Moneygram vs WorldRemit

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

WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

• Foreign bank transfers
• Cash pick-up
• Foreign bill payments (ie electricity, credit cards and television services)
• Pre-paid mobile credit top-ups
• Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

• Mobile money - Shop in-store, online and withdraw cash at authorised agents
• WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

WorldRemit does not offer

• Travel debit cards
• Access to a personal account manager (helpful when transferring large sums of money)

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

WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.

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. 

WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

• Bank deposit - 0.5% - 2% depending on the destination country and amount
• Bill payment fee - 1% - 4%
• Cash pick up fee - 1% - 4%
• Mobile airtime top up - 1% - 4%
• Additional fee - $1 - $5 per transfer

New customers from eligible countries signing up through iCompareFX receive 3 transfers fees for free using the code 3FREE. Eligible countries for this free transfer promotion are the USA, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, and Norway.

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.

Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.

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.

WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

• Mobile Money - 23 countries
• Cash pick up - 80 countries
• Bank transfer - 150 countries
• Bill payment -  Selected countries
• Phone support - Multiple languages
• Multilingual website
• Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.

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. 

• WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
• Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
• The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
• High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX.