Technological advancements have led to high levels of competition in the world of international fund transfers. Whether you pick MoneyGram or TorFX, rest assured you are working with a company that offers trustworthy and reliable services. When compared to most of the leading banks, both companies offer noticeably better deals.
Understand that choosing between these prominent fund transfer companies might not be easy, given that the services they offer are largely similar. This TorFX vs. MoneyGram comparison addresses different aspects that can make a difference in the decision-making process.
Pick either TorFX or MoneyGram only after you look at how different factors can affect your fund transfer requirement:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Overseas Money Transfer Fees
This section of the TorFX vs. MoneyGram comparison tilts the balance in favor of one company. However, even the other can lead to savings in fees when compared to most banks.
- Factors that have an effect on the cost of your transfer include the destination country, the payment method, and the transfer method.
- The least expensive way to pay for your transfer is via an electronic bank transfer.
- The fee is slightly higher if you pay using a debit or credit card.
- Transferring funds to the recipient’s bank account is typically lower in cost than a transfer to a cash pick-up location.
- Find out the fees your transfer will attract by using the MoneyGram estimate tool.
Ease of Use
If you want website access in a language other than English, this MoneyGram vs. TorFX comparison favors the former. Both companies let you sign up by completing simple online applications. Both activate your account only after verifying your credentials.
- Access to the MoneyGram website appears in various languages such as Spanish, Italian, German, French, Chinese, Vietnamese, and Indonesian.
- You can pay via electronic bank transfers, debit cards, and credit cards. In some countries, you can pay using cash by visiting a physical location.
- Transfer methods can vary depending on the destination country.
- Other than transferring funds to an overseas bank account, you can send money to a cash pick- up center, top off mobile wallets, or even get the transferred money delivered to the recipient’s home.
- The company processes payments of MoneyGram Plus members faster than usual. Members can view their transaction histories online, they receive notifications related to their transfers, and they get access to MoneyGram apps for Android and iOS.
Regular Overseas Payments
Picking either MoneyGram or TorFX can depend on this factor. MoneyGram does not allow you set up regularly-scheduled transfers yet, whereas TorFX lets you do this easily.
- Get more information from TorFX Review.
- Is CurrencyFair’s competition up to the task?
- When CurrencyFair and TransferWise go head to head.. who wins?