Whether you choose MoneyGram or PayPal, there is a good chance you will get a better deal than what your local bank has to offer. However, in picking between the two, it is important that you address multiple aspects.
This MoneyGram vs. PayPal comparison is broken down into different categories so you can make a decision according to your specific needs.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Overseas Fund Transfer Fees
This aspect of the PayPal vs. MoneyGram comparison requires careful consideration, because several factors can have an effect on how much your transfer ends up costing. The good thing is using either MoneyGram or PayPal can lead to savings in fees when compared to most banks.
- Factors such as the country of the transfer’s origin, the destination country, the mode of payment, and the transfer method have an effect on the fees you pay.
- Payments make using credit and debit cards usually attract higher fees in comparison to payments made via electronic bank transfers.
- Transferring funds to an overseas bank account tends to cost less than sending money to a cash pick-up center.
- You can find out how much your transfer will cost by using the calculator found on the MoneyGram website.
- The transfer fee depends on where you live and the mode of payment.
- If you transfer funds from the U.S. and pay for your transfer using your PayPal balance or bank account, the company charges 0% to 2% as fees. This increases to 2.90% to 5.99% plus a fixed fee if you pay using a debit or credit card.
Ease of Use
You can register with both companies in a matter of minutes, provided you have all the required information close at hand. However, you cannot use your new account to transfer funds until the chosen company verifies your credentials. Both companies provide website access in a number of languages. When it comes to payment and transfer methods, this MoneyGram vs. PayPal favors the former.
- MoneyGram offers multiple payment and transfer methods, which can vary according to where you and the recipient live.
- Payment methods include cash, electronic bank transfers, debit cards, and credit cards.
- You can transfer funds to overseas banks accounts and to cash pick-up locations.
- The company gives MoneyGram Plus members access to apps for mobile devices.
- MoneyGram Plus members receive email notifications about the status of their transfers.
- You can fund your transfer through your PayPal account, or pay for it using a debit or credit card.
- You can add funds to your PayPal account via an electronic bank transfer.
- You can transfer funds only to the recipient’s PayPal account. The recipient then has to withdraw transferred money into a local bank account.
- You can use your PayPal account to pay for goods and services, as well as to shop online.
Regular Overseas Payments
Turning to PayPal or MoneyGram will not benefit you much if you want to set-up scheduled transfers, given that neither company offers this feature as of now. However, other popular names in the field such as World First, OFX, HiFX, and TorFX let you schedule transfers with ease.
- Read about TransferWise features and their pro’s and con’s.
- Learn how to apply the CurrencyFair Coupon.
- Watch video on How CurrencyFair Works.
- Read updated OFX Coupon post.
MoneyGram Vs PayPal Updates
- 31st May 2017: Fixed Broken links.