MoneyGram Money Transfer Review

MoneyGram Transfer Fees and Costs

In terms of Moneygram fees, the company charges $11.00 if the customer transfers funds from a bank account, and $49.99 if the amount is transferred using a debit or credit card. In addition, this takes approximately 2% of the total transfer amount. In the case of money transfers, an additional fee is charged from the company, since it reaches the recipient a few minutes after the transfer.

The company offers mid-market exchange rates for its customers. The standard practice for determining margins at the exchange rate is applied when average market rates can sometimes exceed 5%. Thus, MoneyGram rates are generally lower than many of its competitors.

A company may request different fees depending on the country and currency of the recipient as well as the sender. The client can check all fees on the MoneyGram fees calculator.

Usability

MoneyGram acts as a third-party intermediary between senders and recipients. Although its core business model facilitates money transfers in person, the company has since diversified into four other areas.

To begin, it is necessary to find the nearest MoneyGram point. In total, there are about 350,000 stalls located in more than 200 countries.

The client will need to fill out a document regarding the transfer of money. This will include the full name of the sender, the name of the recipient, the location of the recipient and the amount to be sent, plus fees. You must also provide a copy of your identity card (passport or driver’s licence). Further, after transferring money to the MoneyGram agent, the client is given an eight-digit PIN code.

You will then need to specify the eight-digit PIN code of the person to whom the money is being sent. Depending on the place of receipt of the money, the transfer may take only 10 minutes.

The recipient will then need to visit the local MoneyGram kiosk and enter the eight-digit PIN code and the amount that was transferred. They will also need to provide some identification documents. If they correspond to the data that was indicated when sending, there will be no problems with receipt.

Mobile product

MoneyGram offers its users its own mobile application, which can be downloaded for free through the Android and IOS store. The application works the same as the online version. Users can send funds, download payment methods, find the nearest MoneyGram agent, check previously sent transfers, and much more.

Trustworthiness & Reliability

MoneyGram is a recognised provider of money transfer with a history that spans seven decades. In terms of the regulatory status of the company, MoneyGram is regulated and approved by the UK’s Financial Conduct Authority (FCA) as a money transfer service provider. In this regard, using MoneyGram for your international money transfer needs is as safe and secure as possible.

MoneyGram is widely used by scammers as their preferred payment method. The main reason for this is that after funds are sent and subsequently collected, there are no remedies in case of fraud.

This is somewhat interesting, not least because the recipient must provide the MoneyGram fundraiser with a suitable identifier form. However, whether this will be observed in emerging economies, especially in rural areas, remains to be seen.

Business product offering

MoneyGram offers numerous outsourcing services including:

• Official cheque processing programmes that limit the risk of fraud and help companies free up resources and maximise efficiency (as well as revenue).

• Cross-border and domestic money transfer services through a single point of service platform covering 350,000 points in more than 200 countries.

• In the US, money transfer services in more than 40,000 locations offer a reliable alternative to cheques and cash.

• Hi-tech expedited payments for US businesses, allowing for one-day, two-day or three-day payments of more than 9,000 billers, including Ford, Capital One, DirecTV, and DISH Network.

• Real-time payment notification with customised data streams for reporting and transaction management.

Product Coverage & Service

MoneyGram, the second-largest international money transfer company in the world after Western Union, provides foreign currency exchange in addition to cross-border payment services and has been trading since 1940. Its services include:

• 350,000 representative offices in more than 200 countries and territories.

• Choosing a connection for money transfers via the internet, mobile devices, kiosk or in the store for customers.

• Reliable and fast international money transfers for individual consumers.

• Money sent in cash arrives within a few minutes, though deposits on accounts take a little longer due to banking procedures.

• Banking and banking solutions for business.

Customer Feedback & Satisfaction

MoneyGram is a highly user-friendly website. You just need to register to transfer your funds through a bank account, debit card, credit card or cash withdrawal. It offers services worldwide with the help of its translators and collaborates with several banks. At the same time, the website is available in several languages, so users can receive information in their own language.

Customer Help & Assistance

The company offers round-the-clock help to customers, and you can call them on the following numbers:

General Issues: 1-800-666-3947

About the deal: 1-800-922-7146

Fraud Report: 1-800-926-9400

A client can also fill out an online MoneyGram form to call back to the company

Pricing Transparency

The company offers transparent services and does not charge any hidden fees. The company blocks the exchange rate after the start of the transaction, and the recipient will receive the same amount.

To track the transaction process with MoneyGram, you need to enter a reference number or authorisation number, as well as your last name, after which you will receive the amount by which your amount was reached.