MoneyGram Review 2023: Is it a fast, safe, and easy way to transfer money?

Looking for a fast, safe, and easy way to send money? MoneyGram might be the solution for you! In this blog post, we will take a look at what MoneyGram is, how it works, and why you might want to use it. We will also compare it to other methods of transferring money such as Xe Money Transfer and Remitly. Let’s get started!

Is MoneyGram the right option for you?

Pros of using MoneyGram:

• Upfront exchange rates and transfer fees
• Mobile app available in both Android(Google Play) and iOS
• No minimum transfer amount
• MoneyGram rewards members. you can earn discounts and get rewarded every time you send money with MoneyGram Plus rewards.
• A variety of payment methods are available including paying cash at a local agent, credit or debit card, and online bank accounts
• Many options to transfer money internationally. You can transfer money online or in-app. you can also transfer to a bank account or a debit card direct and there is also an option where you can start a money transfer online and pay with cash at a local MoneyGram agent within 24 hours.
• A large network of MoneyGram’s cash pickup store locations and authorized local agents are available.
• Their global network includes known retailers and businesses in more than 200 countries and territories making cash pickup very easy for the receiver
• They are licensed as Money Transmitter by New York State Department of Financial Services. They are also licensed by the Georgia Department of Banking and finance.
• Fast delivery – Depending on the receiving location and payout method transfers can take minutes or hours.
• Recurring online money transfers could be made to your friends and family. MoneyGram will send you an email notification 24 hours before the next transfer on schedule.
• you can pay bills online or in person with MoneyGram.
• you also have the option to purchase money orders through MoneyGram.
• you have the option to track, edit or cancel your transfer for a refund.

Cons of using MoneyGram:

• The currency exchange rate has a markup or margin (most money transfer services do as well). Always compare exchange rates before sending money.
• Fees vary based on the transfer amount, payment method, and pick-up location. They also differ when you are paying online v/s at a local agent.
• Exchange rates depend upon payment method. Lower exchange rate when paying through a credit or debit card.
• exchange rate margins are not clear.
• They don’t support business transfers like Xe Money Transfer

Is MoneyGram safe?

Is MoneyGram legit? Can I trust MoneyGram??

• Yes, absolutely! It is the second-largest money transfer service provider
• As mentioned earlier they are licensed as Money Transmitter by the New York State Department of Financial Services. They are also licensed by the Georgia Department of Banking and finance. They adhere to the licensing and regulatory requirements in the region where they work in.
• Moneygram International Inc is a publicly-traded company with a market cap of 1.02 Billion dollars (as of publishing the article). They are headquartered in Dallas, Texas, and operate in more than 200 countries and territories.

MoneyGram customer reviews

What the reviews say:

MoneyGram received almost 23,000 reviews from TrustPilot with an average rating of 4.3 out of 5.0 ( as of the date of publishing). 68% of them are 5-star ratings (as of publishing the article)

How long does it take to transfer money through MoneyGram

How fast is MoneyGram?

• MoneyGram transfers sent from the United States are typically available for cash pickup within minutes of being successfully processed.
• Many transfers to bank accounts done from the United States are completed within a few hours.
• Timing of funds available in the receiver’s account varies depending on the “receive country” and is subject to banking hours and systems availability, good funds availability, approval by MoneyGram’s verification systems, and local laws and regulations
• See the table below for more details. Source: Moneygram.com

How much money can I transfer with MoneyGram?

• If you are sending online then for most countries, you can send up to $10,000.00 per online transfer, and up to $10,000.00 every 30 calendar days.
• In the United States, you can send up to $15,000.00* per online transfer to 42 different countries.
• if you receive a limit error when trying to send money through MoneyGram you can contact customer care at the link provided at the end of this article.

*Send limits may be determined by the sender’s bank account limits.

MoneyGram transfer options

1. Send Channels

• MoneyGram’s mobile app
• MoneyGram’s Website
• Send in person through the nearest MoneyGram agent location

2. How to pay MoneyGram? What payment methods can I use when sending money with MoneyGram

Payment methods are:

In the United States:

• when paying online – Bank account, credit or debit card
• when paying at the agent location – Cash transaction only ( remember to bring enough cash to cover the transfer fee and any other fees)

3. Delivery Options

Depending upon your region:

• Recipient’s overseas bank account
• Debit card deposit
• Cash pick up at one of MoneyGram’s location
• Mobile wallets

How do I transfer money using MoneyGram

How does MoneyGram work? How do I send money with MoneyGram

You can transfer money in 3 easy steps:

1. Create an account or login through email
2. Enter receiver details and bank account information
3. Confirm your personal details and provide payment information, send money online( always check the exchange rates before sending money)

MoneyGram transfer pricing

• Pricing can vary between local agent and the website. App and online pricing can be seen under ” Rates & Fees”.
• The transfer pricing is primarily determined by the exchange rate and transfer fee
• The transfer fee depends upon several factors such as Payment method, payout method, send country, transfer destination, and the transfer amount.
• Fees are typically lower if you pay with a bank account (must be a U.S. checking account). If you pay with your credit card, the fees are slightly higher.

Is MoneyGram free to use?

No, MoneyGram is not free. There is a transfer fee/service fee associated. The transfer fee depends upon several factors such as Payment method, payout method, send country, transfer destination, and the transfer amount.

There is also a margin on the exchange rate associated as well.

Who owns MoneyGram?

A private equity firm, Madison Dearborn Partners, announced in Feb 2022 that it would purchase MoneyGram International Inc for $1.8 billion in cash. In May 2022 the MoneyGram stockholders approved the merger transaction with Madison Dearborn Partners.

MoneyGram transfer countries?

There are more than 200 countries and territories you can send to using MoneyGram. To see which countries you can send to, simply follow the link and enter your ” send amount” & “receiver country” in the list of options available (the link is applicable if sending money from the U.S)

Where is MoneyGram located?

you can click on the following link to know the nearest location of MoneyGram

MoneyGram’s customer support

you can contact MoneyGram support by clicking the link and filling out the form. you can also try to contact by calling toll free number 1-800-926-9400 for urgent issues (like canceling a money Transfer) OR through the online Live chat

Conclusion

If you’re looking for a money transfer service that’s convenient, fast, and reliable, MoneyGram is a great option to consider. With over 350,000 locations worldwide, you’re sure to find a MoneyGram agent near you. And with international money transfers typically taking just minutes to complete, you can rest assured that your funds will arrive quickly. Best of all, MoneyGram offers competitive rates and low fees, making it a cost-effective way to send money. So whether you’re sending money for the family or personal reasons, MoneyGram is worth considering.