MoneyGram vs Ria
We compare two competing money transfer services on fees, rates and speed to get you the best deal.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
MoneyGram is a household name when it comes to international money transfers, but newer companies like Ria are offering competitive exchange rates to save you money. So how do they stack up next to each other? We look at their exchange rates, fees and transfer speeds to see.
The fees and rates used in this comparison are accurate as of 2 January 2019.
Which has lower fees?
MoneyGram doesn't have a fixed fee – instead, the fee changes depending on how much you're sending, what currency you're sending and what you use to pay. As an example, these are the fees for two $400 transfers to a cash pick-up location:
- To Sri Lanka: $12
- To New Zealand: $18
Money transfer fees with Ria also vary by payment method, country and the amount you're sending. The cheapest way to send money is by bank transfer, with a typical fee that's lower than $8. However, fees for credit card payments can be as high as $45. If we're looking at the same example as MoneyGram, the fees for sending $400 are as follows:
- To Sri Lanka: $6
- To New Zealand: $15
Ria just manages to edge out MoneyGram when it comes to fees, offering fees that are generally lower. With both companies, keep in mind that paying by card will mean higher fees.
Let's crunch the numbers: Sending $300 and $2,000 to Thailand
To illustrate this a bit better, let's compare what the same transfer looks like at MoneyGram and Ria. In our scenario, we'll be sending two different amounts to a cash pick-up location in Thailand and will be paying with a bank transfer. Keep in mind that other currencies will have different fees and transfer times.
Sending $300 to Thailand
|Exchange rate||AUD$1 = THB21.75||AUD$1 = THB22.20|
|Total baht received||THB6,526.06||THB6,659.40|
|Receiver gets||THB133.34 less||THB133.34 more|
Sending $2,000 to Thailand
|Exchange rate||AUD$1 = THB21.75||AUD$1 = THB22.20|
|Total baht received||THB43,507.04||THB44,396|
|Receiver gets||THB888.96 less||THB888.96 more|
For both of these transfers, you end up with more money at the end with Ria. The difference in price for the larger $2,000 transfer is roughly $35.
Which offers better exchange rates?
Depending on where you're sending your money, MoneyGram's exchange rate could be 0.6% to 10% above the mid-market rate. This is also known as the margin. Let's look at an example of sending money to Canada.
- Mid-market rate: AUD$1 = CAD$0.96
- MoneyGram's exchange rate: AUD$1 = CAD$0.91
This is a margin of 5%.
Ria also adds a margin to the exchange rate, from anywhere between 0.3% and 4%. The same example of sending money to Canada looks like this:
- Mid-market rate: AUD$1 = CAD$0.96 CAD
- MoneyGram's exchange rate: AUD$1 = CAD$0.92
This ends up being a margin of 4%.
On average, Ria adds a smaller margin to the exchange rate than MoneyGram. This means your receiver will get more in the end with a Ria exchange rate than the rate offered by MoneyGram.
Which is faster?
Delivery speed varies with transfer options. At an agent location, your transfer could be delivered in minutes (though with higher costs). In general, your cheaper options will take two to four business days for receipt. A bank transfer may take several days.
Ria's transfer speeds also depend on the method that you choose to send your money. When you use your credit or debit card, the exchange typically takes 15 minutes or less. Cheaper transfers from your bank account can take up to four days.
Both Ria and MoneyGram offer an instant transfer option and a slower, cheaper option.
|Payment methods||Receiving options||Minimum and maximum transfers||Transfer speeds||Currencies|
|MoneyGram||Bank transfer, credit card, debit card, cash||Bank account, cash pick-up location, mobile wallet||Minimum: $1|
|Within an hour||95+ currencies|
|Ria||Bank transfer, credit card, debit card, cash||Bank account, cash pick-up, door delivery||Minimum: $2|
|1 - 2 days||95+ currencies|
To make an online transfer with MoneyGram, you go to its site, enter how much you're transferring and to where, and see how much you'll pay for the exchange. You also have the option of visiting an agent location, calling or using a mobile app to initiate a transfer. And once complete, it converts and delivers your money to a bank account or for cash pickup at locations worldwide.
To transfer money online with Ria, go to its site, enter the amount you'd like to transfer and to which country, and choose your payment and payout methods. On the same page, you'll see the exchange rate and transfer fee for your particular exchange.
While MoneyGram and Ria offer quite similar services, you'll often end up saving more with Ria's lower fees and better exchange rates.
Ultimately, you'll want to compare your options to find the service that best fits your needs.
Looking for more options?
More guides on Finder
Best eyebrow pencils in Australia
We've found seven of the best eyebrow pencils in Australia right now.
Finder Daily Deals: The 5 best online deals in Australia today
Enjoy 26% off the Lenovo Duet Chromebook, 69% off the Cabello Silk Smooth Styler and 21% off the Dell G7 17 Gaming Laptop.
0% Balance Transfer Credit Card Offers
Pay no interest on your credit card debt and clear it faster with a 0% balance transfer credit card. Compare and apply here.
Christian Cafe overview
Find out everything there is to know about the online dating site, Christian Cafe.
TPG vs iiNet: Which has better plans?
Can't decide between TPG and iiNet? We've compared the two over a range of categories to find out which provider is better.
Best MP3 players
There's still room in your life for a dedicated MP3 player. Here are the 6 best models in Australia, based on exhaustive research from our experts.
Food processor buying guide
We’ll help you compare product features and specs to find the right food processor for all your food-prep needs.
Best backpacks in Australia
We read hundreds of customer reviews and compared key product features to find the best backpacks you can buy in Australia.
Free promissory note templates (Australia)
Lend money to friends or family simply and securely using promissory notes.
Swyftx adds 47 new cryptocurrencies to the line-up for 176 total
See what's new in Swyftx's mass listing of 47 cyptocurrencies and other features.
International Money Transfer OffersImportant Information*
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
SendFX guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Ask an Expert