Remitly vs MoneyGram

Both are better than sending money with your bank, but which one should you choose?

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We compare Remitly and MoneyGram on fees, rates and speed to see which international money transfer service is best for you.

The fees and rates used in this comparison are accurate as of 6 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 10 3 - 5 days AUD 3.99 0.68 USD
6,797
Quick, affordable transfers around the world. Remitly also has an express option that can transfer your money in minutes for a higher fee. 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?

Remitly

Remitly charges different fees depending on currency, amount and whether you want an economy or express transfer. The faster express transfers will always cost more and can range from $3 to $99.99, while the slower economy option often only costs $2 to $4.

MoneyGram

MoneyGram doesn't have a flat fee or percentage rate. Instead, the fees vary depending on where you are sending, how much and how you are paying. Some corridors like India can be quite cheap, but it can get up to $100 for other currencies and if you're paying by card.

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Winner: Tie

Both providers change their fees depending on multiple variables, meaning you don't know which provider is better without testing the exact transaction details.

Let's crunch the numbers: Sending $1,000 to the Philippines

To have a closer look at the two providers to see if we can get an idea of which will be more cost effective, we'll compare a $1,000 transfer.

We'll use the express option for Remitly.

Sending $1,000 to the Philippines

Remitly MoneyGram
Transfer fee $3.99 $8
Exchange rate 1 AUD = 36.14 PHP 1 AUD = 36.18 PHP
Transfer speed Same day Same-4 day/s
Total Philippine pesos received PHP35,995.80 PHP35,890.56
Receiver gets PHP105.24 more PHP104.24 less

It's close, but Remitly gives you a slightly better deal overall. Keep in mind that if this was a Remitly economy transfer, there would have been no fees.

Which offers better exchange rates?

Remitly

Remitly charges a margin on the exchange rate, but it differs depending on the currency.

For example, if you want to send money to South Africa:

  • Mid-market rate: 1 AUD = 10.256 ZAR
  • Remitly's exchange rate: 1 AUD = 10.15 ZAR

This shows a Remitly margin of 1%.

MoneyGram

Depending on where you're sending your money, MoneyGram's exchange rate could be 0.6% to 10% above the mid-market rate. It changes from currency to currency.

Looking at the same example of South Africa:

  • Mid-market rate: 1 AUD = 10.256 ZAR
  • MoneyGram's exchange rate: 1 AUD = 9.47 ZAR

This shows a MoneyGram margin of 7.6%.

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Winner: Remitly

While both Remitly and MoneyGram don't have a flat mark-up percentage and change their exchange rates based on the currency, the MoneyGram margin is generally higher. It's worth checking both, as there may be some currencies that MoneyGram gives you a better rate on, but Remitly wins overall.

Which is faster?

Remitly

If you use the express option, funds can be in someone's account that day, often within minutes. Economy transfers take three to five working days.

MoneyGram

If paying by debit or credit card, your money will be there in minutes. If paying via bank deposit, it will likely take two to four business days.

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Winner: Tie

Both providers can get your money there in minutes but also have some longer turnaround times.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
Remitly Bank transfer, debit card, credit card Bank account, cash pick-up Minimum: $10

Maximum: $18,000

3 - 5 days 30+ currencies
MoneyGram Bank transfer, credit card, debit card, cash Bank account, cash pick-up location, mobile wallet Minimum: $1

Maximum: $7,000

Within an hour 40+ currencies

Remitly

Once you have an account, you just put in all the details for your transfer, including where it's going, the currency and how you'll pay. Remitly will then make the conversion and send it to where it needs to go.

MoneyGram

You enter how much you're transferring and to where, and see how much you'll pay for the exchange. You then either log in to your profile if you already have one, or you sign up. You enter your payments details, then MoneyGram converts and delivers your money to your nominated location.

Bottom line

Overall, Remitly is more likely to give you a better deal. While it varies currency to currency, their mark-ups often aren't as high as MoneyGram.

Both services offer speedy transfers and both charge their fees and exchange rates regularly, but generally speaking, Remitly is going to save you more money.

However, keep in mind that MoneyGram offers a lot more currency options and Remitly might not have the currency you need.

Looking for more options?

Use the calculator below to compare rates across other providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day GBP 20.00 0.68 USD
6,787
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 2,000 1 day AUD 0.00 0.68 USD
6,805
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 Show details
AUD 250 1 day AUD 0.00 0.681 USD
6,806
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 Show details
AUD 250 1 - 2 days AUD 0.00 0.68 USD
6,803
$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 Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,810
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 5 1 - 2 days EUR 3.00 0.677 USD
6,767
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 0.675 USD
6,752
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.678 USD
6,782
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. 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 Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

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.

Logo for WorldFirst International Money Transfers
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.

Logo for SendFX International Money Transfers
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.

Logo for OFX (Ozforex) International Money Transfers
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.

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