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Updated
MoneyGram is a well-known name in international money transfers, but it’s no longer your only option. Newer peer-based CurrencyFair offers competitive exchange rates through peer-to-peer services to earn your business loyalty.
US residents are not eligible to use CurrencyFair.
To find a suitable alternative, compare money transfer specialists to find the best rates, fees and turnaround you’re eligible for.
With MoneyGram, you go to its site, enter the amount you need to transfer and confirm your payment and how it should be received. (You also have the option of visiting or calling an agent.) Once you approve the exchange rate and fees you’ll pay, MoneyGram converts and delivers your money to your recipient’s bank account or for cash pickup at locations worldwide.
CurrencyFair allows you to set the exchange rate that you’d like for your desired currency. Then you’re matched with someone willing to make the exchange. Once your currency is converted, CurrencyFair transfers it to your recipient’s bank account.
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 not easy to find out up front how much you’ll pay. As an example, to send $1,000 to China from a bank account, you’ll pay $8 in fees; to pay for that same amount by credit or debit card, you’ll pay $48. To send $1,000 for cash pickup in the Philippines, it’s $4.99 from a bank account and $10 by credit or debit.
CurrencyFair charges a fee on the total amount of an exchange. If you’re able to find another CurrencyFair user with whom you can exchange your money, CurrencyFair charges 0.15% of the total transfer amount. If you exchange with CurrencyFair, that percentage jumps to 0.4% to 0.6%.
Depending on where you’re sending money, the exchange rate with MoneyGram could be 5% or more above the mid-market rate. This translates to big profits for MoneyGram, at your expense.
Let’s look at the example of a transfer to euros:
Because CurrencyFair is a marketplace that matches users, your exchange rate will vary. But CurrencyFair takes a much smaller margin than MoneyGram, with rates that are usually within 0.5% of the mid-market rate.
Using the same example of a transfer to euros:
MoneyGram’s delivery speeds vary by transfer option. In-person and phone deliveries can occur within minutes, although at higher costs. MoneyGram’s cheaper options take two to four business days.
Depending on which method you use, it can take up to two days to send money to CurrencyFair. It then takes one or two business days for CurrencyFair to convert your money and send it to your recipient. (If you’re using an Irish debit card, however, your transfer is completed nearly instantly.)
Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
---|---|---|---|---|---|
MoneyGram | Bank account, credit or debit card, cash | Varies by country | Bank transfer, cash pickup, other options by location | 2–4 business days | 190+ countries and 45+ currencies |
CurrencyFair | Bank account, debit card (Irish only) | None | Bank transfer | 2–4 business days | 15 currencies |
Susan wants to send $1,000 to her daughter Ellie who is studying abroad in Auckland. Here’s what an online bank-to-bank transfer would look like for this transaction with MoneyGram and CurrencyFair.
MoneyGram | CurrencyFair | |
---|---|---|
Transfer fee | $5 | $3.60 |
Exchange rate | 1 USD = 1.34 NZD | 1 USD = 1.39 NZD |
Transfer speed | 2–4 business days | 2–4 business days |
Total received | 1,333 NZD | 1,385 NZD |
If Susan uses CurrencyFair for her transfer, she’ll saves a bit on transfer fees, but her daughter will receive 50 more New Zealand dollars.
MoneyGram offers more flexibility when it comes to transfer methods, but CurrencyFair will generally save you more money with lower transfer fees and stronger exchange rates.
Because the exact cost of your exchange can fluctuate depending on your specific circumstances, compare your options to find a provider that makes the most sense for your situation.
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