MoneyGram review: Fees, limits and more | Finder

You ’ ll most likely find MoneyGram locations at grocery store stores, small corner shops and in many other places around your city. It has served about 150 million people across the globe in the past five years and has an extensive network of agent locations in more than 200 countries and territories. As a leave, it provides customers with a range of transfer options and is often one of the fastest money transportation services. But this convenience comes at a monetary value in the shape of more fees and weaker substitution rates than some of its smaller competitors .

Why should I consider MoneyGram?

  • Wide reach. MoneyGram has approximately 350,000 agent locations in more than 200 countries and territories – with more than 30,000 of those locations in the US.
  • Diverse transfer options. Customers can send money both online and in-person. Pay using credit and debit cards, bank wires and cash. Be sure to select the payment option that best balances your desired transfer speed with the associated fees.
  • Speed. With same-day delivery available at many locations (subject to the holiday hours and compliance with regulatory requirements), your recipient could have their money in as little as 10 minutes during normal business hours when using the cash pickup service.
  • Delivery options. Send money for pickup in different ways, including cash pickup, to a mobile wallet, directly to a Visa debit card in the US, to a bank account and even to inmates.
  • Rewards. Sign up to MoneyGram Plus Rewards, which gives you discounts on fees every few transfers you send.

What to be aware of

  • Low maximum limits. When sending online with MoneyGram, your transfer is limited to $10,000 per transaction. There is also a $10,000 per month limit. When you need to send more you can do so in-person from a MoneyGram agent location.
  • High fees. As with most money transfer services, MoneyGram’s international and domestic transfers incur a fee. Fees are often higher when paying with a credit or debit card and lower when making a bank transfer.
  • Inconsistent exchange rates. MoneyGram’s exchange rates vary depending on how you are paying for your transaction and how it will be received. Pay close attention to the exchange rate to make sure you’re getting the best deal.
  • No hedging options. MoneyGram doesn’t offer recurring transfers, scheduled transfers or any other hedging too to help you save money.

How much are MoneyGram’s transfer fees?

MoneyGram bases fees on the come you are sending. Fees typically increase approximately $ 500 and $ 1,000, sometimes doubling when you bump improving to the next fee tier. If you click on the “ Rates & Fees ” tab key on the home page, you can see an estimate of transmit costs .

  • Cheapest option. Paying via bank transfer and having the money delivered to a bank account is often the cheapest way to send money through MoneyGram.
  • Expensive option. Paying by credit card and having the money available for cash pickup is often the most expensive way to transfer money using MoneyGram.

How are MoneyGram’s exchange rates?

MoneyGram makes money by adding a margin to the substitution rate in addition to any fees charged. These exchange rates may change depending on how you are paying and how the money is being received, so pay up attention to the total sum expected to be transferred when deciding on how to send your money through MoneyGram.

It is best to compare the display rate on MoneyGram with the current mid-market rate to work out the size of the allowance charged. You can besides then use the interbank rate as a benchmark for comparing the rates of other money transfer providers .

What are the ways I can send money abroad with MoneyGram?

MoneyGram has a divers range of transfer options. We ’ ll go through each one and what the steps look like .

How to send money transfer online with MoneyGram

  • Visit the MoneyGram web site and enter your information so that your identity can be verified .

  • Select an existing recipient or send money to person modern. You will need to provide their details, how they want to receive the money and how much you want to send .

  • You can either pay with your credit or debit card, or directly from your bank account. Keep in heed that fees will vary depending on which requital method you choose .

How to send money with the MoneyGram app

MoneyGram ’ s Money Transfer app enables you to move your money around the globe .

  • You can download the MoneyGram Online Money Transfer app for complimentary on the App Store or Google Play .

  • Log in to your MoneyGram profile, or create a new one if you haven ’ thymine done so already .

  • Give your recipient ’ s information and enter how a lot you want to send .

  • You can pay by batting order or by wire transfer directly from a trust account .

  • Review your remove details and confirm to send .

How to send money in-person at a MoneyGram location

agentive role locations are in about every state in the populace. Take advantage of this network and send money in-person by completing the follow steps :

  • head to MoneyGram ’ s web site, where you can type in your location and find the one nearest you. You ’ ll frequently be able to send a MoneyGram from your local Walmart or CVS, but it ’ mho constantly best to verify with MoneyGram ’ s Find a location tool before you head there .

  • Remember to take along a valid ID, liquidator ’ randomness information and the money you plan on send .

  • Make your requital with the agent and collect your acknowledge .

How to send money with Sendbot on Facebook

MoneyGram ’ s Sendbot have allows you to send money using the Facebook messenger app.

  • search for MoneyGram Sendbot on Facebook or on your Facebook messenger app .

  • Activate the feature by tapping “ Get started ” and “ Send money ” .

  • Following the steps to log in with your MoneyGram account information .

  • complete your transaction by following the prompts provided by the bot .

Check if there are any MoneyGram promo codes available

How can my recipient get the money?

MoneyGram has several options for how your intend recipient can get their money. You can choose from any of the follow :

  • Send to a bank account. Although slower, this lets your receive get the money directly in their account.
  • Send as a cash pickup. You can opt for the funds to be picked up in cash at a MoneyGram location. The money will be ready at your chosen location in as few as 10 minutes after you’ve sent it.
  • Send directly to someone’s debit card. In order to do this, select Debit Card Deposit when choosing your receive method. This only works for Visa debit cards within the US.
  • Send to a mobile wallet. A mobile wallet is a place to store funds digitally, with actual wallet types varying by country and user preference. Read our starter guide on mobile wallets as a launching point for further research.
  • Doorstep delivery. In some locations, you can choose home delivery as a receiving method. Your money will be delivered by a local MoneyGram agent.
  • Pay bills through MoneyGram. MoneyGram supports bill payment to utility companies, credit cards and more. Use the online bill pay search to find out if the company you want to pay is supported by the MoneyGram network.
  • Send money to an inmate. Funding commissary and calling accounts for inmates is possible through MoneyGram. You can read more in our guide on how to send money to someone in jail.

What payment methods does MoneyGram accept?

If you are sending money on-line, you can through your bank account, or with a credit or debit card. When making an in-person transportation you can besides pay with cash .

How long does an international transfer with MoneyGram take?

Transfer speed will depend on the measure of fees you are comfortable paying and how promptly you need it to arrive. If you choose to pay with a debit or credit poster, you ’ ll pay a higher fee but your transfer can be completed in ampere short as 10 minutes. just keep in judgment, your credit wag may charge a cash boost fee which will increase the sum cost of your transportation. money transfers paid via bank transfer are typically cheaper, but lease longer. For your first transplant through MoneyGram, you may have to verify your account, which can take four or more business days. After verification, your actual transfer may take an extra five business days. Transfers typically take Clock icon for transfer speed

1 day

Is MoneyGram safe to use?

MoneyGram prioritises protecting your trust information when you make a transfer. It has established a reputation for secure transfers with a number of safeguards .

  • Established and licensed. Founded in 1940, MoneyGram is a licensed money transmitter that’s successfully completed millions of transfers.
  • Tracking. You can easily track your transfer online by entering your last name and the reference number in your confirmation.
  • Secure connection. Using physical, technical and administrative security measures, its website is verified by Entrust, Inc.
  • Accountability. MoneyGram (MGI) is listed on NASDAQ.

How does MoneyGram compare to other services?

If you want to see how MoneyGram compares to the switch over rates and fees offered by other money transplant services, enter the details of your transaction into the mesa below.

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Frequently asked questions

  • What fees you are charged for your transfer will depend on how much you are sending and what requital method you are using. Sending money heterosexual to the recipient ‘s bank is normally free, but this choice may not be available in every area. Keep in take care, that money transfers carry a shroud fee in the class of a margin that MoneyGram adds on top of the mid-market rally rate .

  • MoneyGram does limit how a lot money and how many transfers you can complete on a daily, weekly, monthly and annually footing. These fluctuate based on market trends, security needs and current laws and regulations .

  • You can send money afield with MoneyGram either on-line, via its mobile app or in-person at one of its agent locations .

  • In regulate to find a MoneyGram location near you, you can use its Find a location joyride on its web site. Simply select your state, enter your cover and browse the put up map for nearby options .

  • You can track your transportation via MoneyGram ‘s Track a Transfer tool. You will need to enter your last name with the authority code or reference number on your acknowledge or in your electronic mail. alternatively, you can contact customer service or visit a MoneyGram placement and provide your data to the agent .

  • You will need to provide your contact data including your full name and bank information ( if you ‘re transferring money from your bank account ). You will besides need a government-issued ID, your recipient role ‘s information and a valid method of payment .

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Category : Finance

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