Who Can Benefit By Using MoneyGram?
There is no doubt that this company has a widespread presence, but is it the best money transfer service you can find? The answer lies in the details. You may use the services to this company to:
- Make overseas fund transfers
- Receive money from different countries
- Transfer money to mobile wallets
- Pay bills
- Make healthcare and child support payments
- Send money to inmates in federal, state, and county correctional facilities
- Load prepaid cards
- Purchase money orders
At a Glance – MoneyGram Money Transfer Services
MoneyGram lets you send money to more than 200 countries, in a range of currencies. It lets you transfer money in different ways, which include sending money to cash pickup locations. It provides customer support via email and over the phone. While this company rates well in speed, especially with transfers that involve cash pickup, the cost factor leaves room for improvement.
Get a quick insight into what you may expect from this company by referring to the table below.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About MoneyGram
This MoneyGram review delves into different aspects so you may determine if this company works well for you.
The currency exchange fees, or transfer fees, you need to pay when you send money through MoneyGram depend on multiple factors such as the destination country, the mode of payment, and the desired transfer method. The tables below give you an indication of how the company’s pricing works. It uses sending money from the U.S. to India as an example.
|Transfer Method||Transfer Amount||Payment Method||Fees|
|Bank account||$100||Checking account||$2.99|
|Cash pickup||$100||Checking account||$5|
The destination country may also have an effect of the currency exchange fees you need to pay. You get to calculate the cost of your transfer by using the online fee estimator tool provided by MoneyGram.
MoneyGram gives you the ability to send money to most countries the world over. Some of the lesser known countries and regions that MoneyGram supports include:
|Supported Countries and Currencies|
You may view the complete list of countries supported by MoneyGram online, when you estimate the cost of your transfer.
If you use the service of this overseas money transfer company to send money to a cash pickup location, the recipient may get to collect transferred funds in a matter of minutes. With transfers to overseas bank accounts, MoneyGram processes several within a few hours. However, the time it takes for the money to reach the recipient’s account depends on the destination country, the receiving bank, and its hours of operation.
You may use MoneyGram to make one-off payments, and you get to use previously added recipients’ details for subsequent transfers. The company does not let you schedule payments yet and it does not provide hedging tools such as market orders and forward contracts.
- Pay bills. You may use this company to pay bills of over 14,000 companies across the U.S., online or at an agent location.
- Mobile phone top-up. You get to choose from more than 350 carriers across over 100 countries.
- Load prepaid cards. It lets you load more than 100 popular prepaid cards issued in the U.S.
- Money orders. Purchase a money order at a MoneyGram location and have it delivered in person or by mail.
- Sending limits. Sending limits depend on where you live, the destination country, and the desired transfer method. For instance, you may send up to $6,000 per online transfer from the U.S. to most countries, and the $6,000 limit applies to every 30 calendar days. You have the option of sending more money through a MoneyGram agent location.
- Payment methods. MoneyGram lets you pay for your online transfer using a bank account transfer, a debit card, or a debit card. You may also pay for your transfer in cash at a MoneyGram agent location.
- Multilingual website. You may access the MoneyGram website in various languages.
- Apps. MoneyGram provides apps for devices that run on iOS or Android.
- MoneyGram Plus. As a MoneyGram Plus member you benefit through faster transactions, email alerts, and exclusive promotions.
MoneyGram Exchange Rates
MoneyGram informs you of the rate that will apply on your transfer before you finalize your deal. Its exchange rates usually come with 1% to 5% markups when compared to mid-market rates, which is higher than that of other prominent overseas money transfer companies. If you plan to send a large sum, this aspect can make a noticeable difference. As a result, it is best that you compare currency exchange rates offered by this company with the competition before making a transfer.
There are no existing MoneyGram coupons. However, MoneyGram Plus members get access to exclusive offers and promotions.
How to Sign Up with MoneyGram?
Registering with MoneyGram takes little time and you may apply for a new account online. To apply, you will need to provide your name, residential address, and email address. The company verifies your identity before activating your account.
How Do You Send Money Through MoneyGram?
You get two basic options is sending money through MoneyGram.
- Online. You may initiate your transfer online and send money to an overseas bank account or a cash pickup location.
- In person. If you send money by visiting a MoneyGram agent location, you may send it to a cash pickup location or a bank account.
If you wish to send money to an overseas bank account, you will need to provide the recipient’s name, bank account number, the receiving bank’s name, and its SWIFT / ABA / Sort / BSB code or IBAN number.
Additional Information About MoneyGram
- MoneyGram is authorized to provide its services in all 50 U.S states, D.C. and all its territories.
- The MoneyGram website relies on high encryption levels to safeguard user information.
- You may track transfers using your online account or the company’s Track a Transfer tool.
Most MoneyGram reviews written by the company’s customers mention that this company can do better with the exchange rates it offers. On Trustpilot, the company averages at a dismal 0.6 out of 10. Some customers have negative things to say about its customer service as well.
The Frequently Asked Questions section of the MoneyGram website provides answers to some of the most common queries. You may contact a MoneyGram representative via mail or over the phone. The contacts details given in the table below are for residents of the U.S.
|Phone||English - 1.800.MoneyGram|
|Spanish - 1.800.955.7777|
Having reached the end of this MoneyGram money transfer review, you should have all the information you need to determine if this company will serve you well. It might also be in your best interest to compare it with other leading overseas money transfer companies so you may establish if you can get a better deal elsewhere.
MoneyGram Review Updates
MoneyGram provides its services is most countries the world over, giving individuals and businesses easy means to make overseas money transfers. Depending on where you live, you may send money online or in person. This company lets you send money to overseas bank accounts and cash pickup locations, although the methods are destination-country dependant. It also lets you top up mobile airtime of carriers from different countries.
MoneyGram International is headquartered in the U.S. and it has offices in a number of countries. The company’s operations spread to over 200 countries and its global network consists of close to 350,000 agent locations, making it among the most widespread overseas money transfer companies.
While not many MoneyGram reviews delve into this aspect, a little history is never out of place. This company came into being as a result of a merger between Integrated Payment Systems Inc. and Travelers Express. MoneyGram was founded as a subsidiary of Integrated Payment Systems Inc., in 1988.
When Integrated Payment Systems became its own publicly traded company in 1996, it was rechristened as MoneyGram Payment Systems Inc. In 1997, MoneyGram International Ltd. was established. Travelers acquired MoneyGram in 1998 and the company as we know it today has existed since 2004.
Services offered by MoneyGram fall into two basic categories – global fund transfers and financial paper products. The latter include money orders and official checks. This company provides services to individuals and businesses alike.
Go through this MoneyGram money transfer review carefully if you plan to use the services of this company to send money overseas.