Personal Features

Moneygram

50

MoneyGram gives individuals the ability to send money to most countries. 

What MoneyGram does

  • International money transfers
  • Cash pick-ups
  • Mobile airtime and mobile wallet top ups
  • Bill payments (US only)
  • Transfers to inmates (US only)
  • Regular transfers

What MoneyGram doesn’t do

  • Personal account managers
  • Forex hedging tools
  • Digital wallets
  • Unique local multi-currency accounts
  • FX optimised travel cards

Western Union

50

Western Union lets you transfer money to most countries in the world, either to bank accounts or to cash pickup locations.

What Western Union does

  • International money transfers
  • Cash pick-ups
  • Bill payments
  • Transfers to inmates
  • Prepaid card

What Western Union doesn't do

  • Personal account managers
  • Regular transfers
  • Unique local multi-currency accounts
  • Digital wallets
  • Currency hedging tools

It's a draw!

MoneyGram and Western Union are tied in the services they offer to individuals. The main differences for the Personal category is that Western Union offers a travel card for individuals and MoneyGram offers automated regular transfers.

It's a draw!
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Draw

Business Benefits

Moneygram

11

MoneyGram provides very limited international money transfer services for businesses.

What MoneyGram for business offers 

  • International money transfers
  • Biller solutions
  • Check processing
  • Money order services

What MoneyGram for business doesn't do

  • Risk management tools
  • FX-optimized travel cards
  • Unique local multi-currency accounts
  • Dedicated currency managers
  • Solutions for online sellers
  • Accounting integration

Western Union

56

Western Union provides various forex services for business customers from a number of countries. 

What Western Union offers businesses

  • Currency hedging tools
  • Mass payments
  • Incoming payments
  • Multi-currency balances
  • Accounting integration

What Western Union doesn’t offer businesses

  • Solutions for online sellers
  • Business travel cards
  • Dedicated currency specialists

Western Union wins!

MoneyGram offers very little additional benefits for business international money transfers. Western Union’s business offering is more comprehensive compared to MoneyGram. 

MoneyGram simply allows business entities to create a business account and transfer money overseas.

Western Union
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Winner

Fees & Exchange Rates

Moneygram

8

MoneyGram fees

Exchange rate margin fee - This can be an additional 5% on top of real time exchange rates. The exchange rate margin fee increases with credit card payments and cash pickup of funds.

Additional fees - MoneyGram money transfer fees vary depending on where you and the recipient reside, the mode of payment, the transfer amount, and the transfer method.

  • Cash pickup fees - Sending money to a bank account is typically more affordable than sending it to a cash pickup location. Sending cash for location pickup can cost an additional US$5.
  • Credit / debit card payment fees - Paying through a bank transfer is usually more cost-effective than paying via a debit/credit card. Credit/debit card payments can cost between US$3 and $15

Western Union

0

Western Union money transfer fees

Exchange rate margin fee - This can be more than 5% for exotic currencies. 

Additional fees - The transfer fee you need to pay depends on the currencies involved, the transfer amount, the payment method and the delivery method.

  • Cash pickups tend to attract more fees than transfers to bank accounts.
  • With payment methods, credit cards attract the highest fees.

MoneyGram wins!

Both MoneyGram and western union’s fees are very high. Comparing MoneyGram vs Western Union fees show that their exchange rates offered are poor and their additional fees are high. Unless you need specific services that no other international money transfer company offers, such as inmate money transfers, you would be wise to find a cheaper alternative.

Moneygram
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Winner

Ease of Use

Moneygram

64

Signing up - Fairly easy, using either the MoneyGram app or website.

Payment options -  Bank account transfers, debit cards, credit cards and cash.

Speed - Up to 4 business days, and even more in some instances.

Multilingual website - Use the MoneyGram website in a number of languages.

Mobile apps - Available for iOS and Android.


Western Union

64

Sign up - Registration is easy and follows an intuitive process.

Payment options -  Bank transfers, debit cards, credit cards and cash.

Mobile apps - Available for Android and iOS

Transfer limits - Based on where you and the recipient live, the transfer method and the payment method.

Multilingual website - Get website access in local languages, depending on which Western Union website you use.


It's a draw!

Western Union and MoneyGram draw within the Ease of Use category. Both score well enough. One benefit for Western Union is that you can initiate transfers over the phone.

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Support & Countries

Moneygram

69

Supported payment currencies - Accepts local currency payments from its customers in North America, Latin America, the Caribbean, Europe, Africa, Asia, the Middle East and Oceania.

Supported destination currencies - MoneyGram lets you send money to more than 200 countries and territories, and offers payouts in local currencies.

Customer support - Local phone and chat support provided in several countries.


Western Union

69

Supported currencies - Western Union carries out transfers in around 130 currencies.

Supported countries - You can transfer funds to more to 200 countries and territories. You can register through the Western Union website from over 70 countries.

Phone support - Provides local phone support during business hours in several countries.


It's a draw!

Both MoneyGram and Western Union have a very large network of local agents. Both support a large list of source and destination countries. However, it is worth noting that both Western Union and Money rate poorly for customer service. Customer service should be a priority for improvement for each company.

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Trust & Transparency

Moneygram

44

Regulation - Regulated by financial regulatory bodies in different countries.

Average customer service - Gets a rating of Great on Trustpilot. However, several customer reviews highlight issues with the company's customer service.

Poor exchange rate transparency - The markup on existing exchange rates can be more than 5% for some currencies. 


Western Union

44

Where Western Union does well

Regulated - Licensed by financial regulatory bodies of different countries.

Publicly listed - Regular audits to oversee safety and compliance procedures result in increased trust surrounding customers' funds.

Western Union challenges

Exchange rate and fee transparency - The Westren Union margin on existing exchange rates can be more than 5% for exotic currencies. Some Western Union reviews on Trustpilot and Play Store mention non-transparency in fees as well.

Customer support - A number of online customer reviews highlight concerns surrounding Western Union's unresponsive customer service.


It's a draw!

Another draw for Western Union and MoneyGram. Both companies' transparency is very low when it comes to their hidden fees. TrustPilot reviews for each show that customers are frustrated with their service.

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Draw

The Result

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 Western Union

Which one is better: MoneyGram or Western Union? 

Western Union is marginally better than MoneyGram. However both MoneyGram and Western Union do not score well overall. The main difference between MoneyGram and Western Union is Western Union’s business benefits. Each company has very high fees and exchange rate margins. Each company’s customer reviews of their customer service is poor. If you are sending money for cash pickup or to foreign bank accounts, there are cheaper competitors available. 

FAQs

Is Western Union or MoneyGram cheaper?

MoneyGram has marginally cheaper additional fees when sending money to foreign bank accounts. However, both have very high exchange rate margin fees. These can sometimes be in excess of 5%.

Does Walgreens have MoneyGram or Western Union?

Walgreens has Western Union available within their stores.

Is MoneyGram the same thing as Western Union?

Yes. But they are not the same company. Both offer international money transfers for cash pickup and foreign bank transfers. Both offer money transfers for inmates in the USA.