When transferring funds overseas, there is no dearth of people who wish to use the services of MoneyGram or TransferWise. One factor that works in favor of both these prominent fund transfer companies is that they offer noticeably better deals than most big banks.
If you are wondering which company fares better in the TransferWise vs. MoneyGram comparison, you have to start by identifying your individual needs.
Since both companies specialize in the international relocation of funds, paying attention to the intricacies of how they work becomes important. This comparison is divided into sections so you can choose between the two easily.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Overseas Money Transfer Fees
Whether you go with MoneyGram or TransferWise, the fees you end up paying will be lower than what most banks charge. There are no hidden fees to worry about with either company.
- Factors such as payment method, transfer method, and destination country affect the cost of the transfer.
- Bank account payments usually attract lower fees when compared to payments made using debit or credit cards.
- A bank account transfer is typically lower in cost than transferring funds to a physical location.
- Using the MoneyGram estimate tool to find out how much your transfer will cost is easy.
- The destination country has a bearing on the fees you pay.
- The fee TransferWise charges is a nominal percentage of the transfer amount.
- The TransferWise fee breakdown table provides a clear picture of all applicable fees.
Ease of Use
Signing up with TransferWise or MoneyGram takes little time, as you only have to complete a simple online application. Once the company you sign up with verifies your details, you can begin transferring funds. Websites of both companies provide access in different languages. However, this MoneyGram vs. TransferWise comparison favors the former if you want the recipient to collect cash from a physical location.
- Payment options, depending upon where you live, include electronic bank transfers, debit cards, credit cards, and cash.
- Transfer methods include bank account transfers, transfers to cash pick-up centers, topping off mobile wallets, and home delivery of cash. Methods available can vary from one destination country to the next.
- The company processes transactions of MoneyGram Plus members faster than usual. These members can view their transaction histories online and receive transaction notifications.
- Members of the MoneyGram Plus program gain access to apps for Android and iOS.
- This company lets you use your Facebook or Google account to expedite the registration process.
- Payment options include electronic bank transfers, debit cards, and credit cards.
- The Borderless Account provided by TransferWise gives you access to free bank account details from the U.S. (USD), the UK (GBP), the European Union (EUR), Poland (PLN), Australia (AUD), and New Zealand (NZD).
- Use the Borderless account to set up direct debits in GBP and EUR.
- Personal customers from the U.S., the UK, the EEA (except Greece), Switzerland, Singapore, Australia, and New Zealand may apply for the TransferWise Mastercard.
- All TransferWise customers can use apps for iOS and Android.
Regular Overseas Payments
The MoneyGram vs. TransferWise comparison draws a blank in this section because neither company offers this functionality yet.
If you want to make scheduled overseas transfers, consider using the services of other reputable companies such as FrontierPay, Currencies Direct, TorFX, HiFX, and World First. Read their reviews on the sidebar on the right or at the bottom of the page if you are on a small screen / phone.
MoneyGram Vs TransferWise Updates