MoneyGram Detailed Review

Rates, Fees, Limits, Safety and More

Last updated: December 31, 2024

What is MoneyGram? An introduction

MoneyGram company information

MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs, and is the second-largest money transfer company in the world with business operations in two categories: Global Fund Transfer and Financial Paper Products.

The birth of MoneyGram happened with the merger of two companies - Minneapolis-based Travelers Express and Denver-based Integrated Payment Systems Inc. Later, MoneyGram became independent and was acquired by Travelers in 1998. Eventually, the company became the MoneyGram International that we know it as today.

MoneyGram is listed on the NASDAQ under the ticker symbol MGI.

MoneyGram offers money transfer services worldwide through a global network of 339,000 agent locations - including retailers, international post offices and financial institutions - in more than 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada.

MoneyGram is headquartered in Dallas, Texas, USA. MoneyGram has office and agent locations throughout the world, making it a truly global player in the international money transfer business.

MoneyGram is the second largest money transfer company in the world.

The company provides its services to both individual consumers as well as businesses. Thanks to its global footprint and huge network of locations, agents and partners, MoneyGram offers various ways to execute global money transfers.

Which countries does MoneyGram operate in?

MoneyGram has operations in numerous countries on a global level.

For most of the countries that MoneyGram supports, you can do online money transfers to send money quickly and easily. In addition, you can send money in person with MoneyGram by visiting an office or an agent location.

Where can I send money from with MoneyGram?

MoneyGram lets you send money from numerous countries all over the world. To send money from your country, go to the MoneyGram global website, and then choose your region and country. This will lead you to the MoneyGram site for your country, which you can use to send money.

Where can I send money to with MoneyGram?

For receiving money via MoneyGram, almost all countries and currencies are supported. This makes it convenient for you to send money to your recipients all over the globe.

MoneyGram has comprehensive coverage of global countries and currencies to send and receive money.

What are MoneyGram's fees and exchange rates?

To see how good are MoneyGram's rates and fees, let's look at some case studies.

Below we list MoneyGram exchange rates and fees for sending 1000 in source currency when both payment and delivery methods are bank transfers.

*Exchange rates and fees as on February 13, 2022
**Mid-Market Rate from XE.com
^Bank transfer not available for UK-Pakistan transfers; cheapest option of Debit Card chosen
^^Bank transfer not available for Canada-Mexico transfers; cheapest option of Debit Card chosen
^^^Bank transfer not available for Australia-Philippines transfers; cheapest option of Debit Card chosen
See how we calculate FX Markup

You can go to your country's MoneyGram site and use their calculator to estimate exchange rates and fees for your chosen country combination. This will give you an idea of the payout your recipient will get, and how much the money transfer transaction will cost you.

MoneyGram's fees vary based on the payment and deliver methods; below is an example of the variations in fees based on your choices on how to pay and receive money.

For example, if you were transferring USD 1000 from US to Philippines, below are the possible fees you will pay with MoneyGram.

***Fees as on February 13, 2022

MoneyGram exchange rates vary a lot from country to country, and can be a good choice. To avoid high fees, choose electronic payment and delivery methods.

Are MoneyGram exchange rates good?

MoneyGram exchange rates vary a lot from one remittance corridor to another. In many cases, they can be a good choice when compared to other money transfer operators for that country and currency combination.

Our case studies for MoneyGram exchange rates and fees above prove that there can be a huge variation from corridor to corridor. We observed MoneyGram's FX markup to vary from as low as 0.6% to as high as 5%.

It is, therefore, important that you monitor MoneyGram exchange rates carefully, and send money when they are high.

Checking rates manually on an ongoing basis can be hard though. One sure way to save your time and money is to rely on RemitFinder's remittance comparison tool which compares numerous money transfer companies in an easy to understand manner.

Is MoneyGram a cheap way to send money overseas?

The cost of your MoneyGram transfer depends on the payment and delivery methods you choose. As noted earlier in our case studies, there is a pretty wide variation of fees you can pay on your money transfer transaction.

Also, given the wide range of MoneyGram's FX markup, you should be careful and send money when rates are high. A better rate will indirectly lower the cost of your money transfer.

How do I avoid MoneyGram fees?

Use electronic payment and delivery methods to avoid paying high fees on money transfers with MoneyGram. If you pay with a bank transfer, and choose to receive money into a bank account or debit card, you can get away with 0 fee.

If you are forced to pay with a credit card, you will incur maximum fees. Hence, we recommend you avoid using credit cards as payment method if possible.

Paying with cash does incur a fee with MoneyGram, but may be a good choice if you need to send money very quickly to cover for urgent situations.

MoneyGram charges very low or 0 fees for electronic payment and delivery methods. Avoid using credit cards, if possible, given they incur the highest fees.

How much money can I send with MoneyGram?

MoneyGram allows you up to a maximum amount to send. This amount varies from country to country, and is not dependent on payment and delivery methods.

Currently, MoneyGram has the following allowed maximum send limits for some popular remittance source countries.

• Maximum USD 18,000 from United States
• Maximum GBP 6,000 from United Kingdom
• Maximum 990 CAD from Canada
• Maximum EUR 7,000 from European countries
• Maximum 10,500 AUD from Australia
• Maximum 78,000 HKD from Hong Kong

You can check your country's MoneyGram website to find out the sending limit for your country.

How fast will MoneyGram send my money overseas?

MoneyGram's money transfer speed depends on the type of delivery method you choose when you send your money. Bank transfers as well as cash pickups have different transfer times as listed below.

• Bank transfers take between as little as 1 hour to next day. Please be aware that bank holidays and local laws and regulations may cause a delay.
• Cash pickups are available within minutes. Once again, regional or local holidays as well as legal and compliance laws may cause delays.

MoneyGram specializes in delivering money overseas fast.

What payment methods can I use to send money with MoneyGram?

MoneyGram allows you to pay for your money transfer with numerous convenient options; we list them below.

• Direct bank transfer
• Credit Card
• Debit Card
• Cash at a MoneyGram local office or money transfer agent location

You can use many payment methods to send money with MoneyGram.

What delivery methods does MoneyGram support?

With MoneyGram, you can choose any of the below delivery options for your recipient to receive funds.

• Direct bank transfer
• Cash Pickup at a MoneyGram local office or money transfer agent location
• Deposit to a debit card (not available in all countries)
• Mobile Wallet credit (not available in all countries)

You can choose a variety of delivery methods, both electronic and cash pickup, with MoneyGram for your recipient to receive money.

Are there any MoneyGram coupon codes or promotions I can use?

MoneyGram does offer promotions and deals from time to time. These offers can be a great way to save even more on your money transfers with MoneyGram.

For example, RemitFinder users can take advantage of fee free transfers when they send money from the US with MoneyGram when paying from a US bank account.

MoneyGram promotion to do US bank transfers with 0 fees

You can check this page regularly for active MoneyGram coupon codes and promotions. To get notified of MoneyGram promotions, you can also sign up for the RemitFinder free daily exchange rate alert, and we will keep you updated with the latest exchange rates and promotions.

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Is MoneyGram a safe way to send money abroad?

MoneyGram follows industry best practices to ensure the safety of your money and personal information. Below are some ways in which MoneyGram enforce security and safety.

• MoneyGram uses identification with government issued ID to ensure that you are sending money from your own account instead of a hacker
• MoneyGram helps customers like you understand what fraud is and how to prevent fraud
• MoneyGram provides ways to report fraud in case you become the victim of online fraud
• MoneyGram makes customer funds and data protection a top most priority
• MoneyGram invests in ensuring its agents and partners strictly follow all security measures and guidelines

Can I trust MoneyGram?

A big part of trusting a brand is their compliance with legal rules and regulations. MoneyGram takes this seriously, and is licensed and authorized to operate in all of their target markets. Below we present some examples of this.

• MoneyGram is an authorized money transmitter in the United States and is licensed by the New York State Department of Financial Services (Seller License # CS0025, Foreign Transmittal License # FT89432, NMLS # 898432).
• Additionally, MoneyGram is also licensed by the Georgia Department of Banking and Finance ( NMLS #898432) in the US.
• MoneyGram is regulated in the UK by the Financial Conduct Authority (registration no. 502639).
• In addition, MoneyGram is also registered with UK Companies House (registration no. 03287157).
• MoneyGram is registered with the National Bank of Belgium (registration no. 0671.690.653) for its European money transfer operations.

MoneyGram makes regulatory and licensing information readily available on their website, and you can check the same on your local MoneyGram website for your country.

As a global grand with a strong focus on the security and safety of your money and information, you can trust MoneyGram for your money transfer needs.

MoneyGram is a secure money transfer business that implements numerous security guidelines and best practices.

How good is MoneyGram's service?

To learn more about the strengths and weaknesses of MoneyGram's product, let us see what other users like you have to say about their money transfer services.

What do users have to say about MoneyGram?

Below, we list MoneyGram's rating and review^ information on various platforms where customers can provide feedback on their product.

• MoneyGram is rated 4.4/5.0 on TrustPilot and has more than 14k reviews
• MoneyGram's average rating on Google Play store is 4.6/5.0 with more than 60k reviews
• MoneyGram has a rating of 4.8/5.0 on Apple Store and has more than 259k ratings
• MoneyGram is rated 3.9/5.0 on RemitFinder

^Ratings on various platforms as on February 15, 2022

MoneyGram has very good ratings and reviews, implying that customers like using their money transfer service.

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Is MoneyGram the best choice for me?

Given our in depth review of MoneyGram's money transfer services, we find MoneyGram having the following advantages compared to their competitors.

• Good support for global currencies - with MoneyGram, you can send money from many countries to almost anywhere
• Competitive exchange rates - MoneyGram exchange rates display a wide variation, but if you time your transfer right, you can get a really good rate with them
• Low fees, especially for electronic transfers - if you choose electronic payment and delivery methods, you can send money with low (and sometimes 0) fees
• Great customer feedback and reviews - MoneyGram's service seems to be well liked by customers as evidenced by their strong ratings and reviews across many platforms

RemitFinder likes MoneyGram for having really strong customer reviews, competitive exchange rates and robust corridor coverage. Choose electronic payment and delivery methods to minimize fees.

We have also summarized this detailed MoneyGram review in a video as well. Check it out below for a quick summary of key benefits MoneyGram has to offer when it comes to international money transfers.

What are the best reasons to use MoneyGram?

MoneyGram has a strong global presence and a really good money transfer service. Since you know understand the areas where MoneyGram is good at, it's time to see some scenarios where MoneyGram can be a great choice to send money.

• Depending on where you live and where you want to send money, MoneyGram may be an attractive option given its comprehensive support for many countries and currencies. In some countries, money transfer services are limited. If that is your case, you can certainly not go wrong with MoneyGram.
• If you are able to use digital payment and delivery methods (ideally, bank to bank transfers), MoneyGram can help you save on fees. Most bank to bank transfers with MoneyGram are cheap, and may even have 0 fee.
• MoneyGram's product is high quality as demonstrated by very good customer reviews and ratings. You will likely have a hassle free and streamlined money transfer experience with MoneyGram.
• If you need to send money overseas urgently, MoneyGram can be a great choice as you can use their cash pickup service for a very fast money transfer.

MoneyGram can be a great choice for various international money transfer scenarios.

What type of transfers can I make with MoneyGram?

With MoneyGram, you can make several types of money transfers; below we list some of them.

• International digital money transfers using a variety of payment and delivery methods that include bank account transfers, paying with and receiving cash, and using debit and credit cards
• Deposits to digital wallets, mobile wallets and debit cards (not available in all countries)
• Money orders within the US and Puerto Rico with a strong network of more than 40,000 agents and participating financial institutions
• Bill payment services with an increasing support for various payees (not available in all countries)

What are various ways to send money with MoneyGram?

MoneyGram offers many easy ways to send money internationally. You can use any of the below options to send money with MoneyGram.

• Online with MoneyGram.com
• Via MoneyGram Sendbot, their Facebook messenger app
• Using MobilePass - Start a transaction online and pay later at a preferred MoneyGram location
• At a MoneyGram location based on convenience. In the US, for example, MoneyGram has agent locations at numerous stores and outlets, some of which include Ace Cash Express, Schnucks, Advance America, Minyards, Shoppers, Northgate Markets, Vallarta, CVS Pharmacy, RiteCheck and Walmart.

How to send and receive money with MoneyGram?

Sending money with MoneyGram is easy. This is no surprise given that we noted really good customer ratings and reviews. Read on to see how to send money with MoneyGram.

Step by step guide to send money with MoneyGram

You can follow the below step by step guide to use MoneyGram's money transfer services to send money.

• Step 1 - Compare numerous money transfer companies to see if MoneyGram is the best option for your money transfer.
• Step 2 - Sign up with MoneyGram and create a new account. You can do this on either the MoneyGram website or the mobile app. You will need to provide personal information including identification to ensure MoneyGram can do fraud prevention checks.
• Step 3 - Create your recipient, and ensure you add their name, address and bank account information (if you want to send money to their bank account).
• Step 4 - Add your payment method (how you will pay for your money transfer). If you pay for your remittance with a direct bank transfer, you can take advantage of very low or even 0 fees.
• Step 5 - Start your money transfer transaction. Simply choose your country and currency pair, money transfer amount, and hit send.
• Step 6 - Check your transaction status to stay updated of progress. MoneyGram will also keep you posted on updates. Once the transaction is complete, we also recommend confirming with your recipient to ensure they got the funds.

You can send money easily and quickly with MoneyGram using either their website or mobile app.

How can MoneyGram help me send money?

MoneyGram has several helpful resources to enable you to send money easily on their platform.

Does the recipient need a MoneyGram account to receive money?

Your recipient does not need a MoneyGram account to receive money that you send via MoneyGram's money transfer services.

You can pick any of the supported payment methods - bank transfers, debit card or mobile wallet deposit, and cash pickup - to send money.

Your recipient is not required to have a MoneyGram account to receive money that you send.

Does MoneyGram have a mobile app?

MoneyGram does have mobile apps for both Android and iOS users. With the MoneyGram mobile app, you can:-

• Send money transfers from the convenience of your home or office
• Check exchange rates and fees for your country combination
• Pay bills online
• Manage your transfers and profile online from anywhere
• Sign in conveniently using facial recognition (iOS only) or with a fingerprint

How do I track my MoneyGram transfer?

You can track the status of your MoneyGram money transfer any time by logging into your MoneyGram account on either the website or the mobile app. Simply go to your recent transactions list to check status of your transaction.

MoneyGram also provides a convenient self-service tracking page that you can use to track your transfer. You will need the below information listed on your money transfer receipt to get your transaction status via this utility.

• Reference number
• Sender's last name
• Sender's date of birth
• Recipient's last name

Finally, MoneyGram keeps you updated of your transaction status as and when new information is available on the status of your money transfer.

Can I use MoneyGram for international bank transfers?

You can use MoneyGram for international bank transfers. To do this, simply choose bank account transfer as the payment method, and bank deposit as the delivery method for your money transfer.

This ensures that funds debit out of your local bank account, and credit into the overseas bank account of your beneficiary.

Using this approach, you achieve the same result as an international bank transfer without dealing with banks in either country.

Is MoneyGram online better than sending money in-person in stores?

In general, online money transfers are more convenient as you can do them from anywhere and at any time. MoneyGram online transfers with their website as well as mobile app are a quick and easy way to send money.

However, there are times when you may want to send money via MoneyGram by visiting an office or agent location. If you want to pay with cash, and if you want your recipient to pick up cash very quickly, doing an in-person transfer at a location may be the best choice.

MoneyGram online is convenient and easy to use. However, if you need to send cash urgently, consider sending money in-person at an agent location.

Does MoneyGram have a rewards program?

MoneyGram does have a rewards program called MoneyGram Plus Rewards. As part of this program, every time you send money with MoneyGram, you earn rewards.

Below are some highlights of the MoneyGram Plus Rewards program.

• You get 20% off the fee on your 2nd money transfer when you join the rewards program.
• You get 40% off the fee after every 5th money transfer on an ongoing basis.
• You can upgrade to Premier status after your 5th money transfer to get even more benefits.

What customer support options are available with MoneyGram?

MoneyGram provides a very convenient and easy to access web page to contact their Customer Service. Simply fill out the form with your question or concerns, and MoneyGram customer service team will get in touch with you.

If you prefer to contact MoneyGram customer service via phone in the US, you can call MoneyGram at 1-800-926-9400. You may need to look up your local MoneyGram contact number on their website for your country.

In many countries, you can also chat with a live MoneyGram agent. Be sure to check your local MoneyGram website to see if the chat option is available in your country.

You can also read through numerous help topics on the MoneyGram online help section on their website. This includes FAQs and many common questions that help customers like you with many potential questions.

Can I cancel my MoneyGram transfer?

You may be able to cancel your MoneyGram transfer as long as funds have not been picked up by the receiver or deposited into their account.

To cancel your MoneyGram transfer, follow any of the below easy methods.

• For online transfers, login into your MoneyGram account, and cancel transfer from the Transaction Details page.
• For in-person transfers at an agent location, visit the same location to cancel your transfer.
• Call MoneyGram customer service at 1-800-926-9400 in the US (or your local country MoneyGram customer support number).

There are some other caveats that you need to be aware of if you cancel your MoneyGram transfer.

• If you cancel your money transfers online or by calling MoneyGram customer support, your money will get refunded within 3 business days.
• If you cancel your money transfer at an agent location, you will get a cash refund.
• If you cancel your transfer within 1 hour, you will get a full refund including transfer fees. If you cancel between 1 hour and up to 180 days, you will only get a refund for the send amount, and not transfer fees.

How do I delete my MoneyGram account?

If you wish to delete your MoneyGram account, contact them via any of the customer support options to initiate your request.

You can contact MoneyGram customer support team online, via phone or by chatting with a live agent. You can get contact info from your local MoneyGram website in your country.

Additional Information

Legal and Regulatory Compliance

• MoneyGram is Licensed as a Money Transmitter by the New York State Department of Financial Services. Massachusetts Check Seller License # CS0025, Foreign Transmittal License # FT89432, NMLS # 898432. It is also licensed by the Georgia Department of Banking and Finance; NMLS #898432.
• MoneyGram is regulated in the UK by the Financial Conduct Authority (registration no. 502639) and is also registered with UK Companies House (registration no. 03287157).
• In Europe, MoneyGram is registered with the National Bank of Belgium (registration no. 0671.690.653).

Further regulatory information for each country is available on MoneyGram's country specific sites.

Helpful Links

• RemitFinder's comprehensive MoneyGram vs Western Union comparison

Awards, Prizes and News

• 2018: Award for innovation in money transfers in Ghana
• 2017: Best Cash Innovation at 5th Annual Innovation Awards Ceremony
• 2016: Double Gold at 2016 PYMNTS Innovator Awards
• 2016: PYMNTS Innovator Award

Efforts towards Fraud and Scam Prevention

MoneyGram International is a founding member of ScamAwareness.org, a non-profit organization dedicated to educating Americans about scams and helping them to avoid becoming victims of fraud.

MoneyGram Foundation

In 2012, MoneyGram established the MoneyGram Foundation to help children around the world gain access to educational facilities and learning resources.