MoneyGram international money transfers review

What is MoneyGram?

MoneyGram is a trusted provider of fast, secure money transfers. Founded in 1940, it has grown to include 350,000 agent locations worldwide — with 11,500 branches across the UK. It charges low transaction fees and offers competitive exchange rates, and setting up a transaction online is surprisingly uncomplicated. In some areas, it offers home delivery as well as the option to send money to a debit card or mobile wallet.

How much does it cost to send money with MoneyGram?

MoneyGram makes its money from transfer fees and by padding the exchange rate for a profit.

MoneyGram’s transfer fees vary depending on where you are sending your money, how much you are sending, and your payment method. If you fund a transaction using your bank account, the fees you pay will typically be lower than if you pay with your credit or debit card.

For example, an online transfer of £1,000 to France for cash pickup would incur a fee of £24.99 if you pay with your credit or debit card. Sending the same amount to India could attract a fee for £4.50 if using credit or debit card transactions.

The best way to determine how much your transaction will cost is to use the Estimate Fees feature on MoneyGram’s website.

How are MoneyGram’s exchange rates?

Depending on where you’re sending your transfer, how much you’re sending, and how you’re paying for it, your exchange rate could be 5% above the mid-market rate. If you’re sending a large amount of money, this could mean hundreds of pounds that go straight into MoneyGram’s pockets.

MoneyGram gives you the opportunity to confirm your exact exchange rate before initiating your transfer.

Compare MoneyGram’s rates with those offered by banks and other transfer companies to see how its services stack up against the competition.

Maximum transfer amount and available countries

For most countries, you can send up to £4,600 per online transfer and up to £4,600 every 30 calendar days. If necessary, you m ay send additional funds from a MoneyGram agent location.

Available currencies to transfer to

Money transfers through MoneyGram are available in more than 200 countries, and the following currencies are supported:

Countries that MoneyGram does not send to

But, MoneyGram does not offer transfers to a range of countries including:

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 18.991 Online, Phone, Bank Account to Bank Account MXN 94,955 Exclusive offer: $0 transfer fee
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1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
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USD 100 3 - 5 days USD 5.00 18.972 Online, Phone MXN 94,764 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

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What types of transfers can you carry out with MoneyGram?

Sending Methods

MoneyGram makes it possible to send using the following methods:

    Cash pickup. Your receiver can pick up the funds you send from more than 350,000 locations around the world.

  • Account deposit. This safe and secure option allows you to send funds directly to your receiver’s bank account.
  • Mobile wallet deposit. You can also send funds to your receiver’s M-PESA mobile account.

Receiving Methods

There are also multiple options when it comes to receiving cash. Money can be:

  • Picked up from one of the 350,000 MoneyGram locations around the globe.
  • Deposited directly into the receiver’s bank account.
  • Deposited into the receiver’s mobile wallet.
  • Deposited into an inmate’s county, state or federal correctional account.

Shopping for an alternative? Compare these services to Moneygram for sending money overseas.


The registration and transfer process

Sending money with MoneyGram is easy; you don’t even have to sign up for an account if you don’t want to. All you need to do is provide your recipient’s name, how much you wish to send and where the money will be sent to. Then you pay for the funds you send and any associated fees.

If you’re making a transfer, you can do so with cash in person at a MoneyGram Branch, or online.

Cash transfers
To conduct a cash transfer with MoneyGram first find a MoneyGram agent and bring some identification, including a passport or driver’s license, and then complete the money transfer form. You’ll then need to contact the recipient and give them the reference number.

Online transfers
Sending money to a bank account overseas with MoneyGram is also simple. All you need to do is log in to your account and specify the amount you’re transferring, and then accept the quote.

Then, you’ll need to send MoneyGram the money, and they’ll send it to the recipient. Money is usually transferred to the recipient within one to two days of sending it to MoneyGram.

Tracking your transfer

MoneyGram offers two options for tracking the status of a transfer. The first option is to login to your online account and view your transaction history. If you haven’t created an online account, or if you are the person designated to receive the transaction, you can use the transaction authorization number or reference number and use MoneyGram’s online ‘Track a Transfer’ tool.

If you ever need help with a transaction, MoneyGram’s online FAQ section may have the answer you need. 24-hour phone support is also available if you’d like to speak to a customer service rep, while email support is also an option.

What do I need to send money through MoneyGram?

Unlike other money transfer services, MoneyGram does not require you to create an account to send cash. Whether in person or online, you’ll need:

  • Your full name and contact information. If you’re transferring money from your bank account, you’ll also need your banking information.
  • A recognised ID. Such as a driver’s license or passport.
  • 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.
  • A valid method of payment. Online you can pay by bank account, credit card or debit card. In person, you can also pay with cash.

If your recipient will be picking up cash in person, let them know to bring along a required ID.

Steps to transferring your money online with MoneyGram

What happens next?

  • Cash pickup within minutes. Your recipient can pick up your transfer at a MoneyGram location shortly after it’s complete. For bank account transfers, the money is available within 24 hours.
  • Track your transfer. With the Track a Transfer tool, you can use your last name and confirmation number to follow your transaction through to receipt.
  • Contact customer service. If you need help, call 24/7 for free at 0800 026 0535 or complete a help form online.

Pros and cons of using MoneyGram

Pros
  • Different transfer types available. MoneyGram allows you to carry out forward contracts, limit orders, spot transfers, and even allows cash transfers.
  • Global provider. MoneyGram has more than 350,000 agent locations in more than 200 countries.
  • Transfer options. From online or in-person transfers to collection via cash pick up or deposit into a bank account or mobile wallet, MoneyGram offers a wide range of transfer options.
  • Powered by OFX. OFX is a trusted foreign exchange service with offices around the globe.
  • Large number of countries and currencies supported. MoneyGram allows you to send money to 197 countries in a large range of currencies.
Cons
  • Low maximum amount. MoneyGram only allows you to transfer a maximum of £4,600 online, so you may need to look elsewhere if you want to transfer more than this amount.

Bottom line

The next time you need to send cash overseas, consider the benefits, fees, and features of MoneyGram’s international money transfer options. It’s also a good idea to compare MoneyGram’s services with those of other providers to ensure that you can save money on your next international funds transfer.

Frequently asked questions about MoneyGram

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