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

WorldRemit

67

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

Bill payments and cash pick-up services are not available in all countries.

Two unique features of Worldremit 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)

WorldRemit wins!

WorldRemit scores better in the Personal Features category.

WorldRemit
Ribbon Icon
Winner

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

WorldRemit

0

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 wins!

MoneyGram scores better in the Business Benefits category.

Moneygram
Ribbon Icon
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

WorldRemit

46

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 signing up via iCompareFX receive 3 transfers fees for free using the code 3FREE


WorldRemit wins!

WorldRemit scores better in the Fees and Exchange Rates category.

WorldRemit
Ribbon Icon
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.


WorldRemit

86

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.


WorldRemit wins!

WorldRemit scores better in the Ease of Use category.

WorldRemit
Ribbon Icon
Winner

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.


WorldRemit

88

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.


WorldRemit wins!

WorldRemit scores better in the Support and Countries category.

WorldRemit
Ribbon Icon
Winner

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. 


WorldRemit

56

  • 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. 

WorldRemit wins!

WorldRemit scores better in the Trust and Transparency category.

WorldRemit
Ribbon Icon
Winner

The Result

Winner ribbon iconWinner

 WorldRemit

WorldRemit wins despite not having any business services.  The main reason WolrdRemit takes the honour against MoneyGram is due to its significantly lower fees and exchange rates.  It only ranks marginally better across all the other scoring sections.