How Much Does It Cost To Send Money Via Moneygram
MoneyGram¹ is the 2nd-largest money transfer company in the world, offer money transfer services, neb payments, and a range of corporate products and services. You lot can send coin with MoneyGram online, in-app, or via an agent, and pay past cash, wire transfer, debit or credit card. Payments can be sent to your recipient'due south bank account or mobile wallet, or arranged for cash collection.
MoneyGram has convenient cash drove payments globally - but if you're sending a payment from the United States to a depository financial institution account abroad, they may non be the cheapest pick. To help you salve coin, we'll besides innovate Wise for international transfers which utilize the mid-market exchange rate with no hidden costs, and low transparent fees.
Go a free Wise account today
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MoneyGram: Pros & Cons
Let'southward start with a quick review of some of the advantages and disadvantages of using MoneyGram to send payments overseas. Read on for all you lot need to know including - what is MoneyGram, and how does information technology work, what is MoneyGram used for and what does a MoneyGram international transfer price?
| Pros | Cons |
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How do I utilise MoneyGram?
On to the big question: how does MoneyGram piece of work?
For international payments, MoneyGram offers several options:
- Send money online
- Send coin on the MoneyGram app
- Transport in person at an amanuensis location
- Offset the transfer in the app and pay at an agent location
You lot'll be able to send payments to your recipient's depository financial institution account or mobile wallet, or have them collect the money at an agent virtually them. There are some 400,000 MoneyGram agents around the earth, making this a user-friendly service if you're sending for cash collection. In the US, yous tin can also utilize MoneyGram to pay bills and ship money to an inmate. The fees and exchange rates you'll be offered do depend on the type of payment you're making, as well every bit the value and destination country.
The easiest way to ship a MoneyGram payment is through their online and in-app service. Here's what you need to practice:
- Register a new account or log in if you've used the service before
- If you're sending to someone new, you'll need to enter their details - if it's a repeat payment, you can select the recipient from inside your account
- Enter how much you lot want to transport or how much you want the recipient to get in the end
- Confirm the payment method, and how you desire the recipient to become the coin
- Bank check over the exchange rate and fees which are shown on screen
- Pay with your credit or debit card, or using a banking concern transfer
If you're sending money to a depository financial institution or mobile wallet account, the recipient won't need to do anything. The money simply gets deposited once the payment is processed. If y'all want your recipient to collect their money in cash, you'll need to give them a transaction number for security. They can so have this along with their regime issued ID to an amanuensis near them to collect their cash payment.
| 💡 MoneyGram also offers some corporate services including payment processing and billing, and international money orders. Larn more about MoneyGram international money orders with this total guide. |
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How much does information technology cost to send money via MoneyGram?
MoneyGram fees vary based on where you're sending money to, how you pay, and how you want your recipient to get the coin in the end.
MoneyGram fees tin include:
- Transfer fee
- Exchange rate markup¹
- Third party charges³
The transfer fee is piece of cake to see earlier yous confirm your MoneyGram payment. This is often the smallest charge, although information technology'll vary depending on whether yous pay past bank transfer, card or cash. Credit card payments might be the costliest.
The exchange charge per unit markup may be usually trickier to spot, and could be the highest toll you pay overall. MoneyGram adds a markup¹ - an extra fee - to the rates applied, and the exact toll may depend on how you arrange your payment. To see the fee being used here, you'll demand to compare the MoneyGram commutation rate against the mid-market substitution charge per unit for your currency. The divergence is the markup.
Finally, third party charges may apply³. These don't get to MoneyGram, but you'll pay them nonetheless. Credit carte cash advances are a common third party fee, although yous may also have to pay a fee to your bank if yous fund your payment with a bank transfer.
Since fees can vary greatly when sending money with MoneyGram, information technology'south all-time to see how much you have to pay with this computer – you lot might save money with Wise:
Send money overseas with Wise – and save up to 6x
If yous demand to send a payment overseas, and want it to be deposited into your recipient'southward bank account, MoneyGram may not be the cheapest choice. Check out Wise for international transfers which apply the mid-market commutation charge per unit with no subconscious costs, and depression transparent fees, all transfers online.
Ready your Wise transfer online or in the Wise app, without ever needing to leave your home. Y'all'll see the full costs of sending money, and how much your recipient will get in the stop. Transfers are secure and tin can arrive instantly on major currency routes.
If you send and receive international payments frequently, you can also benefit from the Wise business relationship. Open your account in just a few minutes to hold and exchange 50+ currencies, and send payments to eighty+ countries.
It's fast, it's rubber, and information technology can relieve you 6x compared to using a normal bank.
Open a Wise account in minutes
Tin can yous become scammed with MoneyGram?
While convenience and cost are of import when sending money, the key question for many people will always be: can you trust MoneyGram services?
MoneyGram is a safe service to send coin. However, you lot'll need to utilize it within MoneyGram'due south ain guidelines, which includes only e'er sending money to people you know and trust. That's because services which send greenbacks for collection are frequently targeted by scammers and criminals looking to take reward of vulnerable people. As greenbacks payments tin be available about instantly, by the time you realize you've fallen victim to fraud it may exist too late. In one case money has been collected, it's hard to trace, and y'all may never get your payment back.
MoneyGram offers a range of advice to customers to help them stay safe. This includes giving details of common consumer scams which you'll want to avoid. You can larn more than most known scams, and keep upwardly to date with means to stay secure when sending MoneyGram payments, online².
MoneyGram vs. Other providers
If you're unsure about whether or not to use MoneyGram to ship a payment, it makes sense to compare their service with a few other providers. Here's a quick summary of MoneyGram compared with some other major international transfer services to help you lot decide.
| How much? | How fast? | What's the maximum corporeality? | |
|---|---|---|---|
| MoneyGram | Fees vary based on destination, payout method and payment value Exchange rates include a markup | Cash collection transfers are instant Payments to bank accounts can take several days | Daily, weekly, monthly and yearly limits apply. These vary based on the market, and in response to legal and security needs |
| Wise | Mid-market place exchange charge per unit and low, transparent fees | Payments may be instant - nearly delivered within 24 hours | Limits based on currency - default is the currency equivalent of ane one thousand thousand GBP |
| Western Union | Fees vary based on destination, payout method and payment value Commutation rates include a markup | Cash drove transfers are instant Payments to depository financial institution accounts can take several days | Payments vary by location, transaction history, and the service you select |
| Xoom | Fees vary based on destination, payout method and payment value Exchange rates include a markup | Cash collection transfers are instant Payments to banking company accounts can take several days | 24 hr, thirty day and 180 day limits apply. Limits based on your business relationship tier and the payout method you select |
Bottom line
MoneyGram has a keen range of services including payouts to mobile wallets and for greenbacks collection at hundreds of thousands of agents globally. You can get money to more or less every country in the world, with cash payments arriving instantly or in just a few minutes. That makes this a not bad option if you lot need to get greenbacks quickly to someone on the other side of the world.
However, when it comes to payments which are being sent to a bank account directly, MoneyGram may not be your cheapest or fastest option. You lot might be meliorate off with Wise and the Wise account for international transfers which use the mid-market substitution rate with no hidden costs, and low transparent fees.
At the end of the day, whether MoneyGram is right for yous volition depend on the specific transfer you need to make. Use this guide to how MoneyGram works, and all the information provided most MoneyGram's fees, exchange rates and services, to assistance decide if they're right for you.
Sources:
i]MoneyGram US homepage
2]MoneyGram fraud prevention
3]MoneyGram Terms & Conditions
All sources checked on 25 Jan 2022
This publication is provided for general information purposes only and is not intended to cover every attribute of the topics with which it deals. Information technology is non intended to amount to communication on which you should rely. You must obtain professional or specialist communication before taking, or refraining from, whatsoever action on the basis of the content in this publication. The data in this publication does non constitute legal, tax or other professional person communication from TransferWise Limited or its affiliates. Prior results do non guarantee a similar outcome. We make no representations, warranties or guarantees, whether limited or implied, that the content in the publication is accurate, complete or up to date.
Source: https://wise.com/us/blog/what-is-moneygram
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