MoneyGram vs TransferWise

We compare a popular service with a relative newcomer to see how they stack up on fees, rates and speed.

Updated Feb 26, 2019

Fact checked

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Both MoneyGram and TransferWise will get your money where it needs to go, but which one will end up in a better deal for you?

The fees and rates used in this comparison are accurate as of 20 November 2018.

Quick verdict

Lower fees:
TransferWise

Exchange rates:
TransferWise

Fast transfers:
Tie

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	AUD 1	1 - 2 days	AUD 22.50	0.714	USD 3,553	Make online transfers at the mid-market rate with transparent fees in 45+ currencies.		Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Read the full review
	AUD 1	Within an hour	AUD 2.99	0.692	USD 3,460	MoneyGram sends to bank accounts, mobile wallets and cash pick-up locations around the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Agent, Cash Transfer Transfer options One off payments Customer service Phone, Email, Branch Available currencies AED, AFN, ANG, AOA, AUD, BAM, BDT, BGN, BHD, BIF, BMD, BND, BSD, BTN, BWP, BZD, CAD, CHF, CLP, COP, CVE, CZK, DJF, DKK, DOP, DZD, ERN, EUR, FJD, GBP, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, INR, IQD, ISK, JMD, JOD, JPY, KES, KMF, KWD, KYD, LKR, LSL, MAD, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MXN, MYR, MZN, NGN, NOK, NPR, NZD, OMR, PGK, PHP, PKR, PLN, QAR, RON, RSD, RWF, SAR, SBD, SCR, SEK, SGD, SLL, STD, SZL, THB, TND, TOP, TRY, TTD, TZS, UGX, USD, UZS, VEF, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW Go to site Read the full review

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. It's difficult to pin down exactly how much you'll pay to send money internationally without actually initiating a transfer.

As an example, to send $1,000 to a cash pick-up location in India, you'll pay $4 in fees. The same amount to the United States will cost you $65 in fees. For each of the transfers, though, the fee is a percentage, rather than a flat fee. This means the more you send, the more expensive it'll be.

TransferWise

Fees depend on where and how you're sending money. They range from 0.45–1.5% of your transaction and can sometimes be a bit higher, depending on the currency you're transferring to. There's also a small flat-fee with each transfer, that's often only a few dollars.

To send $1,000 to India, you'll pay 0.6% of your transaction (or $7.16, including the $1.20 flat fee). To the US, the fee drops to 0.45% and a $1.50 fee, which ends up being $5.97 in fees.

Trophy icon
Winner: TransferWise

Although MoneyGram is a few dollars cheaper when sending to India, the huge difference in fees in the US transfer outweighs this. TransferWise's fees are, as a whole across all currencies, lower.

Let's crunch the numbers: Sending $1,000 and $8,000 to Vietnam

To put this more into context, let's compare TransferWise and MoneyGram when sending a money transfer to Vietnam. Keep in mind that other currencies will have different fees and transfer times.

Sending $1,000 to Vietnam

	MoneyGram	TransferWise
Transfer fee	$17.00	$10.42
Exchange rate	1 AUD = 16,727.62 VND	1 AUD = 16,968.42 VND
Transfer speed	Instant	1 day
Total Vietnamese dong received	VND16,727,618	VND16,791,613
Receiver gets	63,995 less	63,995 more

Sending $8,000 to Vietnam

	MoneyGram	TransferWise
Transfer fee	$47.00	$63.52
Exchange rate	1 AUD = 16,727.62 VND	1 AUD = 16,968.42 VND
Transfer speed	Instant	2 days
Total Vietnamese dong received	VND133,820,946	VND134,669,554
Receiver gets	848,608 less	848,608 more

For both transfers, you end up getting more money with TransferWise. However, MoneyGram is the faster service, so it depends on what you're transferring for.

Which offers better exchange rates?

MoneyGram

MoneyGram makes its money from transfer fees and by skewing the exchange rate for a profit, also referred to as adding a margin. The margin added could be anywhere between 0.6% and 10%, depending on where you're sending. On average, it tends to be around the 5% mark added on the mid-market rate.

TransferWise

Exchange rates are where TransferWise shines. It's one of the only money transfer services that offers you the mid-market rate. So if you're sending $1,000 to the UK and the mid-market rate is 1 AUD = 0.64 EUR, that's the rate you're going to get.

Trophy icon
Winner: TransferWise

There's no denying the power of paying the mid-market rate. TransferWise wins in this category by quite a way with its mid-market rate offering.

Which is faster?

MoneyGram

Delivery speed varies with transfer options. At an agent location or by phone, 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.

TransferWise

Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash. Paying by card will get your transfer there almost instantly, but will incur an extra fee.

Trophy icon
Winner: Tie

Your average transfer may take about the same time with both services, so we're calling this one a tie.

General features

	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	Minimum: $1 Maximum: $13,750	Within an hour	95+ currencies
TransferWise	Bank transfer, credit card, debit card	Bank account	Minimum: $1 Maximum: $1,800,000	1 - 2 days	45+ currencies

MoneyGram

You can either use MoneyGram online or at one of its agent locations around Australia. Once you enter how much and which currency you want to send, you'll confirm the exchange rate and pay. MoneyGram will then convert and deliver your money to your recipient's bank account or to a cash pick-up location.

TransferWise

TransferWise is solely online, which means you'll need to create an account and be verified. To send money, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, money is pulled from your bank account.

Read review: MoneyGram
Read review: TransferWise

Bottom line

TransferWise is the new kid on the block that offers easy, secure transfers online in over 40 currencies around the world. Real-time mid-market exchange rates and low fees crush MoneyGram's often complicated fee structure.

But if you don't have time on your side, you may opt to pay more with MoneyGram to get it there faster or in cash. Ultimately, you'll need to compare your options to find the service that's right for you.

Looking for more options?

Check out what fees and exchange rates some other money transfer services are offering with our calculator below.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
AUD 2,000	1 day	AUD 0.00	0.711	USD 3,555	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	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.711	USD 3,555	SendFX guarantees to match any competitor's exchange rate. T&Cs apply. Fee-free transfers in 30+ currencies to over 200 countries.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.711	USD 3,555	Better exchange rates for Finder customers. Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 15.00	0.711	USD 3,545	$0 transfer fees for Finder customers. No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
GBP 3,000	1 day	-	-		Global Reach will match any competitor's exchange rates. Conditions apply. Get no fees for both business and personal transfers when you send your money overseas with Global Reach.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 3,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email, Branch Available currencies AED, AUD, BBD, BGN, BHD, BSD, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, ILS, JPY, KES, KWD, KYD, MUR, MXN, NOK, NZD, PLN, RON, RUB, SDG, SEK, THB, TRY, UGX, USD, XCD, ZAR Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
AUD 1	1 day	AUD 26.00	0.714	USD 3,551	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 0	Same day	AUD 2.99	0.706	USD 3,528	Special offers like free transfers and better exchange rates available for new customers. Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NGN, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 1	Same day	AUD 0.00	0.71	USD 3,552	Get fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
AUD 200	1 - 2 days	AUD 25.00	0.713	USD 3,546	Exclusive: Use code FINDER10 to receive US$10 off your first transaction. Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	0.707	USD 3,532	Special offer: Zero fees on your first 10 transfers. Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
AUD 1	Same day	AUD 3.99	0.705	USD 3,524	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review

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.

Frequently asked questions

Thank you for your feedback!

Rosie Russell

Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.

TransferWise vs CurrencyFair Review: OFX international money transfers – October 2020

More guides on Finder

Revolut launches in Australia: How does it compare to rival neobanks and fintechs?
As Revolut announces it's open for business in Australia, we look at how it compares to the likes of Up bank, TransferWise and 86 400.
Review: Crypto.com cryptocurrency app and exchange
Learn more about the Crypto.com platform in our complete review.
How do we pick the top money transfer services?
Our top picks are our selection of the best money transfer services, based on our extensive research and market experience. Here's how we choose them.
How coronavirus is changing the way we transfer money overseas
Retail outlets are shuttering but online transfer volumes rise.
Hay: New fee-free travel card and app to launch in Australia
The new Hay Account is designed for travelling and will compete with the likes of Revolut, TransferWise and the digital neobanks.
Review: CurrencyTransfer account for online sellers
Learn more about CurrencyTransfer, a foreign exchange marketplace that could help your e-commerce business save on overseas payments.
Western Union vs MoneyGram
To find the best rate for your next money transfer, check out our comparison of the fees, exchange rates and transfer speeds of Western Union and MoneyGram.
Opening a bank account in New Zealand from Australia
If you want to open a New Zealand bank account, this guide will take you through your options, the documents you need and how to apply.
Review: SingX international money transfers
Your guide to international money transfers with SingX, including exchange rates, fees and safety.
Western Union vs Moneycorp
Compare Western Union and Moneycorp side by side to see who’s got the better value for money and faster 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.

More info

SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

More info

WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

More info

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

More info

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Get the Finder app 🥳 A better score could get you a better deal 🥳

Popular

Services

Send Money To

Exchange Rates

CBD Guides

Banks

Get exclusive money-saving offers and guides

MoneyGram vs TransferWise

We compare a popular service with a relative newcomer to see how they stack up on fees, rates and speed.

Quick verdict

Compare up to 4 providers

Which has lower fees?

MoneyGram

TransferWise

Let's crunch the numbers: Sending $1,000 and $8,000 to Vietnam

Sending $1,000 to Vietnam

Sending $8,000 to Vietnam

Which offers better exchange rates?

MoneyGram

TransferWise

What's the mid-market rate?

Which is faster?

MoneyGram

TransferWise

General features

MoneyGram

TransferWise

Bottom line

Looking for more options?

Compare up to 4 providers

Frequently asked questions

Does either TransferWise or MoneyGram charge extra for business transactions?

Who offers better customer service: TransferWise or MoneyGram?

Are there penalties for cancelling a transaction?

Rosie Russell

More guides on Finder

International Money Transfer Offers

TorFX International Money Transfers

SendFX International Money Transfers

WorldFirst International Money Transfers

OFX (Ozforex) International Money Transfers

Ask an Expert

Important information about this website