Serving 200+ countries globally and managing 350,000 + cash pickup locations, MoneyGram is a financial giant and one of the global leaders in the money transfer industry.
But being a giant doesn’t automatically make them right for your business needs.
In this review, I will explore every facet of MoneyGram, from its ease of use and service offerings to the security measures it has in place. I aim to provide insights and evaluations for all aspects of MoneyGram. How easy is it to send money? How affordable are the rates vs other top brands?
Let’s see how MoneyGram compares to competitors and whether it’s the right choice for you.
» MORE Read our full article on The Best Money Transfer Providers
MoneyGram – My Verdict in 30 Seconds
One of the undeniable strengths of MoneyGram is its far-reaching global network. Its thousands of physical kiosks scattered across various regions will give you easy access and a sense of trust.
Covering 200 countries and territories and providing the option to transact in over 50 currencies, MoneyGram is a great fit for businesses. With such coverage, transactions become possible in even the most remote locations.
One thing I appreciate is the clarity with which MoneyGram communicates its transfer fees. They are distinctly based on the transfer amount, which means you’ll have a straightforward understanding of what you’ll be paying.
While MoneyGram offers competitive transfer fees that are, in many cases, on the lower side, be careful about the exchange rate margin. Rates can climb to a whopping 5.05%, which might come as a surprise.
MoneyGram has a significant limitation when it comes to transferring large sums. With a limit typically set at £10,000, it’s not the go-to choice for larger businesses or individuals with substantial international needs, such as buying overseas properties.
MoneyGram Plus, their reward program, is a great perk if you’re a regular user. If you frequently send money abroad, this program could provide you with benefits that might offset some costs.
If you’re managing a relatively small business with international needs or make frequent overseas payments and require a reliable, accessible and renowned provider, MoneyGram is the right choice for you.
Who is MoneyGram?
MoneyGram International, Inc. is a leading global money transfer company based in Dallas, Texas, and operates through two segments: Global Funds Transfers and Financial Paper Products.
In 2014, MoneyGram was the second-largest provider of money transfers in the world.
Here are some of the company’s milestones:
- 1940: Travelers Express Co. Inc., later to merge with MoneyGram, is founded.
- 1988: MoneyGram is formed as a subsidiary of Integrated Payment Systems Inc.
- 1992: First Data spun off from American Express.
- 1996: Integrated Payment Systems becomes publicly traded as MoneyGram Payment Systems Inc.
- 1997: MoneyGram International Ltd. is established.
- 1998: Viad Corp acquires MoneyGram Payment Systems Inc.
- 2004: Travelers Express is renamed to MoneyGram International Inc.; Viad sold MoneyGram later that year.
- 2007-2008: During the financial crisis, MoneyGram’s shares fall 96 per cent; the company loses more than $1.6 billion.
- 2009: The company becomes profitable again.
- 2010: Global headquarters relocated to Dallas, Texas.
- 2013-2015: Company considers sale, loses Wal-Mart Store’s relationship, and restructures, including moving positions to Poland.
- 2017: Proposed acquisition by Ant Financial for $880 million falls through.
- 2019: MoneyGram partners with Ripple to utilize XRP for remittances.
- 2020: Collaboration with Digital Financial Services LLC for remittance services in the UAE.
- 2022: Agreement to be acquired by Madison Dearborn Partners for $1 billion.
- June 1, 2023: Madison Dearborn Partners completes the acquisition of MoneyGram.
MoneyGram Pros & Cons
- Global Leader – MoneyGram is present in 200 countries and gives access to 50 currencies, which makes them one of the most accessible providers on the market.
- Physical Network – MoneyGram is accessible on more than 350 000 agent locations and kiosks, which is great if you’d rather operate physically.
- Payout Options – When transferring money, you can choose among multiple ways of payout such as bank transfer, cash, mobile wallet etc.
- Fast Transfers – MoneyGram offers same-day transfers to bank accounts in most countries.
- User-Friendly – The MoneyGram platform and app are easily used, with information and cost clearly displayed.
- Cost – MoneyGram’s exchange rates are usually higher than the competition, rising to up to 5.50%.
- Transfer Limits – Transfers are limited to £10.000 every 30 days, which means MoneyGram does not fit every usage.
- Customer Support – MoneyGram lacks efficiency in problem-solving.’s customer support receives mixed reviews.
MoneyGram Fees and Rates
MoneyGram’s transaction fees depend on the amount you wish to transfer:
Cash pickups will cost you £1.99 to send up to £100 and £3.99 for transfers over £100.
MoneyGram exchange rates vary depending on the currency you wish to transfer. They are accessible on MoneyGram’s website.
Please be aware that rates might vary depending on how you wish to send money and how it’ll be received (Bank Transfer, Credit/Debit Card, Cash Pick-Up etc.).
The exchange rate margin can reach 5.05% with this provider.
What’s The MoneyGram Experience Like?
Setting Up & Finding a Location – The MoneyGram experience starts with an online search or a visit to the mobile app to find the nearest location. With thousands of agents and outlets worldwide, finding one is usually quite simple. Some are standalone MoneyGram offices, but many are located within existing businesses like grocery stores, post offices, and banks, making it convenient for users. If you’re using the online version, creating an account will take you mere minutes.
Speed – While MoneyGram is known for quick transactions, especially for its “minutes service“, the exact time can vary. Factors influencing speed include the destination country, local regulations, and the mode of delivery (bank account, cash pickup, or mobile credit). The maximum delay would be four business days, but it is quite rare.
Receiving Money – For recipients, getting money is really simple. With the reference number and a valid ID in hand, they can visit a local MoneyGram agent to pick up cash. For direct deposits or mobile credits, the process is even simpler, as the money lands directly where it’s intended.
Cost and Fees – At MoneyGram, fees are based on the amount you’re transferring, the destination, and the payment method. The provider also applies a margin to the mid-market exchange rate, which, being usually higher than the competition, remains under most traditional banks’ rates. (Up to 5.05%)
Business Solutions – MoneyGram’s vast network and availability in multiple currencies make it an appealing option for businesses. MoneyGram also offers to lock in a rate to ensure businesses get the exact value they expect. This is essential for companies operating in multiple countries to protect themselves from unfavourable market fluctuations.
Safety and Security Measures: Is My Money Safe with MoneyGram?
Regulation and Compliance – MoneyGram complies with all international regulations that govern international money transfers. They adhere strictly to the standards set by global anti-money laundering policies and KYC norms. In the UK, MoneyGram is fully regulated by the FCA.
Encryption – MoneyGram uses SSL technology, which ensures that all data passed between you and MoneyGram remains private and integral.
Fraud Prevention – MoneyGram has a dedicated fraud prevention team that continually monitors transactions for any suspicious activities.
Transaction Tracking – Every transaction you initiate through MoneyGram can be tracked using a unique reference number, which adds a nice layer of transparency.
Physical Pick-Up Security – When the recipient is collecting money, they must provide valid identification, ensuring that only the intended recipient can access the funds.
Customer Service at MoneyGram: Responsiveness and Problem-Solving Capacity
MoneyGram doesn’t quite hit the mark on its customer support.
The presence of a live chat feature on MoneyGram’s platform is undoubtedly a great feature, and you might expect real-time assistance and immediate resolutions to problems.
However, despite the availability of live chat, reaching MoneyGram’s customer support can often feel like a challenge. Waiting times are often longer than what we’ve come to expect from online service providers.
Some queries are not addressed immediately, leading to repeated attempts to get the desired assistance.
Yet, one of MoneyGram’s best advantages is its network of physical locations. Having the option to walk into a brick-and-mortar location is incredibly reassuring, especially when sending money. It provides a tangible touchpoint, allowing customers to speak face-to-face with representatives.
This can sometimes be more effective in resolving issues, and for some users, it adds a layer of trust to the process.
It’s important to stress that while customer service could improve, it doesn’t completely overshadow the other benefits MoneyGram provides. The company’s primary services remain reliable and trusted by millions all around the globe.
Is MoneyGram Safe for Large Amounts?
As one of the world’s leading money transfer services, MoneyGram is perfectly safe for any amount you wish to transfer.
However, You won’t be able to transfer more than £10.000 at a time, which means this provider is not the ideal choice for large transactions, such as buying property abroad or operating a large business internationally.
MoneyGram App Review
Upon your very first interaction with MoneyGram’s app, you’re welcomed by a registration confirmation. You’re then given the option to either upload an existing photo of your ID or simply take a fresh one on the spot to complete the registration.
Initiating a transaction is designed to be hassle-free. In just a few clicks, you can select the desired sum, choose a currency, and specify the recipient’s country.
The app then smartly guides you through the next steps. When it’s time to wrap up the transaction, you can swiftly pick your payment method and the method through which the recipient will receive the funds.
Clarity is a core feature here; the app conspicuously displays both the fees associated with the transaction and the total cost, ensuring there are no unpleasant surprises.
Depending on variables like currency, destination, and the amount you’re transferring, the app will show you the estimated transfer speed. This can range anywhere from just a few minutes to up to four business days.
The app is not just a transaction tool; it’s a comprehensive financial assistant. Every feature that MoneyGram offers is seamlessly integrated into the app. Whether you want to track transactions, become a part of their rewards program, or get in touch with customer support, everything is available at your fingertips.
For businesses that frequently use MoneyGram’s services, there’s a neat feature that stands out. You can effortlessly choose a company from a preset list to make payments to, streamlining the process and saving valuable time.
MoneyGram’s app can best be described as the intersection of completeness and simplicity. It’s evident that while designing the app, there was a conscious effort to ensure that all the necessary features were incorporated without complicating the user interface.
Every tool is accessible and intuitive, ensuring that users don’t have to sacrifice functionality for simplicity. The result? A digital tool that stands tall, offering a blend of convenience, clarity, and comprehensive features.
What are the alternatives to MoneyGram?
|Provider||Exchange Rates||Fees||Processing Times||Currencies Supported||Limits||Customer Support|
|MoneyGram||Mid-market rates + 3-5% margin||Flat: £3 + 2% of the transfer amount||Typically 1-4 business days||100+||Up to £9,999 per transfer||24/7 live chat, email, and phone support|
|TransferGo||Mid-market rates + 0.2-2.2% margin||From £0 to £2.99 per transfer||From 30 minutes to 3 Days||60||No Limit||Weekdays from 7 to 6 via email, and phone support|
|Wise||Mid-market rates + small margin||Varies (amount/currency)||Typically 1-3 business days||50+||Up to £1,000,000 per transfer||24/7 live chat, email, and phone support|
|Western Union||Mid-market rates + 2-5% margin||Flat: £10 + 0.4% of the transfer amount||Typically 1-2 business days||130+||Up to £500,000 per transfer||24/7 live chat, email, and phone support|
|WorldRemit||Mid-market rates + 2-3% margin||Flat: £0.30 + 3% of the transfer amount||Typically 1-2 business days||70+||Up to £100,000 per transfer||24/7 live chat, email, and phone support|
|PayPal||Mid-market rates||Varies (amount/currency)||Varies||200+||Up to £10,000 per transfer||24/7 live chat, email, and phone support|
|Revolut||Mid-market rates||Flat: £0 + 0.5% of the transfer amount||Typically 1-3 business days||30+||Up to £10,000 per transfer||24/7 live chat and email support|
|Remitly||Mid-market rates + 1% margin||Flat: £0 + 0.5% of the transfer amount||Typically 1-2 business days||150+||Up to £100,000 per transfer||24/7 live chat and email support|
|CurrencyFair||Mid-market rates||Flat: £0 + 0.5% of transfer amount||Typically 1-3 business days||50+||Up to £500,000 per transfer|
How long does it take to send money with MoneyGram?
With MoneyGram, transfers can be as fast as a few minutes and as long as 4 business days, depending on the amount you’re sending, the payment and receive method you choose, and the currencies you’re transferring.
Can I cancel a transfer?
Yes, you can cancel a transfer with MoneyGram, but the ability to do so may depend on the status of the transfer. If the money has not yet been sent to the recipient, you can request a cancellation by contacting MoneyGram’scustomer support.
Does MoneyGram accept credit cards?
Yes, MoneyGram does accept credit cards as a payment method for sending money. However, fees tend to be higher when choosing this payment method.
What languages does MoneyGram support?
As a global money-transfer leader, MoneyGram has a strong international presence and offers support in over 40 languages.