In the world of international fund transfers, many people use the services of either MoneyGram or Western Union. Both companies specialize in transferring funds across borders, offering their services to residents of countries in all five continents. In terms of the volumes of foreign exchange these companies deal with, both easily make it to the list of market leaders.
Since both companies offer highly competitive services, picking Western Union or MoneyGram requires that you consider your individual needs at the onset. There are times where one company can work better for you than the other, and the reverse is true, as well.
Check the different sections of this Western Union vs. MoneyGram comparison to find out which company suits you best.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Currency Transfer Fees
This section of the MoneyGram vs. Western Union comparison does not favor either company because the fee you pay depends on multiple factors. In any case, the fees these companies charge are typically lower than those you would pay to most banks.
- The destination country, payment method, and transfer method can affect the cost of the transfer.
- Paying via an electronic bank transfer usually costs less than payments made through debit or credit cards.
- Sending money to a cash pick-up center tends to cost more than a bank account transfer.
- You can use the MoneyGram calculator to find out how much the company charges as fees under different scenarios.
- The cost of your transfer depends on the destination country, the mode of payment, and the transfer method.
- Typically, the most cost-effective way is to transfer funds to an overseas bank account and pay via an electronic bank transfer.
- Transferring funds to cash pick-up centers and paying using debit or credit cards tends to cost more.
- Use the price estimator to find out how much you will have to pay as fees.
Ease of Use
Both companies rate well in this section of the Western Union vs. MoneyGram comparison. Registering with MoneyGram or Western Union requires nothing more than completing a simple application form, after which the company you apply with verifies your details. Access to websites of both companies is available in a range of foreign languages.
- Depending on where you live and the destination country, you can pay for your transfer using cash, debit cards, credit cards, or electronic bank transfers.
- The destination country has a bearing on the transfer methods offered by MoneyGram.
- If you are a MoneyGram Plus member, you can initiate transfers through the MoneyGram app for mobile devices.
- MoneyGram Plus members receive notifications about transfers via email.
- Western Union lets customers in most countries pay via electronic bank transfers, debit cards, and credit cards. In some countries, you can pay using cash, as well.
- You can initiate transfers online, over-the-phone, and in person.
- Depending on where the recipient lives, you can transfer funds to a bank account or a cash pick-up center. In some countries, you can top off mobile wallets too.
- In the U.S., Western Union lets you send money to inmates.
Regular Overseas Payments
Neither MoneyGram nor Western Union gives you the ability to set up regular overseas transfers. If you want to schedule transfers regularly, you can consider using the services of other popular companies such as Currencies Direct, OFX, HiFX, World First, or TorFX.
- Get more information about other Western Union competitors and alternatives on this page.
- Is CurrencyFair’s competition up to the task?
- Read the updated OFX Coupon post.