Why pick OFX instead?
- No maximum transfer limit
- Hedging options such as forward contracts and limit orders
- Special product for business transfers
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MoneyGram is one of the largest international money transfer services in the world with service to almost 200 countries and territories through more than 350,000 agent locations. But because of MoneyGram’s low maximum transfer cap and its varying fees, you may want to take your business elsewhere.
Use this list of alternatives to MoneyGram to see what other companies might bring you closer to your ideal transfer.
OFX has no maximum limit, which makes it a good option when sending large amounts at once.
Unlike MoneyGram and its maximum limits, XE allows you to transfer as much as you want. XE also has competitive exchange rates, no fees and service to more than 170 countries worldwide.
WorldRemit’s global coverage isn’t as extensive as MoneyGram’s, but its exchange rates are typically more competitive. Both companies offer low transfer maximums and fees that depend on where and how much you’re sending.
Western Union has agents worldwide, making it easy to get cash into the hands of your money transfer recipients. Like MoneyGram, Western Union has fees that depend on where you’re sending money and how you pay.
TransferWise uses mid-market exchange rates and has a sliding fee schedule that depends on the amount you are sending. It offers significantly higher sending limits than MoneyGram.
In addition to providing payment support for online purchases, PayPal also offers overseas transfers to more than 200 countries and territories. PayPal is similar to digital banking services in rates, though, making it better to use only in specific situations.
InstaReM offers the mid-market exchange rate on some currencies at certain times, but isn’t transparent about what these are. You can often find promo codes to get money off your first transfer.
Although Ria’s network isn’t as extensive as MoneyGram’s, this large competitor still offers service to over 160 countries. Additionally, Ria offers services like cash delivery for emergencies and flexible payment options, helping it to compete with MoneyGram.
Venstar offers competitive rates, especially for customers transferring $5,000 or more at once. It is a US-based company and offers many hedging options designed to help you secure a better trading rate.
Although CurrencyTransfer has a smaller network than MoneyGram, its best-price guarantee and lack of transfer fees make it a solid alternative for the markets both companies serve.
TransferMate also has a large range of currencies you can send to. Although it typically focuses on business transfers, it allows personal transfers for orders over $1,000.
If these MoneyGram alternatives aren’t exactly what you are looking for, check out the table below. You can use it by entering the amount you want to send and the destination, which will let you compare the rates and services of more options. Alternatively, learn more about MoneyGram in our review.
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