MoneyGram Review

MoneyGram is an efficient and trustworthy provider of international money transfer services. Customers can use MoneyGram to deliver funds to recipients virtually anywhere in the world. The company supports an uncommonly wide range of payment options and also offers in-person service through its global network of more than 350,000 agents. As of January 2021, MoneyGram is the second-largest money transfer provider in the world.

Let’s take a closer look at how MoneyGram works and analyze its pros and cons.

Pros and Cons of MoneyGram

Like all international money transfer services, MoneyGram is exceptionally strong in certain regards and falls a little bit short in others.

Here’s what industry observers and customers especially like:

There are a couple of drawbacks:

Company Information

MoneyGram is headquartered in Dallas, Texas. It’s a leader in the person-to-person international payment processing and money transfer services market. Online customers can use MoneyGram to send money to recipients in 70 countries.

In addition to its online services, MoneyGram also maintains a very large and robust network of partner agents. Customers can visit MoneyGram agents in person to arrange and pay for their cross-border transfers. Recipients can also pick up their funds in cash from agent locations. Counting its offline service portfolio, MoneyGram is available to customers in more than 200 countries and jurisdictions around the globe.

Domestically, MoneyGram holds authorizations from the New York State Department of Financial Services, among other regulatory agencies. It is a licensed provider of international money transfers and is fully authorized to do business in all U.S. states and jurisdictions.

How It Works

Sending money online with MoneyGram is easy. Here’s all you need to do:

  1. Log in to your MoneyGram account, or create a new one in just a few fast, easy steps.
  2. Indicate the recipient of your funds and specify the method by which you want the money delivered. As of January 2021, you can opt to have the money deposited directly into the recipient’s bank account or arrange a cash pickup at an agent location.
  3. Select your payment method. MoneyGram supports online banking payments as well as debit and credit card options.

MoneyGram also operates a partner program, which authorizes agents to process MoneyGram transactions at more than 350,000 locations around the world. So, you can also visit the nearest MoneyGram location to initiate your money transfer in person.

Features and Performance

MoneyGram’s online services feature multilingual functionality and 24/7 availability. Customer service is available online and by telephone, every day around the clock, and the company uses industry-leading encryption technology and other safeguards to ensure the integrity of your personal data.

In addition to international money transfers, MoneyGram also offers several other noteworthy online services, including:

There is no functional minimum transfer limit, but MoneyGram does maintain a maximum limit for person-to-person transactions. As of January 2021, the person-to-person international money transfer limit caps out at $6,000.

All transactions feature individualized tracking numbers and authorization codes, which senders and recipients can both use to stay on top of the latest details. Many customers choose to have funds delivered to recipients online, but cash pickups are also supported at all agent locations. In some cases, cash pickups offer the fastest service, with recipients sometimes being able to collect their money in as little as 10 minutes.

Some online transfers can also be completed in mere minutes. However, many take about one or two business days, as they need to clear regulatory authorizations in many destination countries.

MoneyGram also maintains an optional rewards program, known as MoneyGram Plus. Those who enroll can earn loyalty rewards, premium exchange rates, and rebates on their transfer fees, among other perks and benefits.

Costs and Pricing

MoneyGram’s foreign exchange rates consistently rank among the best in the industry. The company has access to wholesale rates that come very close to matching mid-market interbank rates, and the margins it applies to customer transactions is usually about 5%. This is lower than virtually every one of its leading competitors.

However, unlike some other money transfer services, MoneyGram also applies transaction fees. These vary, depending on how much money you are sending and how you choose to pay for your transfer. As of January 2021, you could be subject to fees of up to $11 per transaction if you pay through your online banking and up to $49.99 if you choose to pay with your credit or debit card.

For many transactions, MoneyGram will also apply a service fee of about 2% of the transaction’s total value. This is used to cover agency fees and the costs of maintaining its comprehensive global partner program.

What Others Are Saying About MoneyGram

On Trustpilot, MoneyGram benefits from a strong customer satisfaction profile. The company’s U.S. arm has just under 4,000 reviews and an average score of 4 out of 5, as of January 2021. Of those reviews, 72% gave the company a positive rating.

The Bottom Line

MoneyGram is one of the world’s largest providers of international money transfer services. Their global agent network is a huge asset, and it makes the company’s services far more accessible and flexible than many competitors. The cash pickup option is especially handy, as it offers recipients a fast and convenient alternative to having money deposited into their bank account. MoneyGram is a great option worth exploring.