When people ask me if they should use MoneyGram or CurrencyFair, my advice is always the same. While going with what previous customers have to say about these companies gives you some indication of what to expect, paying attention to your individual needs is equally, if not more important.
Whether you go with CurrencyFair or MoneyGram, you stand to get a better deal when compared to what most big banks have to offer. Between the two, the company that suits you better depends on different factors.
To help keep the decision-making process simple, I am dividing this CurrencyFair vs. MoneyGram comparison into multiple sections:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
There is no clear winner in this section of the MoneyGram vs. CurrencyFair comparison because the fees depend on different factors.
- The fees MoneyGram charges depend on the destination country, the transfer method, and the mode of payment.
- Payments via bank accounts are typically lower priced than debit or credit card payments. Transfers that involve cash pick-up centers are usually more expensive than bank account transfers.
- You can get a clear picture of the fees you have to pay by using the MoneyGram currency exchange estimate tool.
- CurrencyFair, on average, charges 0.35% of the transferred amount as fees.
- The fees you have to pay depend on whether or not your transfer finds a match.
- If it does, you pay plus 0.15% of the transfer amount plus €3.
- If there is no matching transfer, you pay 0.4% to 0.5% of the transfer amount plus €3.
Ease of Use
If you wish to transfer funds to or from a physical location, this CurrencyFair vs. MoneyGram comparison tilts in favor of the latter. Registering with both companies requires that you follow a simple process. Access to both company’s website is avalable in foreign languages. However, the MoneyGram website provides more language options.
- Depending on the country you reside in, you can pay for your transfer using cash, a bank account, a debit card, or a credit card.
- MoneyGram lets you transfer funds to foreign bank accounts, to cash pick-up centers, and to mobile wallets, depending on the destination country. In some countries, MoneyGram provides home delivery of transferred funds.
- As a MoneyGram Plus member, you benefit from faster transactions times. You can also receive transaction notifications and view your transaction history.
- MoneyGram Plus members can transact on-the-move using apps for iOS and Android.
- International customers can make payments via electronic bank transfers.
- Residents of Ireland can pay in Euros by using debit cards issued by Irish banks.
- CurrencyFair provides apps for devices that run on iOS and Android.
Regular Overseas Payments
This section of the CurrencyFair vs. MoneyGram comparison favors the former because it lets you set up regular transfer easily. MoneyGram does not yet offer this feature.
- Learn how to save even more with your first CurrencyFair transfer.
- Get a more in depth feel for CurrencyFair features.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Is CurrencyFair’s competition up to the task?