MoneyGram Alternatives and Competitors

September 7, 2020

Competition in the world of international fund transfers has increased considerably since the turn of the century, mainly due to the widespread use of the Internet. Now, you can choose from a number of prominent companies that offer their services online. While using MoneyGram can be worth your while, checking what its competitors offer can result in benefits.

Given that people have different requirements when transferring funds overseas, a MoneyGram alternative that works well for someone might not work well for others. A number of factors go into picking the right alternative to MoneyGram. These include exchange rates, fees, payment and transfer methods, turnaround times, ease of use, and customer service. The online fund transfer service offered by MoneyGram in Australia and New Zealand is actually provided by OFX.

Fee-free transfers
Competitive exchanges rates
Limit orders
Multilingual website and customer service

low

Fees

medium

2-3 days

Go to Site

Transparent fee structure
Send money to email addresses
Multicurrency account with debit card
Multilingual website & app

low

Fees

fast

1-2 days

Go to Site

Bank account transfers and cash transfers
Mobile airtime and mobile wallets top up
Home delivery of transferred funds
Multicurrency WorldRemit Wallet
Multilingual website

medium

Fees

fast

1-2 days

Go to Site

0.4% margin for new customers referred by iCompareFX
Fee-free transfers
Scheduled transfers
Online and phone transfers

low

Fees

medium

2-3 days

Go to Site

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XE Money Transfer

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TransferWise

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WorldRemit

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OFX

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XE Money Transfer

This Canada-based company began operations in 1993. It now operates dedicated websites for residents of the UK, the U.S., Canada, Australia and New Zealand – providing services to individuals and businesses. XE (formerly HiFX) is another MoneyGram competitor that operates a multilingual website. The company does not charge any fees for processing personal transfers. Read the complete OFX review to learn more.

Residents of the UK, the U.S., Canada, Australia and New Zealand get access to dedicated websites

Lets you sign up as an individual or a business

Canada-based, offices also in the UK and the U.S.

Pay no fees for personal transfers

Offers limit orders

Get website access and customer service in different languages

Only allows bank account transfers

Does not allow scheduling of transfers

TransferWise

This MoneyGram alternative traces its roots to Estonia. It began operations in 2011. TransferWise has its headquarters in the UK, with offices also in Estonia and the U.S. Access to their website is available in Dutch, French, Italian, Portuguese and Spanish. The currency you pay has a bearing on the minimum transfer amount, which can be $1, £1 or €1. If you want to pay for your transfer using a credit card, this alternative to MoneyGram can work well for you. You can register with TransferWise as an individual or business. Start reading the complete TransferWise Review now.

Use an existing Google or Facebook account to register

Website access in various languages

No minimum transfer limit

Multiple country-specific payment methods that include direct debits, bank transfers, debit cards, credit cards, SOFORT and POLI

Businesses can get a local banking experience in more than 15 currencies by registering for the TransferWise Borderless service

To send or receive funds using email addresses, use the “send money” or “receive money” functionalities

Only bank account transfers

Unavailability of peer-to-peer transfers in all countries

Does not allow scheduled transfers

No forward contracts or limit orders

Cost of a transfer varies depending on the transfer amount, mode of payment and destination country

Credit card payments tend to attract higher fees

WorldRemit

An alternative to Moneygram, WorldRemit began operations in 2010. Headquartered in the UK, this company also has offices in the U.S., Canada, Japan, Australia and New Zealand. You can use its services as an individual, provided you live in any of the 50 countries it serves. You can access the WorldRemit website in English, French, and Spanish. Sending limits can vary depending on the mode of payment. Read the full WorldRemit review.

Multilingual website

Multiple country-specific transfer methods that include bank transfers, transfers to cash pick up centers and topping up of mobile wallets and airtime

Minimum transfer amount is £1

UK-based company, with offices also in the U.S., Canada, Australia and New Zealand

Get local phone support in several countries

Does not accept business customers

Transfer fee affected by currencies involved, mode of transfer and transfer amount

Transfer limits depend on your country of residence and desired mode of transfer

Can not schedule transfers

No forward contracts and limit orders

OFX

As a competitor of Moneygram, OFX began operations in 1999. Until 2015, it operated as OzForex. This fund transfer company has its headquarters in Australia, as well as offices in New Zealand, the UK, the U.S., Canada and Hong Kong. The OFX Group operated dedicated websites for some countries. The websites includd USForex, CanadianForex, UKForex and NZForex. These sites have now transitioned to the global OFX website.

This company provides international fund transfer services to individuals and businesses. As an individual, the minimum transfer is $250, or its equivalent in another currency. You can access the OFX website only in English. Read more detailed information in the iCompareFX review of OFX.

Tries matching or beating its competitors rates

Transfers over threshold limits do not attract fees

Australia based company, with offices also in the UK, the U.S., New Zealand and Hong Kong

Get local phone support in several countries

Allows scheduling of transfers

Lets you choose from spot contracts, market orders and forward contracts

Initiate your transfer online or over the phone

Only allows bank account transfers

No multilingual website

Have to speak to an OFX representative over the phone to trade in some currencies

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