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Zak Killermann is a staff writer at Finder specializing in money transfers. He has ghostwritten hundreds of FinTech articles over the years and found his love for publication at St. Cloud State University. Zak has been traveling internationally for nearly half his life and — after getting burned once by an over-the-counter money exchange — vowed to never settle for anything short of the mid-market rate.
MUST READ: MoneyGram’s coronavirus response
MoneyGram is encouraging customers to take business online when possible. According to the MoneyGram website, customers should:
“Take advantage of our online and in-app services to limit unnecessary travel
Check with local agents for store hours, restrictions, and closures if you need to send money using cash”
Visit our step-by-step section of this guide to learn what information you need to send money online through MoneyGram.
Wide reach. MoneyGram has approximately 350,000 agent locations in more than 200 countries and territories — with more than 12,000 of those locations in the Philippines.
Country and currency support. MoneyGram transfers can be sent to over 200 countries in almost 50 currencies. Some destinations support multiple currencies, which may help you save money on the exchange rate by sending through the more popular currency.
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.
Delivery options. You can send money for pick up in different ways, including cash pickup, to a mobile wallet or to a bank account.
What to be aware of with MoneyGram
High fees. As with most money transfer services, MoneyGram’s international and domestic transfers incur a fee. Fees are often higher when paying with a credit or debit card and lower when sending from bank account to bank account.
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’s exchange rates and fees explained
MoneyGram’s fees may vary between amount to be sent and agent locations. Some factors include:
Location. Fees depend on what country you’re sending from and where you’re sending to.
Amount. MoneyGram uses a tiered system for fees, based on the amount you are sending. The tiers are typically US$1 – US$50, US$51 – US$1,000 and then shifting for amounts over US$1,001. Be sure to test a few different amounts for your transfer, as sending two smaller transfers may be cheaper than one large transfer.
Receiving method. If your recipient wants cash the fees are generally higher, while receiving money to a bank account is less expensive.
Calculate how much your transfer with MoneyGram could cost
Choose your currency and desired transfer amount (maximum the equivalent of US$10,000). Exchange rates change frequently, so visit MoneyGram’s site to get a final quote.
How long does a MoneyGram money transfer from the Philippines take?
Your recipient can pick up your transfer at a MoneyGram location shortly after it’s completed during normal business hours. For bank account transfers, the money is available within 24 hours.
How does MoneyGram keep my money safe?
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, according to MoneyGram, include:
Refund scams. A person claims to be working for the FTC 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.
Sending money with MoneyGram is easy. Just head on to the nearest MoneyGram agent location to make an in-person transfer. You’ll need:
Your full name and contact 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.
Cash payment
If your recipient will be picking up cash in person, let them know to bring along a required ID.
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.
Organise for it to be 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. If your receiver in the Philippines has a GCash account, you’ll be able to send funds to their account. If you’re sending money to someone in Kenya, Tanzania, and Romania via M-Pesa, as well as to Zimbabwe via Econet, MoneyGram offers money transfer service direct to a mobile wallet.
Home delivery. Available in select countries, this service directly sends money to your recipient’s address.
MoneyGram pick up locations in the Philippines
Aside from the more than 10,000 MoneyGram agent locations in the country, your recipient can also pick up funds in any of these partner establishments:
BDO
Bank of Commerce
BPI
Cebuana Lhuillier
GCash
KwartaGram
Metrobank
M Lhuillier
Palawan Pawnshop
PeraGram
RD Pawnshop and Jewelry
SM Department Stores
What do I need to send money online through MoneyGram?
Sending money with MoneyGram will require a few documents and pieces of information, including:
Contact information. Your full name and contact information is needed. Additionally, if you’re transferring money from your bank account, you’ll also need your banking information.
Proof of ID. A government-issued ID, such as a driver’s license or passport.
Recipient information. Be prepared with 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.
How to track a MoneyGram transfer
Find your authorization 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 authorization or reference number.
Contact customer service and provide the authorization 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.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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
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.
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.
Yes, if it hasn’t yet been picked up by your recipient. You may need to visit a MoneyGram agent location for it.
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