Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
MoneyGram's coronavirus response
MoneyGram is encouraging customers to take business online when possible. According to the MoneyGram website, customers should:
“Take advantage of our online and in-app services to limit unnecessary travel
Check with local agents for store hours, restrictions, and closures if you need to send money using cash”
Calculate how much sending money overseas would cost with MoneyGram by using our tool below. You can also check out the real-time exchange rate that MoneyGram offers and see if there are any additional fees.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Available currencies
MoneyGram aims to deliver money almost anywhere in the world, in almost any currency you need. This means that there are over 95 currencies you can choose to send to.
Popular currencies include:
USD United States dollar
EUR Euro
CAD Canadian dollar
NZD New Zealand dollar
CNY Chinese yuan
JPY Japanese yen
HKD Hong Kong dollar
IDR Indian rupee
What types of transfers can you make with MoneyGram?
Bank transfer. You can send money to a recipient’s bank account. This is often one of the cheapest options.
Cash pick-up. You can send money for a recipient to pick-up at a MoneyGram agent location. This can be one of the fastest ways, but will be subject to the agent’s business hours.
Home delivery. In some locations, MoneyGram delivers your money right to your recipient’s door.
Mobile wallet. MoneyGram can deliver funds to mobile wallets like M-Pesa in select countries.
How long does a transfer with MoneyGram take?
How long a transfer takes depends on what kind of transfer you’re sending. Cash pick-ups and mobile wallet payments will often be available in just a few minutes. Sending money to a bank account will usually take longer, especially if you’re sending money over a weekend.
If you want a fast transfer you can opt for a cash pick-up, but if you’d prefer a cheaper payment a bank transfer is more suitable.
What payment methods does MoneyGram accept?
MoneyGram accepts the following payment methods:
Cash. You can pay with cash by going to a MoneyGram agent location.
Bank transfer. You can pay directly from your bank account online.
Credit and debit card. Card is accepted both online and in person, but it may cost extra. You should also be wary of cash advance fees and interest rates on card payments for money transfers.
Transfers typically take
Within an hour
Is MoneyGram safe to use?
Security and regulation: MoneyGram is government regulated and holds its customers’ funds separate from the company’s own.
Established: 1940
Reviews: Bear in mind that Trustpilot gives MoneyGram a score of 1.5* out of 5, based on over 65 reviews.
*According to TrustPilot on 21 January 2020.
Although MoneyGram describes itself as “safe and secure”, you should never send money to someone you don’t know. You can read more about common money transfer scams in our guide.
Because it’s headquartered in the United States, MoneyGram is predominantly regulated by FinCEN, the US’s Financial Crimes Enforcement Network.
Its international arms are regulated by equivalent authorities in different countries, such as the Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investment Commission (ASIC) in Australia.
How does MoneyGram make money?
MoneyGram makes money by charging fees for its money transfer services, as well as by taking a margin on international exchange rates.
This margin is the difference between the mid-market exchange rate and the rate that MoneyGram gives its customers.
The mid-market rate is the official exchange rate at any given time, showing how much two currencies are worth relative to each other. MoneyGram and most other money transfer services will give customers slightly less than a currency is worth and take the remainder for themselves. This is the margin.
How to register for an account
You don’t need to register an account with MoneyGram to send money in person at an agency, but you will if you want to send money online.
To create an account:
Visit the MoneyGram website to get started.
You’ll need to create an account, which involves entering your email address and choosing a password.
You may need to verify your identity before sending a transfer. This can be done online by providing identification details and uploading information such as a driver’s license scan.
How do I make an international money transfer with MoneyGram?
If you want to pay in person it’s as simple as finding your nearest MoneyGram agent and paying them a visit. You will need to fill out a transfer form in the store.
If you want to send money online, you’ll need to go to the website and sign up for an account first as we’ve gone through above.
These will vary depending on how the money is to be received. If you’re sending money to a bank account, for example, you’ll need to provide their bank details.
In all cases, you will need to specify the recipient’s name, the amount you want to send and the currency.
Enter and confirm the details of the transfer. If everything is to your satisfaction, make your payment.
If you’re sending money for a cash pick-up, send your recipient the reference number. This, along with photo ID, will be required to pick up the transaction.
What is MoneyGram?
MoneyGram is the world’s second-largest money transfer service, as well as one of the oldest. In its earliest incarnation, MoneyGram was founded in 1940 as Travelers Express. It wasn’t known as MoneyGram until 1988.
Between those years, it was acquired by The Greyhound Corporation, and at different times it went through mergers and was spun-off as a separate company.
It took a hard hit in the financial crisis between 2007 and 2009, experiencing a 96% drop in share price and downsizing around the world, but has grown again since then.
In a nutshell
Pros
Instant transfers available. MoneyGram can let you send money to most places in the world in just a few minutes.
Able to pay with cash or card. You can pay by cash or card in person at a branch and you won’t need to sign up for an account or wait for verification like you would with other online services.
Variety of delivery options. You can send money to your recipient’s bank account, mobile wallet or door, or to a cash pick-up location.
Currency and country range. MoneyGram agents can be found all over the world – it has one of the widest reaches.
Cons
Low maximums. MoneyGram generally isn’t suitable for larger transfers.
Expensive. MoneyGram will generally have higher fees and poorer rates than other money transfer services.
How does MoneyGram compare to other providers?
Browse the table below to see how MoneyGram compares to other providers. You can use the built-in calculator to see how much your transfer might cost.
Compare money transfer services
Table: sorted by a combination of service offering and the amount your recipient will receive
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
While MoneyGram can be used for business transfers, it’s primarily designed for remittance payments and personal use.
Its low limits and lack of advanced transfer options such as forward contracts mean that you could find a more suitable option elsewhere.
You can reach the MoneyGram customer service team online or by calling your local MoneyGram contact number. This is available online.
Each MoneyGram agent will have its own business hours, which may vary. If you’re sending money for a cash pick-up, you should note the receiving agent’s business hours.
MoneyGram itself works seven days a week, but payments may be delayed over the weekend due to banks being closed.
You will be given a reference number after confirming your transfer. This can be used to track your money online through the MoneyGram Track a Transaction service.
If you need to cancel your transfer, contact MoneyGram immediately. If the money hasn’t arrived yet, you’ll be able to request a transfer cancellation and be refunded. However, if the money has already arrived, there’s not much that MoneyGram can do.
I was at post office on Thursday and was told I had reached my costumers limit this year. Will I be able to start sending money through MoneyGram next year?
Generally, when you have already reached your sending limit within a calendar year, you will be able to start sending again on the next calendar year- 2019 (January 1 – December 31).
You can also confirm this information directly from MoneyGram Post Office.
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