Sends money to Moneygram with fees
What are MoneyGram Exchange Rates, Fees, and Costs?
MoneyGram charges both exchange rate margins and transfer fees when processing transactions. There is a cost calculator on the website that clearly shows how much you will be spending on your transfer.
The company charges significantly lower fees per transfer compared to the industry average. The fees vary depending on the transfer amount, the destination, the transfer payment method and the withdrawal option chosen. For example, it would cost £ 3.99 to send £ 500 to the US. If you send a similar amount from your bank directly to a bank account in Malta, there are no fees. However, if you choose a cash pickup you will pay £ 3.99.
The exchange rate margins that MoneyGram calculates depend on the currency pair. If you send from GBP to EUR you will be charged about 5.05% above the mid-market rate. If you send the same amount in AUD to Australia, you'll pay 4.23% above the mid-market rate.
Depending on the payment method you choose, there may be third party fees that MoneyGram does not recognize. For example, when paying by credit card, a cash advance fee may be incurred in addition to the interest fee on the advance amount.
For the best results on fees and tariffs, it is recommended that you pay by bank and have the transfer sent directly to the recipient's bank account.
Top Destinations For Using MoneyGram
MoneyGram serves many countries and areas around the world. Even if the provider has not explicitly stated the most frequented corridors, the introduction of its innovations is aimed at countries such as Germany, Belgium, Australia, Denmark, Norway, India, Nigeria, South Africa, Portugal, Pakistan, Great Britain and a few others. This could be a clear indication that MoneyGram is very popular in these countries.
The maximum amounts you can send vary by corridor. For example, if you are sending money from the UK to India, the maximum amount is £ 6,000. If you are sending money to Colombia from the UK, the maximum amount is £ 4,148.
Pros and Cons of Using MoneyGram
MoneyGram has established itself as a reliable money transfer service provider throughout history. It has a large customer base and a large payout network. However, like any other service provider, the company has its downsides. Below is a look at the pros and cons.
- Large Agency Network - MoneyGram has more than 350,000 agencies in over 200 countries and territories. This network improves access to send and receive money even in remote areas.
- Withdrawal Flexibility - When sending money, you can decide where the transfer corridor allows your recipient to receive the transfer as a direct deposit to their bank account, cash pickup, mobile wallet deposit, or prepaid card.
- Multiple Access Points - Sending money through the MoneyGram platform gives the sender multiple access points. You can make your transfer through the online platform, in MoneyGram's own store, at transaction staging kiosks, or through independent agents.
- Faster transfers - transfers can take minutes or hours, depending on the destination and payout option. The transfer to mobile wallets and cash withdrawal locations takes the shortest possible time. Transfers to bank accounts can take a few hours or a day.
- Lower transfer fees - There are little or no transfer fees when sending money to bank accounts. There are lower transfer fees for cash pickups, with some corridors costing as little as £ 3.99 for transfers up to £ 6,000.
- Lower Exchange Rates - The exchange rate spreads that MoneyGram calculates can be as low as 5.05%. The higher the margins, the lower the exchange rates, and that means you get less money per unit of sending currency. On average, most money transfer providers charge between 0.5% and 3.5%.
- Variable Payment Methods for Transfers - Not all senders have the privilege of paying for their transfers with credit or debit cards. In countries like India, you can only transfer money in cash from an agent location.
- Lower Threshold - While some transfer corridors have high limits, there are others like Mexico and Kenya where you can only transfer up to $ 990 and $ 708, respectively. This can be a limitation when transferring funds to purchase capital-intensive assets.
What type of transfers can you make with MoneyGram?
With MoneyGram, senders can make four types of transfers. However, the transfers differ depending on the transfer corridor.
- Transfer directly to a bank account
- Collection of cash
- Mobile Wallet Transfers - This service is currently available in Kenya, Tanzania, Zimbabwe, and Romania.
- Top up prepaid cards
- Home Deliveries - Cash is delivered to the recipient's home. In Vietnam, MoneyGram has partnered with HD Bank and DongA Bank to make this possible.
You can also top up mobile phones in 100 countries around the world through MoneyGram. The service is easy, quick and safe. You can make transfers from agency locations, in self-service stores, online or through the MoneyGram mobile application.
How long will it be before you get money with MoneyGram?
How long it takes for your transfer to reach the recipient via the MoneyGram platform depends on a number of factors.
- Send destination - The transfer time may vary depending on the destination. However, the maximum duration of a MoneyGram transfer is 2 days.
- Withdrawal option cash pickups and mobile wallet transfers are typically delivered within minutes. Direct transfers to a bank account take a few hours, while home deliveries vary depending on the delivery location.
Most transfers are delivered within one working day. If you pay with an online bank account it will take 3-4 days for your transfer to be processed, which can cause delays.
What payment methods can I use when sending money with MoneyGram?
There are several payment methods you can use when transferring money through the MoneyGram platform. Not all options are available in your sender location.
- Debit or Credit Card - This could be Visa or MasterCard brand.
- Online Bank Account - You can log into your online account and pay for your transfer
- Cash on site - You can start your transfer online and then pay it through a local MoneyGram representative. Alternatively, you can start and complete the transfer with a MoneyGram representative.
If you are in the UK, Germany, Switzerland, Austria and Belgium, you can use SOFORT Banking to pay for your transfer. This payment method is available immediately.
What are the best reasons to use MoneyGram?
MoneyGram has two business segments: the global money transfer segment and the financial paper products segment. There are several use cases for MoneyGram, including a few.
- Billing - MoneyGram enables consumers in the United States and Canada to pay phone bills, rent, and car payments.
- Send money to family and friends
- Pay tuition fees
- Remote workers (employees working abroad / decentralized employees) pay
- Pay for goods
- Received payment from customers
For example, in East Africa there are research assistants who work for multinational companies who are paid with MoneyGram.
Can i trust MoneyGram?
MoneyGram is a brand that has been around since 1940. Over the years it has grown and diversified its product offering. The global money transfer segment handles money transfers and bill payments, while the financial paper products segment provides official check outsourcing and money order services.
As of December 31, 2018, MoneyGram had a total of 999 employees in the United States and an additional 1,437 in various countries outside the United States. The wealth of experience that the company has acquired over the years has given it a solid position as one of the most reliable companies in the industry.
MoneyGram has regulatory and licensing approvals in the various countries in which it operates. In the United States, it is licensed in all 50 states including the District of Columbia. In the United Kingdom and the European Economic Area (EEA), MoneyGram International Limited is regulated by the Financial Conduct Authority and Her Majesty's Revenue and Customs as an authorized payment institution.
Licensing requires MoneyGram to comply with various laws such as anti-money laundering laws, currency control regulations, financial services regulations, anti-bribery laws, and currency control regulations. The company is also required to transfer customer funds and business funds separately. MoneyGram is audited by KPMG LLP and has retained them as their auditor since 2016.
MoneyGram uses 2048-bit SSL and a number of other online security solutions from Thawte to protect its transfers.
What users have to say about MoneyGram
On Trustpilot, the MoneyGram reports are divided into country pages. The United States page has the highest number of reviews at 511. Unfortunately, most of the reviews are negative, which indicates some disappointed customers.
- Customers pointed out that their transfers reached the recipient relatively faster
- Others cited the simplicity of the transfer process
- The screening questions made some customers confident that MoneyGram was taking the necessary security precautions
- The decline in transactions without meaningful explanations
- Less-than-satisfactory customer service
How do you start sending and receiving money with MoneyGram?
There are two main ways to send money through the MoneyGram platform. You can send in person from an agent or online.
- Step 1: Find and Visit a MoneyGram Representative.
- Step 2: Fill out the transfer documents and provide the recipient details and the amount you want to send
- Step 3: Present your identification documents, which can be your ID card, passport, driver's license or any other document acceptable in the sending country.
- Step 4: Send the transfer and the 8-digit transaction number via SMS to the recipient so that they can collect the money when it arrives.
This will require you to open an account online and fill in the transfer details, similar to a personal transfer. The advantage of online transfers is that once your account has been set up, you can use it to make further transfers without having to give your identity details all over again.
Does MoneyGram have a mobile app?
MoneyGram has a mobile application that is available as a free download on both Android and iOS platforms. With the app you can do the following:
- Send money to over 200 countries and territories 24/7
- Check exchange rates and fee estimates
- Start your transaction through the app and complete it in a store
- Pay bills like mortgage, utilities, and car payments
- Track transfers
- Check historical transfer information
- Find agent locations nearby
The app has a rating of 4.5 / 5.0 on Google Play, with a total of 16,201 ratings. In the App Store, the application has a rating of 4.8 / 5.0 and a total of 45,522 ratings.
Can I cancel my transfer?
Yes, it is possible to cancel your transfer as long as it has not been paid out to the recipient. Simply log into the online platform and look for the transfer in the transaction history. On the transaction details page, you have the option to cancel the transfer.
You can also call MoneyGram Customer Service and provide them with your transaction reference number, the amount you sent and the destination of the transfer. Customer service will ask you to give the recipient the same information as you provided when making the transfer.
After the cancellation is successful, it can take anywhere from 3 to 10 days to get your money back. It will be deposited into your card or bank account as directed. To avoid such cases, you should always double-check your transfers before you click the "Send" button.
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