MoneyGram vs Travelex

MoneyGram vs Travelex

Find out which service can best meet your money transfer needs with our step-by-step breakdown.

MoneyGram is the second-largest provider in the world of international money transfer services, but Travelex offers services that extend far beyond simple transfers. Let's go through each service's fees, exchange rates and transfer speeds to find out which one is a better fit for your needs.

The exchange rates and fees used in this guide are current 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 500 1 day - - Choose from over 45 currencies. Show details
AUD 1 Same day AUD 210.00 0.684 USD
3,277
Easily transfer cash to more than 350,000 locations around the world. 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 offers lower fees?

MoneyGram

Your total fees can range from reasonable to incredibly steep with MoneyGram, depending on where you're sending your money, how much you're sending and your payment method. Here's an example of potential fees: to send $1,000 to the US you could pay $65 in fees plus exchange rates for a cash pick-up, or considerably less for a bank transfer.

Travelex

The fee structure for Travelex is quite simple. For transfers under $10,000 there's a $15 fee and transfers over $10,000 have no fees. Travelex also provides an International Payments Price Promise wherein if a bank or key competitor provides a transfer at a lower cost within 30 minutes of your transfer, Travelex will offer a better rate.

Trophy icon
Winner: Travelex

Straightforward, low-cost fees win this one easily.

Let's crunch the numbers: Sending $200 and $2,000 to Germany

Let's send an imaginary transfer of $200 and $2,000 from Australia to Germany to see how fees and exchange rates impact the total amount of money that arrives in the end. We'll be using a bank transfer for each of these.

Sending $200 to Germany
MoneyGram Travelex
Transfer fee $30 $15
Exchange rate 1 AUD = 0.5974 1 AUD = 0.6005 EUR
Transfer speed 2–4 business days 2–4 business days
Total euros received €101.55 €111.10
Receiver gets €9.55 less €9.55 more
Sending $2,000 to Germany
MoneyGram Travelex
Transfer fee $90 $15
Exchange rate 1 AUD = 0.5974 1 AUD = 0.6005 EUR
Transfer speed 2–4 business days 2–4 business days
Total euros received €1,153 €1,192
Receiver gets €39 less €39 more

Travelex is more cost-effective in both cases, giving almost €10 more at the other end of a $200 transaction and almost €40 more for a $2,000 transfer.

These savings are in part from the lower fees and in part from the more favourable exchange rates you may find at Travelex.

Which offers better exchange rates?

MoneyGram

Typically MoneyGram has exchange rates that run 5% or more above the mid-market rate. This difference in rates provides an extra profit for the company. For example, if you're sending money to the US:

  • If the mid-market rate is 1 AUD = 0.70345 USD
  • MoneyGram's exchange rate may be 1 AUD = 0.668 USD

Travelex

Travelex provides live updates on currency rates throughout the day, which you can lock in with spot contracts. Travelex rates are usually around 4% above the mid-market rate. You can also take out forward contracts and limit orders. We'll use the same example of sending money to the US:

  • If the mid-market rate is 1 AUD = 0.70345 USD
  • Travelex's exchange rate may be 1 USD = 0.6753 USD

Trophy icon
Winner: Travelex

More options for purchasing currency and the International Payments Price Promise puts Travelex ahead, given the two companies have similar deviations from the mid-market rate.

Which is faster?

MoneyGram

Transfer options greatly affect how long it takes to deliver your funds. Cash transfers potentially take just a few minutes at a higher cost, while cheaper options could take two to four business days.

Travelex

Two to four business days is the standard transfer time when you go through Travelex.

Trophy icon
Winner: MoneyGram

MoneyGram has a lower minimum time, though it comes at a higher cost. With the same maximum, it's able to beat out Travelex this round.

Which offers more options?

Payment methods Delivery methods Minimum and maximum transfers Transfer speeds Currencies
MoneyGram Bank transfer, credit or debit card, cash Bank account, cash pick-up, other options by location Minimum: $1

Maximum: $7,000

Same day 95+ currencies
Travelex Bank transfer Bank account Minimum: $500

Maximum: No limit

1 day 45+ currencies

MoneyGram

MoneyGram lets you send money online or pay in cash at one of its stores. You'll have to create an account to send money online and will need to make a bank transfer or credit card payment to MoneyGram. You won't need to have an account if you head into a MoneyGram branch to make a transfer.

The funds can be received as a cash pick-up or deposited directly into the recipient's bank account. Mobile money apps may also be available in some locations.

Travelex

To send money with Travelex, create an account and then get a quote for an online transfer. If you're happy with the terms, the next step is to make a bank transfer to Travelex, which will then send the money onwards to the recipient.

Bottom line

Both companies have advantages depending on how much money you want to send and how you want to send it. MoneyGram has a low minimum and offers thousands of locations to send from, while Travelex offers a straightforward fee structure and a best-price guarantee.

More than just these two services are out there and you could find one that better fits your needs. Make sure you take the time to compare your options to get the one that best matches your situation.

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 0.706 USD
7,058
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 0.706 USD
7,058
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 0.706 USD
7,058
$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 0.709 USD
7,055
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 1 Within an hour AUD 3.99 0.705 USD
7,048
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 0.706 USD
7,057
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 0 1 day AUD 0.00 0.706 USD
7,058
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 0.709 USD
7,050
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.

Frequently asked questions

Rhys Subitch

Rhys Subitch is a content creator and editor for Finder. They specialise in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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Important Information*
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.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

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.

TransferWise International Money Transfers

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

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