MoneyGram review
Our verdict
Fast money transfers to 200+ countries worldwide, but watch out for weak exchange rates.
You'll most likely find MoneyGram locations at grocery stores, small corner shops and in many other places around your city. It has served nearly 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 result, it provides customers with a range of transfer options and is often one of the fastest money transfer services. But this convenience comes at a cost in the form of more fees and weaker exchange rates than some of its smaller competitors.
- Good for sending money almost anywhere in the world instantly and if your recipient doesn't have a bank account.
- Be wary of high fees and poor exchange rates.
Details
Product details
| Product Name | MoneyGram |
| Pay By | Bank transfer, Credit card, Debit card |
| Receiving Options | Cash pickup location, Bank account, Mobile wallet |
| Customer Service | Phone, Email |
| Maximum Transfer Amount | $13,750 |
| Number of Currencies | 137 |
Why should I consider MoneyGram?
- Wide reach. MoneyGram has approximately 350,000 agent locations in more than 200 countries and territories - with partners in Australia including 7-Eleven, GSL Money Transfer, PFG Money Transfer.
- Diverse transfer options. Customers can send money both online and in-person. Pay using credit and debit cards as well as 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, to a bank account and even for home delivery.
- 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 $13,750 per transaction to most countries. There is also a $13,750 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 uses a tiered system for fees, based on the amount you are sending. For example, $1-$1,000 and then shifting for amounts over $1,001. Be sure to test a few different amounts for your transfer, as sending two smaller transfers may be cheaper than one large transfer.
If you click on the "Rates & Fees" tab on the homepage, you will be able to see an estimate of transfer 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 exchange 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 attention to the total amount expected to be transferred when deciding on how to send your money through MoneyGram.
It is best to compare the displayed rate on MoneyGram with the current mid-market rate to work out the size of the margin charged. You can also then use the interbank rate as a benchmark for a href="#compare">comparing the rates of other money transfer providers.
What your MoneyGram transfer could look like
Use the table below to find out more details about what making a money transfer with MoneyGram looks like. Click to Go to site button to visit MoneyGram's site and get a quote for your transfer.
Check if there are any MoneyGram promo codes available
What are the ways I can send money abroad with MoneyGram?
MoneyGram has a diverse range of transfer options. We'll go through each one and what the steps look like.
How to send money transfer online with MoneyGram
MoneyGram allows you to send money online to destinations around the world. To do so you'll need to complete the following steps:
How to send money with the MoneyGram app
MoneyGram's Money Transfer app enables you to move your money around the globe.
How to send money in-person at a MoneyGram location
Agent locations are in almost every country in the world. Take advantage of this network and send money in-person by completing the following steps:
How can my recipient get the money?
MoneyGram has several options for how your intended recipient can get their money. You can choose from any of the following:
- 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 to a mobile wallet. A mobile wallet is a place to store funds digitally, with actual wallet types varying by country and user preference.
- 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.
What payment methods does MoneyGram accept?
If you are sending money online, you can through your bank account, or with a credit or debit card. When making an in-person transfer you can also pay with cash.
How long does an international transfer with MoneyGram take?
Transfer speed will depend on the amount of fees you are comfortable paying and how quickly you need it to arrive.
If you choose to pay with a debit or credit card, you'll pay a higher fee but your transfer can be completed in as little as 10 minutes. Just keep in mind, your credit card may charge a cash advance fee which will increase the total cost of your transfer.
Money transfers paid via bank transfer are typically cheaper, but take longer. For your first transfer 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 additional five business days.
Transfers typically take
1 day
Is MoneyGram safe to use?
MoneyGram prioritises protecting your banking 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.
Money transfer scams
MoneyGram has increased its fraud prevention protocols to keep customers safer. It does this by monitoring transactions, educating customers on the dangers of money transfer fraud and providing numerous resources to customers to report potential fraud.
Common consumer scams, according to MoneyGram, include:
- Tax Extortion Scam. A person claiming to be from a government agency asks for money to cover back tax debts owed. To do so, the person claims you must send money or send a prepaid card to a "government account."
- Refund scams. A person claims to be working for a consumer protection agency and promises to help you get a refund from the agency, sent directly to your bank account.
- Disaster relief. After a major disaster, scammers set up fake charities and ask for donations through wire transfers.
- Foreign lottery. A person contacts you claiming you won a foreign lottery or sweepstakes, but due to international tax laws requires you to pay a fee upfront to claim your price.
- Buying a vehicle. An online or newspaper ad for a vehicle seems too good to be true, and to secure the vehicle you must send a down payment before meeting with the person. Typically they ask you to wire money, which after being sent cannot be retrieved.
Fraud can be reported through MoneyGram's website.
More on money transfer scams and how to avoid them
Does MoneyGram have a mobile app?
Yes, MoneyGram has an app on both Google Play and the App Store. The app makes it possible to:
- Scan your card. Use your phone's camera to quickly scan your credit card, debit card and photo ID.
- Log in using biometrics. Both face and fingerprint recognition can be used to log in.
- Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
- Share order details with your contacts. Sending key order information, like the tracking PIN number, to your recipient can be done with just a few taps.
- Find an agent location using GPS. Use the in-app map to find agent locations based on your GPS or around the world.
| Reviews accurate as of January 25, 2023 | |
|---|---|
| Google Play Store | 4.5 out of 5, based on 48,258 customer reviews |
| Apple App Store | 4.8 out of 5, based on 15,643 customer reviews |
How does MoneyGram compare to other services?
Want to compare MoneyGram with other services side-by-side?
Frequently asked questions
- Moneygram official website, accessed June 2023
Your reviews
Andrew Finder
Editor
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Jeni Velasco Finder
May 11, 2018
Hi Nawa,
Thank you for getting in touch with finder.
Sending money overseas with MoneyGram is simple. All you need to do is log in to your account on MoneyGram’s official website and specify the amount you’re transferring, and then accept the quote. You can either pay with your credit or debit card, or directly from your bank account-doesn’t matter if that’s a US bank account or from Australia.
Make sure that your receiver have the reference number – his number is on the receipt and included in confirmation emails for online transfer, and I.D. with him for pick-up – bring a valid photo I.D. (passport, national I.D. or residence permit) and may also be asked to provide proof of your address (bank statement or utility bill).
I hope this helps.
Have a great day!
Cheers,
Jeni
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Donnie
January 03, 2018
I am Donald, my wife is in Aus and am here in Nigeria, can she send me $10,000 at money gram shop in a day?
Rench Finder
January 04, 2018
Hi Donnie,
Thanks for your inquiry. Please note that we are not affiliated with Moneygram or any company we feature on our site and so we can only offer you general advice.
Yes, she can transfer $10,000 AUD to Nigeria in a day with MoneyGram money transfer.
MoneyGram has a minimum transfer amount of $250, meaning it can’t be used for small transfers, and has a large maximum of $100,000.
MoneyGram charges a flat transfer fee. If you’re transferring under AUD$10,000, you’ll be charged a flat fee of AUD$15 per transfer.
Best regards,
Rench
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Hughes
September 28, 2016
Can I send $2000 to Indonesia?
May Finder
September 28, 2016
Hi Hughes,
Thanks for your question.
Yes, you can. To start the process, please register for a free account first with MoneyGram on their website. The registration will require you to enter a few details about yourself, including whether you’ll be making bank account to bank account transfers or cash transfers.
Cheers,
May
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Genevieve
August 11, 2016
Can I cancel a MoneyGram? If so, how?
Shirley Liu Finder
August 11, 2016
Hi Genevieve,
Thanks for your question.
You generally can’t cancel your Moneygram transfer unless you suspect fraud.
To cancel your Moneygram transaction, please call 1800 049 087.
KIGOZI
August 04, 2016
my auntie from Houston sent me money but the email she used were she had to get the confirmation code is block,she had done the all process.want can she do?I have received the money because I haven’t got the reference number.
Shirley Liu Finder
August 04, 2016
Hi Kigozi,
Thanks for your question.
Please contact MoneyGram directly about this enquiry, they should be able to track the transfer for you using other means, like your Auntie’s full name / driver’s licence.
Nawa
May 11, 2018
Can I send money from the USA bank without using moneygram agent to Moneygram branch in Taiwan for cash pickup? What are the requirements?