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MoneyGram vs Travelex

Find out which service can best meet your money transfer needs with our step-by-step breakdown.

MoneyGram is the second-largest provider in the world of international money transfer services, but Travelex offers services that extend far beyond simple transfers. Let’s go through each service’s fees, exchange rates and transfer speeds to find out which one is a better fit for your needs.

At the time of writing (1 August 2019), Travelex does not facilitate online transfers from Singapore or in Singapore dollars.

The exchange rates and fees used in this guide are current as of 27 February 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 1 Within an hour SGD 210.00 0.722 USD
3,460
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide. Show details

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The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Travelex is not available in Singapore

Unfortunately, you won’t be able to sign up for an account in Singapore with Travelex or initiate transfers in Singapore dollars.

For the comparisons in this review, we’ll base the numbers on a currency that is available on both transfer specialists since Travelex does not allow transfers from Singapore at the time of writing – Australian dollars (AUD).

Which offers lower fees?

MoneyGram

Your total fees can range from reasonable to incredibly steep with MoneyGram, depending on where you’re sending your money, how much you’re sending and your payment method. Here’s an example of potential fees: to send $1,000 to the US you could pay $65 in fees plus exchange rates for a cash pick-up, or considerably less for a bank transfer.

Travelex

The fee structure for Travelex is quite simple. For transfers under $10,000 there’s a $15 fee and transfers over $10,000 have no fees. Travelex also provides an International Payments Price Promise wherein if a bank or key competitor provides a transfer at a lower cost within 30 minutes of your transfer, Travelex will offer a better rate.

Trophy icon
Winner: Travelex

Straightforward, low-cost fees win this one easily.

Let’s crunch the numbers: Sending $200 and $2,000 to Germany

Let’s send an imaginary transfer of $200 and $2,000 from Australia to Germany to see how fees and exchange rates impact the total amount of money that arrives in the end. We’ll be using a bank transfer for each of these.

Sending $200 to Germany
MoneyGramTravelex
Transfer fee$30$15
Exchange rate1 AUD = 0.59741 AUD = 0.6005 EUR
Transfer speed2–4 business days2–4 business days
Total euros received€101.55€111.10
Receiver gets€9.55 less€9.55 more
Sending $2,000 to Germany
MoneyGramTravelex
Transfer fee$90$15
Exchange rate1 AUD = 0.59741 AUD = 0.6005 EUR
Transfer speed2–4 business days2–4 business days
Total euros received€1,153€1,192
Receiver gets€39 less€39 more

Travelex is more cost-effective in both cases, giving almost €10 more at the other end of a $200 transaction and almost €40 more for a $2,000 transfer.

These savings are in part from the lower fees and in part from the more favourable exchange rates you may find at Travelex.

Which offers better exchange rates?

MoneyGram

Typically MoneyGram has exchange rates that run 5% or more above the mid-market rate. This difference in rates provides an extra profit for the company. For example, if you’re sending money to the US:

  • If the mid-market rate is 1 AUD = 0.70345 USD
  • MoneyGram’s exchange rate may be 1 AUD = 0.668 USD

Travelex

Travelex provides live updates on currency rates throughout the day, which you can lock in with spot contracts. Travelex rates are usually around 4% above the mid-market rate. You can also take out forward contracts and limit orders. We’ll use the same example of sending money to the US:

  • If the mid-market rate is 1 AUD = 0.70345 USD
  • Travelex’s exchange rate may be 1 USD = 0.6753 USD

Trophy icon
Winner: Travelex

More options for purchasing currency and the International Payments Price Promise puts Travelex ahead, given the two companies have similar deviations from the mid-market rate.

Which is faster?

MoneyGram

Transfer options greatly affect how long it takes to deliver your funds. Cash transfers potentially take just a few minutes at a higher cost, while cheaper options could take two to four business days.

Travelex

Two to four business days is the standard transfer time when you go through Travelex.

Trophy icon
Winner: MoneyGram

MoneyGram has a lower minimum time, though it comes at a higher cost. With the same maximum, it’s able to beat out Travelex this round.

Which offers more options?

Payment methodsDelivery methodsMinimum and maximum transfersTransfer speedsCurrencies
MoneyGramBank transfer, credit or debit card, cashBank account, cash pick-up, other options by locationMinimum: $1

Maximum: $6,000

Within an hour95+ currencies
TravelexBank transferBank accountMinimum: $500

Maximum: No limit

1 day45+ currencies

MoneyGram

MoneyGram lets you send money online or pay in cash at one of its stores. You’ll have to create an account to send money online and will need to make a bank transfer or credit card payment to MoneyGram. You won’t need to have an account if you head into a MoneyGram branch to make a transfer.

The funds can be received as a cash pick-up or deposited directly into the recipient’s bank account. Mobile money apps may also be available in some locations.

Travelex

To send money with Travelex, create an account and then get a quote for an online transfer. If you’re happy with the terms, the next step is to make a bank transfer to Travelex, which will then send the money onwards to the recipient.

Bottom line

Both companies have advantages depending on how much money you want to send and how you want to send it. MoneyGram has a low minimum and offers thousands of locations to send from, while Travelex offers a straightforward fee structure and a best-price guarantee.

More than just these two services are out there and you could find one that better fits your needs. Make sure you take the time to compare your options to get the one that best matches your situation.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.74 USD
7,396
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.745 USD
7,452
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.745 USD
7,452
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
SGD 1 Same day SGD 3.99 0.745 USD
7,446
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
SGD 250 1 day SGD 0.00 0.745 USD
7,452
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.748 USD
7,449
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.744 USD
7,440
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.748 USD
7,450
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 2 days SGD 50.00 0.742 USD
7,385
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

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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