MoneyGram is a Texas-based money transfer company. It is fully licensed in all the 50 states in the US and has a Foreign Transmittal License among other authorisations. The company currently serves 200+ countries and territories through its 350,000+ service locations in different parts of the globe. This review looks at the fees and rates MoneyGram charges, the types of transfers it processes, the pros and cons, and the general view customers have of its services.
MoneyGram’s sending and disbursement network coverage include banks, cash pickup points and mobile wallets. Therefore, senders and recipients have the convenience of choosing the channel that works best for them. Transfers are also relatively fast with most of them taking minutes or a few hours to get to the recipient. Despite having been in the industry for decades, MoneyGram exchange rates are still lower compared to other money transfer companies.
MoneyGram charges both exchange rate margins and transfer fees when processing transactions. There is a cost calculator on the website that clearly shows how much you’ll spend on your transfer.
The company charges considerably lower fees per transfer compared to the industry average. The fees vary based on the transfer amount, the destination, the transfer payment method and payout option chosen. For instance, sending 500 GBP to the US costs 3.99 GBP. Sending a similar amount from your bank directly to a bank account in Malta costs zero fees, but when you choose a cash pickup option, you pay 3.99 GBP.
The exchange rate margins MoneyGram charges depend on the currency pair. When sending from GBP to EUR, you’ll be charged about 5.05% above mid-market rate. Transferring the same amount to Australia in AUD will see you pay 4.23% above the mid-market rate.
Depending on the payment method you choose, there could be third party fees that MoneyGram doesn’t factor in. For instance, paying via credit card may attract a cash advance fee in addition to interest fees on the amount advanced.
For the best outcomes in fees and rates, it is recommended that you pay via bank and have the transfer deposited directly into the recipient’s bank account.
MoneyGram serves lots of countries and territories globally. Even though the provider has not explicitly stated the most frequented corridors, the rollout of its innovations target countries such as:
This could be a clear indication of what that in these countries, MoneyGram enjoys popularity. The maximum amounts you can send varies per corridor. For instance, when sending money to India from the United Kingdom, the maximum is 6,000 GBP. When sending money to Colombia, from the UK, the maximum is 4,148 GBP.
MoneyGram has established itself throughout history as a reliable money transfer service provider. It has a large customer base and disbursement network. However, much like any other service provider, the company has its downside. Below is a look at both the pros and cons.
MoneyGram allows senders to make four types of transfers. However, the transfers differ depending on the remittance corridor.
Through MoneyGram, you can also top up mobile phones in 100 countries around the world. The service is simple, fast and secure. You can make the transfers from agent locations, at self-service stores, online, or through the MoneyGram mobile application.
The time it takes for your transfer to get to the recipient through the MoneyGram platform varies depending on a couple of factors.
Most transfers are delivered within one business day. When you pay with an online bank account, it takes 3-4 days for your transfer to be processed hence this can cause delays.
There are several payment methods you can use when transferring money through the MoneyGram platform. Not all options will be available in your sending location.
If you are in the UK, Germany, Switzerland, Austria and Belgium, you can use SOFORT banking to pay for your transfer. This payment method is instant.
MoneyGram has two business segments: global funds transfer segment and financial paper products segment. There are several use cases for MoneyGram some of which include.
For instance, there are research assistants in East Africa working for multinationals who get paid using MoneyGram.
MoneyGram is a brand that has been in existence since 1940. Over the years, it has grown and diversified its product offering. The global funds transfer segment is in charge of money transfers and bill payments while the financial paper products segment offers official check outsourcing and money order services.
As of December 31, 2018, MoneyGram, had a total of 999 US-based employees and another 1,437 working in different countries outside the US. The wealth of experience the company has acquired over the years gives it a solid spot as one of the most reliable companies in the industry.
In terms of regulations and licensing, MoneyGram has authorisations in the different countries in operates. In the United States, it is licensed in all the 50 States including the District of Columbia. In the United Kingdom and the European Economic Area (EEA), MoneyGram International Limited is regulated by the Financial Conduct Authority and Her Majesty’s Revenue and Customs as an Authorised Payment Institution.
The licensing requires that MoneyGram complies with different laws such as anti-money laundering laws, currency control regulations, financial services regulations, anti-bribery laws, and currency control regulations. The company is also required to bank client funds and business funds separately. MoneyGram is audited by KPMG LLP and has maintained them as their auditors from 2016.
To protect its transfers, MoneyGram uses 2048-bit SSL and a host of other Thawte online security solutions.
On Trustpilot, MoneyGram reviews are divided into country pages. The United States page has the largest number of reviews at 511. Unfortunately, most of the reviews are negative pointing to some disappointed customers.
There are two main ways to send money through the MoneyGram platform. You can send in-person from an agent or send online.
Step 1: Locate and visit a MoneyGram agent.
Step 2: Fill in the money transfer documents giving the recipient details and the amount you want to send
Step 3: Provide your identification documents which can be your national ID, passport, driving license or any other acceptable document in the sending country.
Step 4: Send the transfer and SMS the 8-digit transaction number to the recipient to enable them to collect the money when it arrives.
This requires that you open an account online and fill in the details of the transfer much like the in-person transfer. The advantage with the online transfer is that once your account is up and running, you can use it for repeat transfers without having to provide the identity information every now and then.
MoneyGram has a mobile app available as a free download on both android and iOS platforms. Through the app, you can do the following:
The app has a rating of 4.5/5.0 on Google Play, with a total of 16,201 reviews. On the App Store, the application has a rating of 4.8/5.0 and a total of 45,522 reviews.
Yes, it is possible to cancel your transfer as long as it hasn’t been paid out to the recipient. Simply log in to the online platform and locate the transfer from the transaction history. On the transaction details page, you have the option to cancel the transfer.
You can also call MoneyGram customer support and give them your transaction reference number, the amount you sent and the destination of the transfer. The customer service will ask you to give the recipient information just as you provided it in the transfer.
After the cancellation is successful it can take anywhere from 3 to 10 days to get your money back. It will be deposited in your card or bank account as directed. To prevent such cases, ensure you always counter check your transfers before hitting the ‘send’ button.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.