Moneygram vs CurrencyFair

MoneyGram vs CurrencyFair

We take a look at a big name in international money transfers against the newer, simpler CurrencyFair.

MoneyGram is a well-known name in international money transfers, but it's no longer your only option. Newer peer-based CurrencyFair offers competitive exchange rates through peer-to-peer services to earn your business loyalty.

The fees and rates used in this comparison are accurate as of 27 February 2019.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Same day AUD 65.00 0.665 USD
621
Easily transfer cash to more than 350,000 locations around the world. Show details
AUD 5 1 - 2 days EUR 3.00 0.687 USD
685
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

MoneyGram

Fees vary depending on how much money you're transferring, how you're sending it and the country you're sending it to. Unless you actually initiate a transfer, it's not easy to find out upfront how much you'll pay. As an example, to send $1,000 to China from a bank account, you'd pay $1 in fees. The same transfer with credit or debit card would also cost $1 with MoneyGram, but may attract cash advance fees from your credit card provider. By paying with a cash deposit in person at a MoneyGram branch, you'd pay $15 in fees upfront.

CurrencyFair

CurrencyFair charges a flat €3 or your rounded equivalent in the local currency for each transfer.

Trophy icon
Winner: CurrencyFair

CurrencyFair's flat €3 equivalent fees will often be lower than MoneyGram's fees.

Let's crunch the numbers: $1,000 and $10,000 to New Zealand

Let's look at two different transfers to New Zealand to see how MoneyGram and CurrencyFair compare. For this example, we'll be using an online bank-to-bank transfer.

Sending $1,000 to New Zealand
MoneyGram CurrencyFair
Transfer fee $18 $5
Exchange rate 1 AUD = 1.01 NZD 1 AUD = 1.0376 NZD
Transfer speed 2-4 business days 2-4 business days
Total New Zealand dollars received NZD$991 NZD$1,032.41
Receiver gets NZD$41.41 less NZD$41.41 more
Sending $10,000 to New Zealand
MoneyGram CurrencyFair
Transfer fee $26 $5
Exchange rate 1 AUD = 1.01 NZD 1 AUD = 1.0376 NZD
Transfer speed 2-4 business days 2-4 business days
Total New Zealand dollars received NZD$10,000 NZD$10,370.80
Receiver gets NZD$370 less NZD$370.80 more

Both these transfers mean the receiver will end up with more with CurrencyFair. Not only are the exchange rates better, but the fee is quite a bit less as well.

Which offers better exchange rates?

To understand who offers better exchange rates, you'll need to first look at the mid-market rate. This is the true exchange rate that averages the buy and sell rate of a global currency – and the rate banks and transfer services use when they trade among themselves. We'll look at the rates that MoneyGram and CurrencyFair offer compared to the mid-market rate.

MoneyGram

Depending on where you're sending money, the exchange rate with MoneyGram could be 5% or more above the mid-market rate.

Let's look at the example of a transfer to euros:

  • If the mid-market rate is 1 AUD = 0.63 EUR
  • MoneyGram's exchange rate might be 1 USD = 0.57 EUR

CurrencyFair

Because CurrencyFair is a marketplace that matches users, your exchange rate will vary. But CurrencyFair takes a much smaller margin than MoneyGram, with rates that are usually within 0.5% of the mid-market rate.

Using the same example of a transfer to euros:

  • If the mid-market rate is 1 AUD = 0.63 EUR
  • CurrencyFair's exchange rate might be 1 USD = 0.61 EUR

Trophy icon
Winner: CurrencyFair

Although CurrencyFair charges a higher rate if there's no one to exchange currency with, this rate is generally between 0.4% and 0.6% – which comes in much lower than the average transaction with MoneyGram. Even if it's not, it will still typically be more competitive than the MoneyGram rates for the same currencies.

Which is faster?

MoneyGram

MoneyGram's delivery speeds vary by transfer option. In-person and phone deliveries can occur within minutes, although at higher costs. MoneyGram's cheaper options take two to four business days.

CurrencyFair

Depending on which method you use, it can take up to two days to send money to CurrencyFair. It then takes one or two business days for CurrencyFair to convert your money and send it to your recipient.

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Winner: Tie

CurrencyFair is far more transparent about when your recipient will have access to the money you send. MoneyGram offers faster delivery options at higher costs. However, the cheapest options for both MoneyGram and CurrencyFair will get your money where it needs to go in about the same time.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
MoneyGram Bank transfer, credit or debit card, cash Cash pick-up, bank account Minimum: $1

Maximum: $7,000

Same day 95+ currencies
CurrencyFair Bank transfer Bank account Minimum: $5

Maximum: $10,000,000

1 - 2 days 15+ currencies

MoneyGram

With MoneyGram, you go to its site, enter the amount you need to transfer and confirm your payment and how it should be received. You also have the option of visiting or calling an agent. Once you approve the exchange rate and fees, MoneyGram converts and delivers your money to your recipient's bank account or for cash pick-up at locations worldwide.

CurrencyFair

CurrencyFair allows you to set the exchange rate that you'd like for your desired currency. Then you're matched with someone willing to make the exchange. Once your currency is converted, CurrencyFair transfers it to your recipient's bank account.

Bottom line

MoneyGram offers more flexibility when it comes to transfer methods, but CurrencyFair will generally save you more money with lower transfer fees and stronger exchange rates.

Because the exact cost of your exchange can fluctuate depending on your specific circumstances, compare your options to find a provider that makes the most sense for your situation.

Looking for more options?

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.686 USD
6,857
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.686 USD
6,857
Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.686 USD
6,857
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.688 USD
6,854
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.686 USD
6,856
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.685 USD
6,849
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.685 USD
6,847
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.686 USD
6,856
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.685 USD
6,850
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.688 USD
6,850
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

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Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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