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MoneyGram money transfer review
Fast, secure money transfers to 200+ countries and territories worldwide.
Transferring money with MoneyGram is surprisingly uncomplicated. You can decide how your recipient receives your money, whether it’s to a bank account or mobile wallet. And with more than 350,000 agent locations around the world, and over 750 locations across South Africa, there’s plenty to choose from. However, that convenience comes at a cost — unfavourable exchange rates and transfer fees.
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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”
Visit our step-by-step section of this guide to learn what information you need to send money online through MoneyGram.
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 and how much you are sending. However, you’ll only be able to pay for the transfer with cash at a MoneyGram agent location, unless you have a bank account with First National Bank (FNB), and then you’ll have a few options available to you.
The best way to determine how much your transaction will cost is to ask the agent before proceeding with the transfer.
Calculate your transfer with MoneyGram
Choose your currency and desired transfer amount. Exchange rates change frequently, so check what the final quote is with the MoneyGram agent before agreeing to the transfer.
What are MoneyGram’s exchange rates?
Depending on where you’re transferring your money to and how much you’re sending, your exchange rate could be 5% above the mid-market rate. If you’re sending a large amount of money, this could mean more rands goes 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.
What types of transfers can I make with MoneyGram?
MoneyGram makes it possible to send money using the following methods:
In person. Transfer money at any one of MoneyGram’s agent locations. You’ll need to check with the agent to see if it accepts an alternative payment method.
FNB self-service options. If you have an account with FNB, visit an FNB branch, use an FNB ATM or use FNB cellphone banking to make a transfer to select countries.
There are also multiple options when it comes to receiving funds. Money can be:
Picked up from one of the 350,000 MoneyGram locations around the globe as cash.
Deposited directly into the receiver’s bank account.
Deposited into the receiver’s mobile wallet.
Pros and cons of using MoneyGram
Global provider. MoneyGram has more than 350,000 agent locations in more than 200 countries.
Collection options. From in-person transfers to collection via cash pickup or deposit into a bank account or mobile wallet, MoneyGram offers a wide range of transfer options.
Large number of countries and currencies supported. MoneyGram allows you to send money to 197 countries in a large range of currencies.
Fast.With same day service available at many locations (subject to local holidays and other circumstances), your money can arrive at its destination in as little as 10 minutes. Note that cash is available to recipients sooner than if you send it to their bank account, which can take a day.
Fees.As with most services, MoneyGram international money transfers do incur a fee. There are providers out there that don’t charge a fee.
Currency exchange.When sending MoneyGram international money transfers from South Africa, you’ll have the choice of currency options but you and your recipient may pay more for local exchange rates.
How does MoneyGram compare to other services?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
The transfer process
Sending money with MoneyGram is easy. 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.
If you’re making a transfer, you can do so with cash in person at a MoneyGram agent location. Alternatively, if you have a bank account with FNB, you transfer money via select FNB branches, FNB ATMs or cellphone banking. You’ll be able to send around R120,000.00 per day or the equivalent of up to US$8,000.
Cash transfers To conduct a cash transfer with MoneyGram, first find a MoneyGram agent and bring some identification, including a passport or driver’s licence, and then complete the money transfer form. You’ll then need to contact the recipient and give them the reference number.
FNB self-service transfers via ATM
Use your FNB card at the ATM as usual and enter your PIN. Pick “more options and then choose “send and receive money” and follow the instructions. Enter the amount you wish to send, followed by the account details of the recipient and enter your cellphone number. Verify all the details before proceeding with the transaction including the exchange rate, fees, and total amount that will be debited from your account. The transfer quote will be valid for two minutes.
Tracking your transfer
If you are the person designated to receive the transaction, you can use the transaction authorisation 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?
In person, you’ll need:
Your full name and contact information.
Government-issued ID, such as a driver’s licence 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.
Cash for the money transfer as well as extra for the fees.
If your recipient will be picking up cash in person, let them know to bring along a required ID.
With FNB self-service, you’ll need:
Your FNB card and account details.
Cellphone and number
FNB bank account details of your recipient.
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 toll-free at 1-800-666-3947 or complete a help form online.
MoneyGram’s huge global network and collection options make it an effective solution for international money transfers. The next time you need to send cash overseas, consider the benefits, fees and features of MoneyGram’s international money transfer options.
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