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 0.703 USD
7,029
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 200 1 day AUD 0.00 0.704 USD
7,038
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 0.704 USD
7,041
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 0.704 USD
7,042
$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 1 1 - 2 days AUD 45.00 0.707 USD
7,039
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 250 1 day AUD 0.00 0.704 USD
7,040
Sign up through Finder and get a $50 Myer gift card when you send $10,000 or more. T&Cs apply.
SendFX guarantees to match any competitor's exchange rate. Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 200 1 day AUD 0.00 0.703 USD
7,034
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 0.701 USD
7,006
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 0.699 USD
6,983
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 0.702 USD
7,021
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 0.7 USD
7,000
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 0.707 USD
7,036
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*
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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.

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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.

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

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