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Western Union vs. MoneyGram
Get the best rate for your next transfer overseas by comparing MoneyGram with Western Union.
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
Figuring out how much you’ll pay to transfer money internationally is tricky. Although most fees start at $5, they can be as much as $45 when paying by credit or debit card for cash pickup in certain countries. But when sending money to high-traffic countries such as Mexico or India, agents offer free transfer options.
MoneyGram
Fees vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. Unless you actually initiate a transfer, it’s challenging to find out up front how much you’ll pay.
For example, to send $1,000 to India, you’ll pay $6 in fees for a bank transfer or $13 for a cash pickup. To compare, sending $1,000 to Brazil, it’s $9.99 for either a bank transfer or a cash pickup.
Winner: Tie
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 | $5 | $9.99 |
| Exchange rate | 1 USD = 19.803 MXN | 1 USD = 19.921 MXN |
| Transfer speed | 0-4 business days | 0-5 business days |
| Total received | 19,803 MXN | 19,922 MXN |
Based on rates when we checked, your recipient would receive about 119 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 up to 6% above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars straight into Western Union’s coffers.
We’ll use the example of a transfer to euros (EUR):
- If the mid-market rate is 1 USD = 0.94 EUR
- Western Union’s exchange rate might be 1 USD = 0.86 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 Europe:
- If the mid-market rate is 1 USD = 0.94 EUR
- MoneyGram’s exchange rate may be 1 USD = 0.91 EUR
Winner: MoneyGram
Sending $1,000 to Europe with MoneyGram could result in about 50 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 provider 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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Ask an Expert
How much does it cost to send 150.00 to cities in Texas, in minutes and pay by credit card ofrdebit, sender is also in Texas and receiver is also in Texas
Hi Maria,
Thank you for reaching out to Finder.
Based on the information you provided. Please see the following fees for sending money interstate.
Western Union
Cash pick up:
Debit card: $18.99
Credit card: $22.47
Bank account:
Debit card: $8.00
Credit card: $8.00
Moneygram:
Online Bank account: $9.00
Credit/Debit card: $16.99
These are the fees as of today. These may change in the future though. Hope this helps!
Cheers,
Reggie
hey…please is money order same as money gram or western union? thanks
Hi Eniola,
Thank you for contacting finder.
No, Money Order is different from MoneyGram and Western Union as those 2 are providers for Money Transfers. On the other hand, Money Order is a form of payment for a specific amount which is more trusted than a check.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Apologize if dumb question but,
If I send USD internationally, can it be received in USD or will it be the local currencry?
Hi Nick,
Thanks for leaving a question on Finder.
Yes! MoneyGram, Ria, and Western Union all offer the same currency transfers around the world from the U.S. Your beneficiary can then collect the funds you send from a transfer branch location nearby, often within minutes.
You may also consider the same currency transfers.
Cheers,
Joel
can i wire money through moneygram using my debit card from my phone
Hi Shante,
Thanks for your question.
With MoneyGram, you can send money online using any device. You can also pay using a debit card. Other payment options are bank transfer and credit card.
Cheers,
Anndy