About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Personal transfers

Business transfers

Bill payment solutions

Payment options

Bank account transfer

Debit card

Credit card

Cash
 

Payout options

Bank account

Cash pickup

Mobile airtime reload

Mobile wallet top up

Transfer options

Online

Western Union apps for Android and iOS
 

Regular transfers

Available

Send money from

Supports transfers in local currencies from most countries.
 

Send money to

Transfers money to more than 200 countries and territories, in local currencies.

Provides customer service via phone and email.

Email - customerservice@moneygram.com

Phone - International phone numbers location: http://global.moneygram.com/en/contact-us-sf


Personal Features

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Individuals can register with MoneyGram from most countries. However, the services on offer might vary from one country to another.
 

What MoneyGram offers

  • International money transfers
  • Cash pickup
  • Mobile airtime and mobile wallet top up
  • Bill payments (only in the US)
  • Transfers to prison inmates (only in the US)
  • Regular transfers

International money transfers - Get existing MoneyGram exchange rates when you carry out spot transfers.

Cash pickup - Recipients can collect cash by visiting MoneyGram agent locations.

Mobile airtime and mobile wallet top up - Depending on where a recipient lives, you can top up mobile wallets and mobile airtime.

Bill payments - Pay bills of different service providers in the US, online or by visiting a MoneyGram location.

Transfers to inmates - Send money to inmates who are serving time in American correctional facilities.

Regular transfers - Set up regular transfers by using the "recurring send" option.
 

What MoneyGram doesn’t do

  • Forex hedging tools
  • Travel card
  • Digital wallets
  • Unique local multi-currency accounts
  • Account managers

 

MoneyGram Score

The MoneyGram score for personal services is on the lower side despite multiple payout methods. This is because it does not provide dedicated account managers, a travel card, hedging tools, digital wallets or unique customer multi-currency accounts.


Business Benefits

11

MoneyGram money transfer services for businesses are fairly limited.
 

What MoneyGram offers

  • Money transfer services
  • Check processing
  • Money order services
  • Biller solutions

Money transfer services - Carry out domestic and international MoneyGram money transfers through a single point-of-service platform.

Check processing - MoneyGram check processing services can help limit fraud exposure and maximize efficiency.

Money order services - This alternative to cash and checks gives businesses means to increase walk-in traffic and generate additional revenue.

Biller solutions - Customers of registered billers can make online and in-person bill payments.
 

What MoneyGram doesn’t do

  • Forward contracts and limit orders
  • FX-optimized business travel cards
  • Unique local multi-currency accounts
  • Dedicated currency specialists
  • Solutions for online sellers
  • Accounting integration

 

MoneyGram Score

MoneyGram can improve its score in this section by offering solutions such as risk management tools, travel cards, multi-currency accounts and accounting integration capabilities.


Fees & Exchange Rates

8

MoneyGram exchange rate

MoneyGram applies a markup on existing mid-market exchange rates. This can be over 5% for some currencies. In addition, you can be offered poorer exchange rates if choosing to pay MoneyGram by credit / debit card or if you choose cash pickup at your destination.
 

Are there additional MoneyGram transfer fees?

Yes. You need to pay a per-transfer fee. MoneyGram money transfer fees depend on where you and the recipient live, how you pay for your transfer, and the transfer method. 

Transferring money from the US to India and paying by debit/credit card:

Transfer amountPayout methodTransfer fees
$200Bank account$2.99
Cash pickup$4.99
$2,000Bank account$2.99
Cash pickup$4.99

Transferring money from the US to India and paying cash at a physical location:

Transfer amountPayout methodTransfer fees
$200Bank account$6
Cash pickup$11
$2,000Bank account$6
Cash pickup$20

The fee when paying cash can vary based on the agent you select. The example uses an Ace Cash Express location in Eugene, Oregon.
 

MoneyGram Score

MoneyGram scores poorly in this section, not only because of the transfer fee you might need to pay, but also because of the exchange rate margin it applies. MoneyGram is an expensive way to send money internationally compared to its peers.


Ease of Use

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What MoneyGram does well

Sign up - Use the MoneyGram app or website to create a new account.

Payment methods - Pay via bank account transfers, debit cards, credit cards or by using cash.

Multilingual website - Website access comes in many local languages.
 

Where MoneyGram could improve

Phone transfers - MoneyGram customers cannot initiate transfers over the phone.

Transfer speed - MoneyGram international money transfers to bank accounts take 3 - 4 business days, and even longer in some cases.

MoneyGram apps - Several people who use MoneyGram apps have left unfavourable reviews about its functionality on Google Play Store and Apple App Store.  
 

MoneyGram Score

MoneyGram can improve its Ease of Use rating by making its app more user-friendly, offering better turnaround times and letting customers transfer money over the phone.


Support & Countries

69

What MoneyGram does well
 

Supported countries 

MoneyGram accepts customers from most parts of the world. You can carry out MoneyGram international money transfers to more than 200 countries and territories, with recipients receiving payouts in local currencies.

Phone and chat support

MoneyGram provides local phone and chat support in a number of countries.
 

Where MoneyGram could improve

 

MoneyGram customer service

MoneyGram rates as Great on Trustpilot. It gets a score of 8.2 out of 10, with more than 3,500 reviews. However, a number of customer reviews suggest that MoneyGram customer care needs to improve significantly. Instances of customers getting locked out of their accounts and not getting quick resolutions are common.
 

MoneyGram Score

MoneyGram supports most countries worldwide. MoneyGram's score in this section suffers mainly because of its poor customer service levels.


Trust & Transparency

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What MoneyGram does well

Licensed - MoneyGram has licenses issued by financial regulatory bodies of different countries.

Publicly listed - As a publicly listed company, MoneyGram is subject to regular audits. This provides an additional impartial level of security.
 

Where MoneyGram could improve

Exchange rate transparency - Unless customers carry out their own research, they have no way of telling how much exchange rate margins they will pay.

Trustpilot MoneyGram - MoneyGram would do well to more actively engage in forums such as Trustpilot to actively engage with customers. Issues could be identified with internal Moneygram processes to improve customer experience.
 

MoneyGram Score

Offering complete transparency in its exchange rates and active customer experience improvement will increase MoneyGram's score in this section.

How to sign up to Moneygram

Step 1
Register

Use the MoneyGram app or website to sign up.

Provide all the required information.

Verify your identity to activate your account.

Step 2
Initiate transfer

Enter the transfer amount and choose the destination country.

Select a payment and transfer method.

Accept the rate quote.

If transferring to a bank account, provide the recipient's bank account details.

For cash pickup, provide the recipient's complete name, address and phone number.

Step 3
Make payment and track

Make your payment using the desired method.

Use the MoneyGram app or website to track your transfer's progress.

FAQs

Is Moneygram safe?

MoneyGram is licensed by financial regulatory bodies of different countries. It is a publicly listed company that is subject to regular audits surrounding its performance. However, a number of customer reviews on platforms such as Trustpilot and Google Play Store express concerns related to trust. You will see transfers taking much longer than expected to go through. Poor customer service and complaint resolution is also mentioned in multiple reviews.

How long does it take to send money through Moneygram?

This depends on the payment method and the transfer method. The payment method affects how long your money takes to reach MoneyGram.

  • Cash/debit card/credit card. Almost immediately.
  • Bank account transfer. 1 - 3 business days.

MoneyGram initiates the transfer from its end once it receives your payment. The turnaround time depends on the mode of transfer.

  • Transfer to bank account. Same day to 4 business days.
  • Transfer to agent location. Few minutes to a few hours.

Summary

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MoneyGam is a prominent name in the field of international money transfers. It supports personal and business transfers to most countries in the world however it’s business services are limited. You can send money to a bank account or a Moneygram agent location. That said there are more cost effective alternatives that offer similar services. Moneygram’s hidden and additional fees are very high.

Pros

  • Transfers to cash pickup locations.
  • Extensive agent network.
  • Multiple payment methods.
  • Regular transfers.
  • Multilingual website.

Cons

  • No transparency in exchange rates.
  • High transfer fees.
  • No risk management tools.
  • No unique multi-currency receiving accounts.
  • No digital wallets.
  • No dedicated account managers.
  • Poor reviews surrounding MoneyGram customer care.