It is important to point out at the beginning of this UKForex vs. MoneyGram comparison that UKForex is part of the OFX Group. As with other dedicated websites that the OFX Group operates for different countries, UKForex is also in the process of transitioning to the global OFX website.
Anyone who has used the leading banks for overseas fund transfers can vouch for the fact that picking MoneyGram or UKForex is a better idea. Finding out which of these companies suits you best requires that you delve into the intricacies of their operations. That is exactly what you can do by reading through this detailed MoneyGram vs. UKForex comparison.
Picking UKForex or MoneyGram can be easy if you know what to look for, which is this comparison is divided into different parts:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
This section of the UKForex vs. MoneyGram comparison favors the former because of its fee-free transfers. However, the total cost of the transfer also depends on the exchange rate you get.
- You must transfer a minimum of £100 through UKForex.
- Any transfer over this amount does not attract any fees. That’s right. NO FEES!
- Different factors can affect the fees you have to pay, which include the destination country, payment method, and transfer method.
- Bank account payments usually cost less than payments made via debit and credit cards.
- While you can transfer funds to cash pick-up centers, they tend to cost more when compared to bank account transfers.
- Use the MoneyGram estimate tool to get a clear picture of the fees this company charges.
Ease of Use
The language you want website access in can have a bearing on whether you should pick MoneyGram or UKForex. Both companies let you register online. Both activate your account only after verifying the details you provide in your application.
- Access to the MoneyGram website comes in a number of languages besides English. These include Spanish, Italian, French, German, Portuguese, Greek, Chinese, Indonesian, Vietnamese, and Thai.
- Payment methods, depending on your country of residence, can include bank transfers, debit cards, credit cards, and cash.
- While you can transfer funds to international bank accounts, you can also send money to cash pick-up centers. Other destination country-dependant options include home delivery of transferred funds and topping off of mobile wallets.
- The company provides faster processing times to MoneyGram Plus members, who also benefit by receiving transaction-related notifications.
- MoneyGram Plus members can view their transaction histories online. They also get access to MoneyGram apps for Android and iOS.
Regular Overseas Payments
If you plan to transfer funds regularly, you might be better off using UKForex. While UKForex lets customers schedule regular transfers with ease, MoneyGram does not offer this service as of now.
- Learn how to redeem the exclusive UKForex voucher
- Read more on UKForex’s features here.
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