MoneyGram or HiFX – does one of these companies deserve more of your attention than the other? The answer depends on a number of factors. What I can say with conviction is that both companies can lead to noticeable savings when compared how much the big banks charge for processing overseas fund transfers.
The reason this HiFX vs. MoneyGram comparison does not result in a clear frontrunner is that both companies specialize in the details of transferring funds overseas. While HiFX might suit the needs of someone perfectly well, others might benefit more from using MoneyGram.
Before you pick HiFX or MoneyGram, run through this comparison in its entirety. It covers multiple aspects, which include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Global Money Transfer Fees
Compared to most banks, using MoneyGram or HiFX can lead to savings in fees. Between the two, compare the amount the recipient stands to receive.
- Factors that can affect the cost of your transfer through MoneyGram include payment and transfer methods, as well as the destination country.
- You will pay lower fees for making a payment through your bank account when compared to paying via a debit or credit card.
- Transferring funds to a cash pick-up center will cost more than transferring funds to a bank account.
- The fee you pay depends on the HiFX website you use.
- If the transfer amount is over a minimum limit, HiFX does not charge any fees.
- The U.S.-based website charges USD $5 in fees for transfers below USD $5,000.
With the UK-based website, transfers below £3,000 attract £9 as fees.
- HiFX UK have removed all fees! Enjoy fee free transfers and even better savings with HiFX UK.
- If you transfer less than AUD $10,000 using the Australia-based website, you pay AUD $10 as fees.
- Transfers below NZD $10,000 made through the New Zealand-based website attract NZD $12 in fees.
Ease of Use
This HiFX vs. MoneyGram comparison favors the latter when it comes to website access in foreign languages. Signing up with both companies requires that you submit simple online applications. However, your account activates only after the verification of the details you provide is complete.
- Access to the MoneyGram website is available in various foreign languages, some of which include Spanish, French, Danish, German, Greek, Italian, Dutch, Portuguese, Chinese, Indonesian, Korean, and Tagalog.
- Depending on your location, you can pay for your transfer using a debit or credit card, an electronic bank transfer, or cash.
- MoneyGram can transfer funds to overseas bank accounts, cash pick up locations, mobile wallets, or to the recipient’s home. Not all methods are available for all countries.
- If you are a MoneyGram Plus member, you can expect quicker processing times. You can check the history of your transactions and also receive transaction-related notifications.
- MoneyGram Plus members can transfer funds on-the-move by using apps for devices that run on iOS and Android.
- Depending upon where you live, you can use HiFX websites for the U.S., the UK, Australia, or New Zealand.
- Access to all HiFX websites is only in English.
- Payment methods include debit cards, credit cards, and electronic bank transfers.
- While HiFX does not provide apps for mobile devices, its websites scale down to the screen size of your device automatically.
Regular Overseas Payments
Selecting MoneyGram or HiFX based on this factor is easy. While you can schedule regular transfers through HiFX, MoneyGram does not offer this feature currently.
- Learn more with this HiFX Review.
- Learn more about the offers from HiFX.
- Read more about this service in my HiFX Review
- Read a detailed HiFX review for USA, UK, Australia and New Zealand
- Transferwise or HiFX… Which one would you choose?