MoneyGram Review

Introduction

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

  • 350,000 agent locations in over 200 countries and territories
  • Choice of online, mobile device, kiosk or in-store money transfer connections for customers
  • Reliable and fast international money transfers for individual consumers
  • Money sent as cash arrives within minutes, although account deposits take a little longer because of bank processing procedures
  • Banking and biller solutions for businesses
Fee: ? Depends on speed and corridor
Bank Partner: ?
Speed: ? 1-3 days
Country Notes Get access to exclusive benefits by joining MoneyGram Plus™ at all Post Office branches across the UK
Local settlement: ?
Transfer methods ? Phone and online transfer services
Regulated By: ? FCA, FinCEN
General Notes Send money direct to an account

The pros and cons of using MoneyGram

pros

Cash-to-cash transfers

Over 350,000 operators and kiosks

iOS and Android apps available

cons

£6,000 maximum transfer value

No hedging products available

No regular payments function

Exchange rates not as competitive as other brokers

MoneyGram

 

MoneyGram Products for Individuals

Individual consumers have a choice of making money transfers via MoneyGram’s smartphone app, through kiosks or stores, or through its award-winning website.

Customers in the US may use MoneyGram Mobile Pass™, a feature that enables them to begin their transaction via smartphone and complete it at one of the company’s locations without the need for forms. US customers may also send money to any of MoneyGram’s 350,000 locations worldwide through Facebook Messenger by using its MoneyGram SendBot™ – a chatbot that provides useful features such as a location finder as well as “track a transfer” capabilities.

MoneyGram is linked to over two billion accounts worldwide, including bank accounts, mobile wallets and virtual accounts, making its reach enormous. Individual consumers may send money to the accounts of friends and family using cash at an agent location or by using a credit or debit card via the company’s mobile phone and online channels.

In Canada and the US, customers can make use of MoneyGram’s bill payment services which allow them to make urgent payments or settle routine bills like phone charges, rent or car loan repayments. There are three options: same-day, two-day or three-day transaction completion.

 

MoneyGram Products for Businesses

MoneyGram offers businesses outsourced services including:

  • Official cheque processing programmes that limit fraud exposure and help businesses free up resources and maximise efficiency (as well as revenue).
  • Cross-border and domestic money transfers services via a single-point-of-service platform spanning 350,000 locations in over 200 countries.
  • In the US, money order services at more than 40,000 stateside locations to offer a reliable alternative to cheques and cash.
  • High-tech expedited payments for US businesses enabling same-day, two-day or three-day payments to more than 9,000 billers including Ford, CapitalOne, DIRECTV and DISH Network.
  • Real-time payment notification with customised data feeds delivering reporting and transaction management.

 

About MoneyGram

Founded in 1940 in Texas, USA, as a deliverer of money orders, MoneyGram expanded significantly during the 1980s and 1990s. Remittances had by then become a pressing and major concern for the global economy and there were very few competitors in the field, aside from Western Union. The MoneyGram brand, unsurprisingly, grew substantially in response to this growing demand. These were pre-internet days, of course, so the company had to have a physical presence in multiple locations to handle its customers’ money. As a result of that huge expansion and subsequent growth, the company has, along with Western Union, perhaps the most extensive global reach of all international money transfers companies.

As might be expected, the company has suffered (and survived) some significant downturns in its lengthy history, with perhaps the worst of all being the sub-prime crisis of 2008 which blitzed its stock to near oblivion. But it managed to climb steadily back from the depths and in January 2018 announced that it will be integrating the Ripple cryptocurrency (the most payment-oriented digital currency of all) into its payment system on an experimental basis. This may yet prove to be the way forward for the company.

 

Amount Received £ 10,000.00
£ 77.47 Avg. Saving vs. Banks ?
EURn/a
USD12,149.19
CADn/a
AUDn/a

Compare Other Currency Rates

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Other International Money Transfer Quotes

OFX (UK)

?
Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

More Info Less Info

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

Amount Received
USD $11,997.57
GBP £163.73
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,017.01
GBP £179.73
saved vs. banks
Bank Beating Rates

TorFX

?
Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,053.46
GBP £209.73
saved vs. banks

Moneycorp

?
Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More Info Less Info

One-off payments | Regular payments | Great rates | Safeguarded customer funds

Amount Received
USD $12,029.16
GBP £189.73
saved vs. banks

Global Reach (formerly FC Exchange)

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More Info Less Info

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

Amount Received
USD $12,041.31
GBP £199.73
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More Info Less Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
USD $11,986.63
GBP £154.73
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More Info Less Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
USD $12,047.39
GBP £204.73
saved vs. banks

Azimo

?
Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

More Info Less Info

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

Amount Received
USD $12,136.00
GBP £277.66
saved vs. banks

Western Union Business Solutions

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
More Info Less Info
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Amount Received
USD $11,968.41
GBP £139.73
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
More Info Less Info
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Amount Received
USD $12,052.25
GBP £208.73
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More Info Less Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
USD $12,047.39
GBP £204.73
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More Info Less Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
USD $12,002.00
GBP £167.38
saved vs. banks

Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More Info Less Info

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

Amount Received
USD $11,750.67
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More Info Less Info

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

Amount Received
USD $11,725.39
No saving vs. banks

Other Services

Popular Money Transfer Routes

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.