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Western Union vs MoneyGram
Get the best rate for your next transfer overseas by comparing MoneyGram and Western Union.
Quick verdict
How they work
The way you go about a transfer with Western Union is nearly indistinguishable from the same process with MoneyGram. So much, in fact, that we can describe them both in one shot: You go to their sites, enter how much you’re transferring and to where and see how much you’ll pay for the exchange.
With either service, you also have the option of visiting an office, calling or using a mobile app to initiate a transfer. And once complete, they convert and deliver your money to a bank account or for cash pickup at locations worldwide.
Who offers lower fees?
Western Union
Western Union typically offers fee-free transfers when you pay via a bank transfer or debit/credit card, or approximately S$4 if you pay in store, regardless of the amount you’re transferring or recipient’s country.
MoneyGram
In Singapore, transfer fees for MoneyGram starts from S$3 and may vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. MoneyGram has an online calculator on its website so that you can find out how much exactly your transfer will cost.
Winner: Tie
Due to the competitive money transfer market, both MoneyGram and Western Union have significantly lowered their fees in the recent years.
Let’s crunch the numbers: Sending $1,000 to Mexico
Let’s say you want to send $1,000 to Italy, 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 to be picked up in cash and paying by bank transfer.
| Western Union | MoneyGram | |
|---|---|---|
| Transfer fee | $0 | $3 |
| Exchange rate | 1 SGD = 0.5904 EUR | 1 SGD = 0.6083 EUR |
| Transfer speed | Within minutes | Within minutes |
| Total received | 590.40 EUR | 606.47 MXN |
*Fees and exchange rates for both providers are accurate as of 24 October 2020.
Based on rates when we checked, your recipient would receive about 16.07 EUR more if you sent your transfer through MoneyGram.
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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 up to 6% above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars that goes straight into Western Union’s coffers.
We’ll use the example of a transfer to the United States (USD):
- If the mid-market rate is 1 SGD = 0.74 USD
- Western Union’s exchange rate may be 1 SGD = 0.69 EUR
MoneyGram
MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, the exchange rate could be 5% 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 the US:
- If the mid-market rate is 1 SGD = 0.74 USD
- MoneyGram’s exchange rate is 1 SGD = 0.70 EUR
Winner: MoneyGram
Sending $1,000 to United States with MoneyGram could result in about $10 more to your recipient over Western Union.
Who’s faster?
Western Union
Delivery speeds varies with transfer options. At an agent location, your transfer could be delivered in minutes (at higher costs). For transfers via bank accounts or debit/credit cards, it could take up to 3 business days or longer, depending on the country.
MoneyGram
Unlike Western Union, delivery speed with MoneyGram varies by receive methods, with cash pickups delivered in minutes and bank transfers within a couple of hours
Winner: MoneyGram
There’s no question that these services are similar. But MoneyGram’s competitive exchange rates could deliver your cash to loved ones and businesses abroad up to three days faster, depending on the country.
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 | Varies from minutes to 3+ 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 hours | 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.
Then, if it’s more important that your friends or family be able to pick up your money in 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 provider that’s perfect for your situation.
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