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Western Union vs. MoneyGram
Get the best rate for your next transfer overseas by comparing MoneyGram with Western Union.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How they work
The process to transfer money over Western Union is nearly the same with MoneyGram. So much so, we can describe them both in one shot: You go to their sites, enter the amount you’re transferring, its destination and see how much you’ll pay for the exchange.
Both services also give the option to call, visit an office or use a mobile app to transfer money. After the transaction is complete, it converts and delivers your money to a bank account or makes it available for cash pickup at any location worldwide.
Who offers lower fees?
Western Union
In Singapore, Western Union charges a nominal fee from S$0 to S$5 depending on where and how you’re sending the money. In most cases, bank transfer, credit or debit card is free. But if you’re opting to pay in cash at an agent location, you’ll typically incur a S$5 fee.
MoneyGram
Fees vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. To get an idea of how much your transfer costs, you can use the online calculator on MoneyGram’s website. For most transfers, it’ll only cost S$3 if you pay by debit card and approximately 3% with a credit card.
Winner: Western Union
Whether MoneyGram or Western Union offers lower fees may depend on where you’re sending the money, how you choose to pay and how your recipient chooses to receive the cash.
Let’s crunch the numbers: Sending $1,000 to Mexico
Let’s say you want to send $1,000 to Mexico, but you’re not sure which of these major companies is the right choice. Here are the fees and exchange rates offered by MoneyGram and Western Union when sending money for cash pickup and paying by bank transfer.
| Western Union | MoneyGram | |
|---|---|---|
| Transfer fee | $0 | $3 |
| Exchange rate | 1 SGD = 13.876 MXN | 1 SGD = 13.964 MXN |
| Transfer speed | Within minutes | 1 business day |
| Total received | 13,876 MXN | 13,922 MXN |
Based on rates when we checked, your recipient would receive about 46 pesos more if you sent your transfer through Western Union.
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Who offers better exchange rates?
To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.
Western Union
Depending on the country you’re sending money to, a typical exchange rate at Western Union could be between 0.4% to 1% above the mid-market rate. With all things considered, Western Union is certainly a reasonably-priced service.
We’ll use the example of a transfer to euros (EUR):
- If the mid-market rate is 1 SGD = 0.62 EUR
- Western Union’s exchange rate might be 1 SGD = 0.6138 EUR
MoneyGram
MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, the exchange rate could be around 0.5% to 1% or more above the mid-market rate. Like Western Union, this means hundreds of dollars on a large transfer diverted to MoneyGram’s pockets.
So if you’re sending money to Europe:
- If the mid-market rate is 1 SGD = 0.62 EUR
- MoneyGram’s exchange rate may be 1 SGD = 0.6169 EUR
Winner: MoneyGram
Sending $10,000 to Europe with MoneyGram could result in about 31 more euros to your recipient over Western Union.
Who’s faster?
Western Union
Delivery speeds vary with transfer options. At an agent location or by phone, your transfer could be delivered in minutes — at higher costs. Your cheapest options could take five days or longer, depending on the country.
MoneyGram
Like Western Union, delivery speed with MoneyGram also varies by transfer option, with cash transfers in person or by phone delivered in minutes, again with higher costs. MoneyGram’s cheaper options take two to four business days for receipt.
Winner: It depends
These services are similar enough that the time it takes to deliver your cash will depend on the country, your payment method and how your recipient chooses to receive the transfer.
Who offers more options?
| Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
|---|---|---|---|---|---|
| Western Union | Bank account, credit or debit card, cash | Minimum and maximum varies by country | Bank transfer, cash pickup, e-wallet | Varies from minutes to 5+ days | 200+ countries |
| MoneyGram | Bank account, credit or debit card, cash | Minimum and maximum varies by country | Bank transfer, cash pickup, other options by location | Varies from minutes to 4+ days | 190+ countries and 45+ currencies |
Bottom line
While Western Union and MoneyGram can appear similar, you may get a stronger exchange rate with MoneyGram — which is especially important for larger transfers. But if your recipient needs to pick up your transfer as cash, Western Union’s 500,000 agent locations worldwide beats MoneyGram’s 350,000.
These two services aside, you could almost always do better with another money transfer specialist. Be sure to compare your options to find a procvider that’s perfect for your situation.
Looking for more options?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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