XE Money Transfer vs MoneyGram

We compare XE and MoneyGram side by side to find the best-value overseas transfers.

Last updated:

XE and MoneyGram are two widely recognised names in the world of foreign exchange. And if you want to send money overseas, both companies offer convenient international transfers in a range of currencies.

But which of XE and MoneyGram offers the lowest fees, the best exchange rates and the fastest transfer speeds? To find out, let's compare XE and MoneyGram side by side.

The fees and rates used in this comparison are accurate as of 29 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 day AUD 0.00 0.681 USD
4,084
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 1 Within an hour AUD 210.00 0.664 USD
3,843
Fast cash pick-ups to more than 350,000 agent locations worldwide. 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?

XE

XE charges no transfer fees whatsoever.

MoneyGram

The fee that applies to your MoneyGram transfer varies depending on where you are sending a transfer, how much money you send and the payment method you select. The fees get a lot higher if you want to pay by card or have your money sent to a cash pick-up location.

Trophy icon
Winner: XE

You can't beat zero fees, so XE takes the win here. However, that doesn't necessarily mean it offers cheaper transfers than MoneyGram. You'll need to take the exchange rate into account when calculating the total cost of your transaction, as we'll explain below.

Let's crunch the numbers: Sending $500 and $3,000 to the UK

To find out how XE and MoneyGram compare in a real-life scenario, let's compare how much it costs to send transfers of $500 and $3,000 to the UK through each service.

Sending $500 to the UK
XE MoneyGram
Transfer fee $0 $35
Exchange rate 1 AUD = 0.54454 GBP 1 AUD = 0.5129 GBP
Transfer speed 1 day Within minutes
Total amount received GBP£272.27 GBP£256.45
Receiver gets GBP£15.82 more GBP£15.82 less

As you can see, XE clearly offers better value for money in this example. Not only does XE save you $35 on transfer fees, but its higher exchange rate means that an extra GBP£15.82 ends up in your recipient's bank account.

Sending $3,000 to the UK
XE MoneyGram
Transfer fee $0 $110
Exchange rate 1 AUD = 0.54454 GBP 1 AUD = 0.5129 GBP
Transfer speed 1 day Within minutes
Total amount received GBP£1,633.62 GBP£1,538.70
Receiver gets GBP£94.92 more GBP£94.92 less

XE is once again a clear winner in this example. Not only will it save you a whopping $110 on transfer fees but its higher exchange rate means you'll send an additional GBP£94.92 to your recipient.

Which offers better exchange rates?

XE

XE adds a margin on top of the mid-market rate when converting your AUD to a foreign currency. The margin amount varies depending on the currency you're sending to, but it generally falls in the 0.4-1% range. For example, let's say you want to send AUD to the United States:

  • If the mid-market rate is 1 AUD = 0.707838 USD
  • XE's rate might be 1 AUD = 0.70453 USD

Which is a margin of 0.47%.

MoneyGram

MoneyGram also adds a margin on top of the mid-market exchange rate. Once again, the margin amount varies depending on the currency being sent, but it can range anywhere from 0.6% up to 10%. Using the same AUD to USD example:

  • If the mid-market rate is 1 AUD = 0.707838 USD
  • MoneyGram's rate might be 1 AUD = 0.68 USD

Making it a margin of 3.93%.

Trophy icon
Winner: XE

XE's margins are consistently lower than MoneyGram's, so it offers superior exchange rates. The better the exchange rate, the more money arrives in your recipient's bank account.

Which is faster?

XE

Most transfers with XE are completed on the same working day. However, you should allow 1-4 working days for your transaction to be completed.

MoneyGram

MoneyGram transaction times vary depending on the payment method you select, as well as whether you send a bank deposit or cash pick-up transfer. Cash pick-up transfers are available for your recipient to collect from their nearest MoneyGram agent within minutes, while bank transfers can take 2-4 business days.

Trophy icon
Winner: MoneyGram

MoneyGram offers the option of near-instant cash transfers, so it's a better option if you need to send money in a hurry.

General features

Payment methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
XE Bank transfer, BPAY Bank account Minimum: $1

Maximum: $500,000

1 day 40+ currencies
MoneyGram Bank transfer, credit card, debit card, cash Bank account, cash pick-up location Minimum: $1

Maximum: $7,000

Within an hour 95+ currencies

XE

To initiate a transfer, you'll need to sign up for an account, select the currencies you want to exchange and the amount you want to transact and enter your recipient's bank account details. You'll also receive an email/SMS notification when your transaction has been completed.

MoneyGram

MoneyGram offers online and in-person transfers to more than 200 countries. Online transfers require you to create a MoneyGram account, specify the amount and currency you want to send, and provide your recipient's details. You also have the option of submitting a transfer in person at your nearest MoneyGram location or sending funds via the MoneyGram mobile app.

Bottom line

If you want the best bang for your buck, XE's zero fee transfers and better exchange rates make it the clear winner. But if you want to get money to your recipient as soon as possible, MoneyGram is well worth a look.

However, you'll need to make sure that you compare XE and MoneyGram with a variety of other transfer services to find the best value for money.

Looking for more options?

Use our comparison calculator below to see how the exchange rates, fees and transfer speeds of XE and MoneyGram stack up against those offered by other transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day GBP 20.00 0.683 USD
6,825
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 0.684 USD
6,843
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 0.684 USD
6,844
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 0.684 USD
6,841
$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 0.685 USD
6,848
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 0.681 USD
6,805
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 0.679 USD
6,790
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 0.682 USD
6,820
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.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

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.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

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.
Ask a question
Go to site