MoneyGram Review - Money Transfer Costs and FXcompared’s rating

3.6/5
Very Good
MoneyGram
Rating based on expert reviews by FXcompared
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Currencies Direct have been making currency transfers simple, fast and free since 1996. With more than 20 offices worldwide, teams of currency experts and a range of specialist services, they’ve helped over 210,000 personal and business customers get more from moving money abroad. Currencies Direct also receives good feedback from Trustpilot reviews.

Rating based on expert reviews by FXcompared
Last updated | June 16th, 2020

About MoneyGram

Founded in 1940 in Texas as a money transfer provider, MoneyGram expanded significantly during the 1980s and 1990s. By that time, remittances had become an urgent and serious problem for the global economy, and there were very few competitors in this area except Western Union. Not surprisingly, the MoneyGram brand has grown significantly in response to this growing demand. Of course, these were the days before the internet, so the company had to be present in several places in order to process the money of its customers. As a result of this huge expansion and subsequent growth, the company, along with Western Union, may have the widest global reach among all international money transfer companies.

As expected, the company has experienced several significant recessions in its long history – perhaps the worst of all was the crisis of the subprime credit market of 2008, which led to its shares almost being forgotten. However, the company managed to confidently leave the depths, and in January 2018, it was announced that it would integrate the Ripple cryptocurrency (the most payment-oriented digital currency of all) into its payment system on an experimental basis.

MoneyGram is one of the largest payment transfer providers in the world, second only to Western Union. It will be difficult to find a nation that does not serve MoneyGram, which subsequently illustrates its global contribution.

MoneyGram Transfer Fees and Costs

1.9/5
Fair
MoneyGram
Rating based on expert reviews by FXcompared
Go to MoneyGram

MoneyGram Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
The price for low value transfers is quite high
4/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Medium value trades have an average price
2/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
For high value transfers, MoneyGram is competitive
0/5
Does FXcompared have direct access to the pricing
Prices are available to customers at the MoneyGram website
1/2
Is it possible to lock in future exchange rates
No, it is not
0/1

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.

MoneyGram will offer you:

  • Fast, convenient transfers from your mobile device
  • A choice of payment methods
  • Fantastic exchange rates
  • Proven history of excellent customer service
 
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Mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Usability

4.0/5
Outstanding
MoneyGram
Rating based on expert reviews by FXcompared
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Usability

Easy to understand website
The MoneyGram website is very simple to use
2/2
Simple sign up process (number of steps)
First customers need to click sign up, then they will have to enter their details, once this is done, a transfer method will be setup and then the account will be created
1/2
Easy to setup a transfer once registered
Setting up a transfer is quite difficult at MoneyGram
2/2
Provider offers a service that our users often sign up to
MoneyGram does not have many users from FXcompared
1/2
Mobile notifications available on completed transfers
Yes, this can be set up through the mobile app
2/2

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

5.0/5
Exceptional
MoneyGram
Rating based on expert reviews by FXcompared
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Mobile product

Easy to use mobile website
The mobile site loads up quickly and is simple to use
2/2
Easy to use mobile app
The app is optimised for mobile devices and offers a good service
2/2
Can transact in the app
All services are on offer in the MoneyGram app
2/2
Range of in-app product offering
The services on offer in the app are the same as through the website
2/2
App store rating
The app has a good rating on the app store
2/2

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

4.1/5
Outstanding
MoneyGram
Rating based on expert reviews by FXcompared
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Trustworthiness & Reliability

Fully licensed and authorised
MoneyGram is regulated by FinCEN and the FCA
4/4
Total amount transferred for their customers
MoneyGram has transferred more than £4bn
3/3
Business revenue
More than £50m a year
3/3
Year on year growth
Continued levels of growth and owned by a £50bn company
0/1
Number of employees
More than 2,000 employees
1/1
Head office location
The head office is in London
1/1
Branded search performance
MoneyGram has excellent branded search performance
1/1
How long has the company been a partner of FXcompared
MoneyGram has been partnered with FXcompared for a number of years
1/2
How long has the company been established?
MoneyGram has been trading since the 1940s
2/3
Quality of financial backers
MoneyGram is backed by their owners, a £50bn company
2/2
Private or public company
MoneyGram is a public company
0/1

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

0.4/5
Poor
MoneyGram
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
There is no specific business account for MoneyGram
1/4
Broader product set for business
Customers do not have access to additional services
0/3
Specialised team to support businesses
There is not a specialised team for business customers
0/2
Receivables product options
Unavailable at the moment
0/1
Marketplace seller product offering
Not on offer right now
0/2

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

4.8/5
Exceptional
MoneyGram
Rating based on expert reviews by FXcompared
Go to MoneyGram

Product Coverage & Service

Number of sending and receiving countries
Customers can send and receive to more than 50 countries
4/4
Number of available languages
English is the only language available
2/2
Pay in options
Wire transfers, debit cards and credit cards can be used
4/4
Pay out options
Wire transfers, debit cards and credit cards can be used
2/2
Additional services
No other options available
2/2
Minimum send amount
No minimum amount in place with MoneyGram
2/2
Maximum send amount
£6,000 maximum transfer amount
1/2
Speed and options for speed of transfer
Within one working day
2/2

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

4.1/5
Outstanding
MoneyGram
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
It is easy to get up and running with MoneyGram
2/2
Ease of transfer
Money transfers are fast and easy
2/2
Exchange rates
The exchange rates are higher than at other service providers
1/2
Fees
Fees are applied at a standard rate across the board
1/2
Solving issues
MoneyGram is not efficient at solving problems
2/2
Online/mobile experience
The online experience is a good one, with a fast website
2/2
Customer service
Customers are often let down by the poor customer service on offer from MoneyGram
1/2
Overall experience
MoneyGram has generally negative feedback from customers but there are some positives
2/2

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

3.5/5
Very Good
MoneyGram
Rating based on expert reviews by FXcompared
Go to MoneyGram

Customer Help & Assistance

How good is the help section on the website?
The FAQ section is detailed and easy to navigate
2/2
Is there live online support?
There is no live chat on offer to anyone
1/1
Is there email support - and to customers and non customers?
Customers and potential customers have access to email support
1/1
Is there phone support ?
Both customers and non-customers can use the phone support
1/2
Is the company easy to contact?
It is very simple and easy to make contact with MoneyGram
1/1
Are FAQs and support available in more than one language?
English is the only supported language
1/1
Is there an FX dealer to support customers
There is no FX dealer on offer to customers
0/2

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

4.4/5
Outstanding
MoneyGram
Rating based on expert reviews by FXcompared
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Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
There is, it is available on the site
1/2
Are the fees easy to understand?
MoneyGram makes it simple to understand their fees
2/2
Does the company combine fees and exchange rate or clearly broken out?
Yes, they do
2/2
Is a real time quote available without registering?
Yes, there is a way to check quotes on the website
2/2

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.

Alternatives to MoneyGram

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Western Union
Rating based on expert reviews by FXcompared
Go to Western Union
Azimo
Rating based on expert reviews by FXcompared
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WorldRemit
Rating based on expert reviews by FXcompared
Go to WorldRemit

Compare Other Currency Rates

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Compare to quote from your bank >


Other International Money Transfer Quotes

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
USD $12,550.93
GBP £253.32
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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

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Moneycorp

Est. 1979

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

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Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

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Amount Received
USD $12,550.93
GBP £253.32
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

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

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Amount Received
USD $12,500.47
GBP £213.32
saved vs. banks

Western Union Business Solutions

Est. 2009

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

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Amount Received
USD $12,424.79
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WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
USD $12,506.78
GBP £218.32
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Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
USD $12,511.83
GBP £222.32
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Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
USD $12,506.78
GBP £218.32
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Rates From The Average UK High Street Bank

Est. 1934

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.
 

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Amount Received
USD $12,198.75
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.

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FXcompared Rating
Amount Received
USD $12,140.49
No saving vs. banks

Is MoneyGram reliable?

MoneyGram is a reliable and legal money transfer service. It is regulated by the FCA in London. Customer reviews show a high level of satisfaction with the reliability of the service.

How do MoneyGram’s money transfers work?

To make an international transfer with MoneyGram, you need to go to the MoneyGram branch of the details of your transaction and make a payment. At this time, fees, exchange rates and any sending limit will be displayed. You can track the transfer to your mobile.

Is there a MoneyGram app?

Yes. A client can download the application for free from the App Store or Google Play. The app reviews are excellent, with high customer ratings for both versions.

Can I cancel a money transfer from MoneyGram?

Yes. You can cancel transfers if the amount was not received by the recipient from an agent or from a bank account.

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with MoneyGram for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like MoneyGram help us provide our site and services free of charge to our users.

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.