Sending money from one country to another has become considerably simpler than it was around the turn of the last century. This is because of the entry of several new players. However, not all the international money transfer companies operate in the same manner or rate equally well. For instance, if you take a close look at the MoneyGram vs. Remitly comparison, you will realize why you might be better off using one instead of the other.
One way to determine if you should use the services of either Remitly or MoneyGram is to look at what customers of both companies have to say about their experiences. Turning to Trustpilot, an online review-based platform, gives you the ability to do just that. On this website, Remitly gets an average score of 9.4 out of 10. However, Trustpilot scores of MoneyGram U.S. and MoneyGram UK leave considerable room for improvement.
Determining if you might benefit more by turning to MoneyGram or Remitly requires that you also pay attention to these factors:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the Remitly vs. MoneyGram comparison requires your particular attention, because both companies follow different pricing structures.
- Fees may vary depending on the currencies involved, the transfer speed, and the transfer amount.
- Choose from Economy and Express transfers.
- Economy transfers in some currencies are fee-free.
- You pay extra fees for credit card payments.
- The currencies involved as well as the payment and transfer methods affect transfer fees.
- Payments made via bank transfers are typically more cost-effective than making debit or credit card payments.
- Transfers to bank accounts tend to cost lesser than transfers to agent locations.
- Use the MoneyGram calculator to determine how much your transfer might cost.
Ease of Use
No matter whether you select MoneyGram or Remitly, carrying out overseas money transfers is fairly simple. Both let you send money through their websites or apps. Both operate region-specific multilingual websites.
- Remitly lets you send money to bank accounts and agent locations.
- It accepts payments via bank account transfers, debit cards, and credit cards.
- Pay for your transfer using cash, a bank account transfer, a debit card, or a credit card.
- Transfer money to bank accounts or agent locations.
Regular Overseas Payments
Turning to Remitly or MoneyGram will not do you much good if you wish to set up scheduled transfers because both companies do not provide this functionality yet. Some of the alternatives you may turn to in such a scenario include OFX, WorldFirst, Global Reach Group, Currencies Direct, and TorFX.
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