overseas with MoneyGram is also simple. All you need to do is log in to your account and specify the amount you’re transferring, and then accept the quote.
Then you’ll need to send MoneyGram the money, and they’ll send it to the recipient. Money is usually transferred to the recipient within one to two days of sending it to MoneyGram.
Tracking your transfer
MoneyGram offers two options for tracking the status of a transfer. The first option is to log in to your online account and view your transaction history. If you are the person designated to receive the transaction, you can use the transaction authorization number or reference number and use MoneyGram’s online Track a Transfer tool.
If you ever need help with a transaction, MoneyGram’s online FAQ section may have the answer you need. 24-hour phone support is also available if you’d like to speak to a customer service rep, while email support is also an option.
What do I need to send money through MoneyGram?
Whether in person or online, you’ll need:
- Your full name and contact information. If you’re transferring money from your bank account, you’ll also need your banking information.
- Government-issued ID, such as a driver’s license or passport.
- Your recipient’s name and contact information. If you’re transferring to a bank account, you’ll also need their bank name, SWIFT code and account number.
- A valid method of payment. Online you can pay by bank account, credit card or debit card. In person, you can also pay with cash.
If your recipient will be picking up cash in person, let them know to bring along a required ID.
Steps to transferring your money online with MoneyGram
What happens next?
- Cash pickup within minutes. Your recipient can pick up your transfer at a MoneyGram location shortly after it’s complete. For bank account transfers, the money is available within 24 hours.
- Track your transfer. With the Track a Transfer tool, you can use your last name and confirmation number to follow your transaction through to receipt.
- Contact customer service. If you need help, call 24/7 toll-free at 1-800-666-3947 or complete a help form online.
- Canceling a transfer. To cancel a transfer, log in to your account and view your transaction history. There is an option to cancel specific transfers on the Transaction Details page.
MoneyGram’s wealth of transfer options and its huge global network make it an effective solution for international money transfers. The next time you need to send cash overseas, consider the benefits, fees and features of MoneyGram’s international money transfer options.
It’s also a good idea to compare MoneyGram’s services with those of other providers to ensure that you can save money on your next international funds transfer.