MoneyGram or XE Trade – should you be using the services of one company over the other? You can find the answer to this by considering your own requirements and understanding how these companies differ in their operations.
Whether you choose XE Trade or MoneyGram for your next overseas fund transfer, you will get a better deal when compared to most leading banks.
Since different aspects require your attention in order to make the right choice, XE Trade vs. MoneyGram will be compared using the following criteria.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
This section of the MoneyGram vs. XE Trade comparison favors the latter because it lets you transfer funds without charge to a number of countries. However, remember that the exchange rate plays an equally important role when it comes to how much money the recipient will receive.
- The fee you have to pay can depend on your location, the destination country, the method of payment, and the transfer method.
- Paying via electronic bank transfers is ideal, as debit and credit card payments tend to cost more.
- Transferring funds to a cash pick-up center usually costs more than transferring funds to a bank account.
- MoneyGram gives you the ability to find out about all applicable fees by using its calculator.
- XE Trade provides fee-free transfers to more than 35 countries.
- If you have to pay a fee, XE Trade informs you about it in advance.
Ease of Use
This section of the XE Trade vs. MoneyGram comparison rates both companies well. Each lets you apply for a new account online. You can start transferring funds as soon as the verification of your details is complete.
- MoneyGram offers more options than XE Trade when it comes to website access in foreign languages.
- Some of the languages include Chinese, French, German, Indonesian, Italian, Japanese, Norwegian, Portuguese, Spanish, and Swedish.
- Payment methods, depending on where you reside, can include electronic bank transfers, credit cards, debit cards, and cash.
- Transfer methods include transfers to bank accounts and to cash pick-up centers. The methods offered can vary depending on the recipient’s location.
- If you become a MoneyGram Plus member, you gain access to the company’s app for mobile devices. You also receive transfer-related notifications via email.
- Other the English, you can access the XE Trade website in Arabic, Chinese, Dutch, French, Japanese, Italian, Portuguese, Spanish, and Swedish.
- You can pay for your transfer via a wire transfer.
- If you live in the UK, you can pay using CHAPS, BACS, or FPS.
- In Australia and New Zealand, customers can make payments via BPAY and Pay Anyone.
- Only Americans and Canadians can make payments via electronic fund transfers (EFT).
- Canadians can also pay via Bill Pay.
- Depending on the recipient’s location, transfer methods include electronic fund transfers, wire transfers, and drafts.
- XE Trade provides apps for devices that run on iOS, Android, Windows, and BlackBerry.
Regular Overseas Payments
Neither company delivers in this section of the MoneyGram vs. XE Trade comparison, given that they do not offer this service yet. To make regularly-scheduled transfers, you can choose from other popular fund transfer companies such as TorFX, HiFX, Currencies Direct, and World First.
- Read this comprehensive TransferWise review to see what this alternative has to offer.
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