Review: MoneyGram money transfers
Fast money transfers to 200+ countries and territories worldwide, but keep an eye on the offered exchange rate.
Speed: 5.0 / 5.0
Services: 3.0 / 5.0
User experience: 2.0 / 5.0
MoneyGram has flexible payment options and more than 350,000 agent locations around the world, but that convenience comes at a cost — unfavorable exchange rates and transfer fees.
SGD 1
Min. Transfer Amount
SGD 6,000
Max. Transfer Amount
Within an hour
Transfer Speed
Details
| Product Name | MoneyGram International Money Transfers |
|---|---|
| Min. Transfer Amount | SGD 1 |
| Max. Transfer Amount | SGD 6,000 |
| Transfer Methods | Agent |
| Transfer Speed Minimum transfer time | Within an hour |
| Customer Service | Phone, Email |
| Available Currencies | AED, AUD, BMD, BND, CAD, CHF, CZK, DKK, DZD, EUR, FJD, GNF, HKD, HNL, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RSD, SAR, SBD, SCR, SDG, SEK, SGD, SZL, THB, TOP, TRY, TWD, USD, UZS, VEF, VND, VUV, WST, XOF, XPF, YER, ZAR |
| Exchange Rate Updates | Real time |
| Online Transfer Fee | SGD 4.99 |
|---|
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”
What's in this guide?
Why should I consider MoneyGram?
- Wide reach. MoneyGram has approximately 350,000 agent locations in more than 200 countries and territories.
- Diverse transfer options. Customers can send money both online and in-person. You can pay using credit and debit cards, bank wires and cash. Be sure to select the payment option that best balances your desired transfer speed with the associated fees.
- 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
- Low maximum limits. When sending online with MoneyGram, your transfer is limited to $13,500 per transaction from Singapore. When you need to send more you can do so in-person from a MoneyGram agent location.
- High fees. As with most money transfer services, MoneyGram’s 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
At the time of writing (29 August 2020), MoneyGram only charge a flat fee of $3 for all transfers (except Pakistan).
Calculate how much your transfer with MoneyGram could cost
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit MoneyGram’s site to get a final quote.
How long does a MoneyGram money transfer take?
Transfer speed will depend on the selected ‘receive method’.
- Cash pickup. The transferred amount is available for cash pickup by your recipient within minutes.
- Bank transfer. Your recipient will typically receive the money in their bank account within a few hours.
Is MoneyGram safe to use?
MoneyGram International Pte. Ltd. is licensed by the Monetary Authority of Singapore (MAS) to provide cross-border money transfer services. Bear in mind that even though MoneyGram describes itself as “safe and secure”, you should never send money to someone you don’t know.
What MoneyGram’s reviews look like
Reviews accurate as of 29 August 2020.
Finder.com3 out of 5, staff reviewed
| Trustpilot score | 4.1 out of 5, based on 3,866 customer reviews |
| Monito | 4 out of 10, staff reviewed |
| NerdWallet | 3.5 out of 5, staff reviewed |
MoneyGram is a massive global company that has been in business since 1940. A lot of complaints online are about fees and exchange rates, often remarking on how the exchange rate was different from what was originally presented. Because of this it is crucial that you always review the transfer before clicking Send.
What are all the ways I can send money with MoneyGram?
MoneyGram offers one of the widest ranges of ways to send money and 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
Online via MoneyGram’s website
MoneyGram allows you to send money online to destinations around the world. To do so, you’ll need to:
- Register for an account, or login if you already have one
- Select a receiving bank or MoneyGram agent location
- Choose how you want to pay
You can also set up the money transfer online, but pay with cash in-store. Make sure to bring valid ID and enough money to cover the transfer if you choose this option.
In-person at a MoneyGram location
Agent locations are in almost every country in the world, so to take advantage of this network you’ll need to:
- Head to MoneyGram’s website, where you can type in your location and all locations will appear.
- Bring necessary documents: valid ID, receiver’s information, and the money you plan on sending.
- Pay for your transfer with the agent and collect your receipt.
Always verify with MoneyGram’s Find a Location tool before you head there.
Options for your receiver to get the money
- Send to a bank account. Although a little 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, depending on the opening hours of the pickup location you’ve selected.
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 your NRIC 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.
- Payment method. A valid method of payment is necessary for all transfers. Online transfers can be paid for through a bank account, credit card or debit card. In person transfers you can also pay with cash.
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 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.
Is there a MoneyGram 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.
| Google Play Store | 4.4 out of 5, based on 17,483 customer reviews |
| Apple App Store | 4.8 out of 5, based on 57,308 customer reviews |
Ratings collected on 29 August 2020
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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.
How does MoneyGram compare to other services?
Browse the table below to see how MoneyGram compares to other providers. You can use the built-in calculator to see how much your transfer might cost.