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MoneyGram review

Fast money transfers to 200+ countries and territories worldwide, but keep an eye on the offered exchange rate.

  • Good for sending money almost anywhere in the world instantly and if your recipient doesn’t have a bank account.
  • Be wary of high fees and poor exchange rates.

Check out our full list of pros and cons below.

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USD 1

Min. Transfer Amount

No limit

Max. Transfer Amount

Within an hour

Transfer Speed

Details

Product NameMoneyGram International Money Transfers
Min. Transfer AmountUSD 1
Max. Transfer AmountNo limit
Transfer MethodsAgent
Transfer Speed
Minimum transfer time
Within an hour
Customer ServicePhone, Email
Available CurrenciesAED, ALL, AUD, BND, CAD, CHF, CLP, CZK, DKK, EUR, FJD, GNF, HKD, HUF, IDR, ILS, INR, ISK, JPY, KRW, KWD, LKR, MAD, MGA, MMK, MRO, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, USD, UZS, VND, VUV, WST, XAF, XOF, XPF, ZAR
Online Transfer FeeUSD 4.99

Must read: MoneyGram’s coronavirus response

MoneyGram is encouraging customers to take business online when possible. According to the MoneyGram website, customers should take note of:

  • Check with local agents for store hours, restrictions, and closures
  • Use any of account deposit options if possible

Visit our step-by-step section of this guide to learn what information you need to send money through MoneyGram.

Why should I consider MoneyGram?

  • Wide reach. MoneyGram has approximately 350,000 agent locations in more than 200 countries and territories. Simply use its agent locator tool to find one near you.
  • Diverse transfer options. Customers can send money in-person at any agent locations, MayBank or CIMB branches.
  • Speed. With same-day delivery available at many locations (subject to the holiday hours and compliance with regulatory requirements), your recipient could have their money in as little as 10 minutes during normal business hours when picking up cash. When speed is important, cash pickup is typically your fastest option with MoneyGram.
  • Low fees. Transferring money with MoneyGram is affordable, with fees as low as RM10 per transaction.
  • Delivery options. You can send money for pick up in different ways, including cash pickup or to a mobile wallet.

What to be aware of with MoneyGram

  • No online transfers. For customers in Malaysia, you’ll need to visit an agent location in-person in order to initiate a transfer.
  • Low maximum limits. When sending money with MoneyGram, your transfer is limited to RM10,000 per transaction at MayBank branches, or RM20,000 per customer per day at CIMB branches.
  • No hedging options. MoneyGram doesn’t offer recurring transfers, scheduled transfers or any other hedging tools to help you save money. Hedging tools can help you save money when used appropriately to lock in an exchange rate for future transfers.
  • Inconsistent exchange rates. MoneyGram’s exchange rates vary depending on how you are paying for your transaction and how it will be received. Pay close attention to the exchange rate to make sure you’re getting the best deal.

MoneyGram fees and exchange rates explained

MoneyGram’s fees and exchange rates may vary between online and agent locations, but for online transfers we can offer some insights. To save money, test a few different payment methods and amounts for your transfer, as sending two smaller transfers may be cheaper than one large transfer.

MoneyGram fees

MoneyGram bases fees on the amount you are sending and where you’re sending to. Fees typically start from RM10 and increases a few ringgit when you bump up to the next fee tier.

MoneyGram exchange rate

MoneyGram makes money by adding a margin to the exchange rate in addition to any fees charged. These exchange rates may change depending on how you are paying and how the money is being received, so pay attention to the total amount expected to be transferred when deciding on how to send your money through MoneyGram. Finding the balance between low fees and strong exchange rates is key to saving the most money on your transfer.

How long does a MoneyGram money transfer take?

The money is typically ready for cash pickup within 24 hours after a successful transfer.

Is MoneyGram safe to use?

After multiple legal cases, one in 2012 and another in 2016, MoneyGram has increased its fraud prevention protocols to keep customers safer. It does this by monitoring transactions, educating customers on the dangers of money transfer fraud and providing numerous resources to customers to report potential fraud.

Common consumer scams include:

  • Extortion scam. A person claiming to be from a government agency asks for money to cover back for tax or fine debts. To do so, the person claims you must wire money or send a prepaid card to a “government account.”
  • Refund scams. A person claims to be working for Bank Negara Malaysia and promises to help you get a refund from the agency, sent directly to your bank account.
  • Disaster relief. After a major disaster, scammers set up fake charities and ask for donations through wire transfers.
  • Foreign lottery. A person contacts you claiming you won a foreign lottery or sweepstakes, but due to international tax laws requires you to pay a fee upfront to claim your price.
  • Buying a vehicle. An online or newspaper ad for a vehicle seems too good to be true, and to secure the vehicle you must send a down payment before meeting with the person. Typically they ask you to wire money, which after being sent cannot be retrieved.

Fraud can be reported through MoneyGram’s website or by telephone at 01-800-926-9400. Additionally, fraud can be reported to the police as well as Bank Negara Malaysia.

What are all the ways I can send money with MoneyGram?

You may send money from an agent location and select for various ways for your receiver to get it. We’ll go through each of them and what the steps look like.

Options for setting up a transfer

Agent locations are in almost every country in the world, so to take advantage of this network you’ll need to:

  1. Head to MoneyGram’s website, look for the agent locator tool where you can type in your location and all locations will appear.
  2. Bring necessary documents: valid ID, receiver’s information, and the money you plan on sending.
  3. Pay for your transfer with the agent and collect your receipt.

You’ll also be able to send a MoneyGram from any MayBank or CIMB branches.

Options for your receiver to get the money

  • Send to a bank account. Although slower, this lets your receiver get the money directly in their account.
  • Picked up in cash at a MoneyGram location. The money is ready at the location in as little as 10 minutes after you’ve sent it, dependant on the opening hours of the pickup location you’ve selected.
  • Send to a mobile wallet. A mobile wallet is a place to store funds digitally, with actual wallet types varying by country and user preference.

    How to track a MoneyGram transfer

    Find your authorisation or reference number on your receipt or in your email, if you placed an order online. To track, you can:

    • Use the online Track a Transfer tool by entering your last name with the authorisation or reference number.
    • Contact customer service and provide the authorisation or reference number to them, along with your last name, to check the status of your order.
    • Visit a MoneyGram location and provide your information to the agent to find out where your order is and if it has been picked up or not.

    Is there a MoneyGram app?

    Screenshot of MoneyGram's app

    Yes, MoneyGram has an app on both Google Play and the App Store. The app makes it possible to:

    • Scan your card. Use your phone’s camera to quickly scan your credit card, debit card and photo ID.
    • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
    • Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
    • Share order details with your contacts. Sending key order information, like the tracking PIN number, to your recipient can be done with just a few taps.
    • Find an agent location using GPS. Use the in-app map to find agent locations based on your GPS or around the world.
    Ratings collected on October 25, 2020
    Google Play Store4.5 out of 5, based on 36,267 customer reviews
    Apple App Store4.8 out of 5, based on 132,700 customer reviews

    Bottom line

    When you need a money transfer sent fast, or to a remote destination, MoneyGram may be the choice for you. However, it is always a great idea to compare your options before making any transfer, as you never know how much fees and exchange rates may have recently changed. Even if MoneyGram was the best deal in the past, you may find that a competitor is now offering better rates to save you money.

    Frequently asked questions

    How can I see my transaction history?

    When you log in to your account, any recent transactions you have completed will be displayed on your homepage and you’ll also see a link that lets you view all. If you haven’t made any transfers recently you will have to click on My Account and then Transaction History to view the relevant details.

    Why is MoneyGram reviewing my transfer?

    MoneyGram reviews all money transfers for compliance with know-your-customer (KYC) and anti–money laundering (AML) industry protocols, which involve knowing the identity of its customers, their financial activities and any risks they pose to MoneyGram’s business. MoneyGram typically reviews transfers within a day or less, and will contact you directly if there are any problems with your transfer.

    Can I cancel a money transfer?

    Yes, if it hasn’t yet been picked up by your recipient. 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.

    How does MoneyGram compare to other services?

    Check out the table below to see what your transfer could look like with other online money transfer services.

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 1 Same day MYR 3.99 0.233 USD
    2,330
    Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
    WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
    Go to site Show details
    USD 60 1 day MYR 0.00 0.235 USD
    2,350
    Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
    USD 1 1 day MYR 100.00 0.236 USD
    2,335
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
    USD 200 1 day MYR 50.00 0.235 USD
    2,338
    Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
    InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
    Go to site Show details
    USD 120 1 - 2 days MYR 5.00 0.234 USD
    2,339
    Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

    Compare up to 4 providers

    Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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