MoneyGram is a money transfer company and currently serves more than 200 countries and territories through more than 350,000 locations in various parts of the world. There are thousands of locations in Canada.
The network disbursement and coverage include banks, cash pickup points, and mobile wallets. Senders and recipients also have the luxury to select the right medium for them. Transfers are often fairly fast and most take minutes or a few hours to reach the receiver.
While MoneyGram exchange rates have been in the industry for decades, they are still lower compared with other cash transfer firms. This analysis discusses the costs and prices that MoneyGram offers, the types of transactions it conducts, the pros and cons, and the general perception of the customers.
Exchange Rates and Costs MoneyGram
When handling transfers, MoneyGram charges both the exchange rate premiums and the transfer fees. There is an online cost calculator that explicitly displays how much you are going to pay on your move.
Fees for Transfer
Compared to the market average, the business pays significantly lower fees per transfer. Fees depend on the transfer amount, destination, form of transfer payment, and choice of payment chosen.
The MoneyGram exchange rate margins depend on the currency. On average, you will be charged about 5% above the mid-market rate.
Depending on the payment method you choose, third-party fees can are not taken into account by MoneyGram. For example, credit card payments may be subject to a cash advance fee in addition to interest charges on the amount advanced. For better payments and rates, it is advisable to pay through your banks and deposit the transfer directly into the account of the recipient.
Top MoneyGram currencies available
AED, AFN, ALL, ANG, AUD, BMD, BND, CAD, CHF, CZK, DKK, DZD, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, IQD, JPY, KRW, KWD, LKR, LRD, LYD, MAD, MGA, MKD, MMK, MNT, MOP, MXN, MYR, NGN, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SBD, SCR, SDG, SEK, SGD, SZL, THB, TOP, TRY, TWD, USD, UZS, VND, VUV, WST, XCD, XOF, XPF, YER, ZAR
MoneyGram’s Pros and Cons
MoneyGram has established itself as a trustworthy money transfer service provider throughout history. It has a wide network of customers and disbursements. However, the company has its own downsides, much like any other service provider. Below is a crucial look at both the benefits and disadvantages.
Wide Agent Network – MoneyGram has over 350,000 agents spread over more than 200 countries and territories. This network improves access to money even in remote areas.
Payout Versatility – When you send money, you can choose what the transfer corridor allows – to make a direct deposit of your recipient into their bank account, cash collection, mobile wallet or prepayment card.
Multiple Access Points – MoneyGram sends money to send multiple points of access. You can take your transfer to a store owned by MoneyGram, transaction stations or independent agents via the online platform.
Faster transfers – Transfers can take minutes or hours, depending on the receiving location and payment choice. Transfer to mobile wallets and cash collection locations takes as short a time as possible. Bank transfers may take a few hours or a day to complete.
Lower transfer fees – Transfer fees are minimal or even absent when sending money to bank accounts.
Lower exchange rates – MoneyGram exchange rate margins will amount to 5.05%. The higher the margins mean lower the rates, meaning that you get less money per unit of the sending currency. On average, the majority of money transfers charge 0.5% to 3.5%.
Method of payment variable transfer – Not all senders are allowed to pay for their transfers by credit or debit card. You can only submit money in cash from an agent in countries such as India.
Lower threshold – Although some transfers are high, there are others such as Mexico and Kenya where you can only send up to USD $990 and USD $708 respectively. This can be restricted when sending funds to purchase capital-intensive assets.
What forms of payment are available to SEND money?
When transferring money through the MoneyGram platform you can use several payment methods. Not all options are available at your transfer destination.
1. Debit or credit card
2. Online banking
3. Cash at location
4. You can use SOFORT banking to pay for your transfers if you are in the UK, Germany, Switzerland, Austria or Belgium. This method of payment is instantaneous.
Options to RECEIVE money
MoneyGram helps senders to transfer five different types of ways including:
1. Direct transfers to a bank account
2. Pickup of cash
3. Mobile wallet transfers (This service is currently available in Kenya, Tanzania, Zimbabwe, Romania)
4. Reloads of prepaid card
5. Home deliveries.
How long do transfers take?
The time it takes to reach your recipient via the MoneyGram platform varies according to a few factors. However, the maximum transfer time is 2 days.
Destination – Transfer time can vary depending on the destination.
Optional payout – Cash collections and mobile wallet transfers are usually delivered in minutes. Direct transfers to a bank account take a few hours, while deliveries at home differ depending on the delivery location. The majority of transfers are transmitted within one working day. If you pay with an online bank account, your transfer takes three to four days to process so delays can occur.
Can I be confident in MoneyGram?
MoneyGram has been a long-standing brand since 1940. Over the years, the product range has grown and diversified. The global money transfers division is responsible for money transfers and bill payments.
With regard to regulations and licences, MoneyGram operates in various countries. MoneyGram International Limited is governed as an approved payment institution in the UK and the European Economic Area (EEA) by the Financial Administration and Her Majesty’s Revenue and Customs.
The licencing allows MoneyGram to follow various laws including anti-money laundering legislation, regulations on currency control, rules on financial services, anti-corruption legislation and rules on currency control. Any business is also expected to make separate customer funds and corporate funds. MoneyGram is audited by KPMG LLP and held as its 2016 auditors. MoneyGram ualso ses 2048-bit SSL and a host of other Thawte online security solutions to secure its transfers.