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After Western Union, MoneyGram is the second-largest money transfer provider in the world. The company lets people send and receive cash within minutes, while other forms of sending and receiving takes a bit longer.
Using MoneyGram is ideal because of its online and offline availability, as well as its size and popularity. The only downsides to this service include higher fees and exchange rates when compared to other online providers.
MoneyGram Get 20% – 40% Fee Discounts
MoneyGram has a rewards program called Plus+ Rewards where you can save on their fees. You’ll get a 20% off welcome gift fee discount on your second transaction after enrollment. Then, you’ll get a 40% off fee discount after every 5th transaction, which is applied to the next transaction.
Once you log in, you’ll find the “Plus Rewards” menu with all the info.
MoneyGram: In A Nutshell
Via mobile app
Via Facebook Messenger
|Transfer Speed||1 day|
|Transfer Limits (online)||Up to $10,000 per transfer (up to $10,000 every 30 calendar days)|
MoneyGram: How It Works
Transferring money with MoneyGram is simple and easy. Along with typical transfer methods, the company also offers home delivery and the option to send to a debit card or mobile wallet.
You can send money online, in person at any of MoneyGram’s agent locations, via MobilePass, or by MoneyGram Sendbot, a Facebook Messenger app.
You can receive money by:
- Picking it up from one of the 350,000 MoneyGram locations around the world
- Bank account deposit
- Mobile wallet deposit
- Inmate county, state or federal correctional account deposit
Sending Money Step-By-Step
All you’ll need to send money is your recipient’s full name, how much you want to send and where the money will be sent to. After setting up your MoneyGram account, you can choose to send your money as a cash or online transfer.
- Cash transfers. Find a MoneyGram agent, bring identification (passport or driver’s license) and fill out the money transfer form. Afterwards, contact your recipient and give them the reference number.
- Online transfers. Log into your MoneyGram account, input the amount you’re transferring and accept the quote. You’ll need to send MoneyGram the funds, and the company will in turn send it to your recipient.
Tracking Your Transfer
You can do this in two ways. With the first option, log into your MoneyGram account online and view your transaction history. If you’re the recipient, you can use the transaction reference number or transaction authorization number and use the Track a Transfer tool on the MoneyGram website.
MoneyGram also offers money orders, bill payment and mobile top-up.
- Money orders. MoneyGram was originally built on this service when it was founded in 1940. While the company still offers money orders, it only represents a small fraction of the company’s total revenue. Money orders are only available at certain agent locations in the United States.
- Bill payment. This service allows you to pay bills from over 13,000 companies. Payment types with MoneyGram include the following:
- Auto finance
- Cable & satellite
- Child Support Services
- Credit card (only at agent locations)
- Health care
- Mobile phone top-up
- Phone bill
- Prepaid credit cards (only at agent locations)
- Utility Bills (electric, gas, sewer & water)
- Mobile top-up. Thanks to its partner TransferTo, you can top up prepaid mobile phones of more than 350 mobile carriers in over 100 countries across the globe. Pay at MoneyGram agent locations in the United States or online from any country in the world.
MoneyGram: Fees & Rates
The fees you’ll have to pay when using MoneyGram depends on how much money you want to send, the sending and receiving countries, and the payment and receiving methods. It’s all quite complicated, but here are a few important things to keep in mind:
- If available, it’s best to pay by bank transfer.
- Sending to a bank account is usually cheaper than sending for cash pick-up.
- If you’re sending to a bank account, it’s less expensive to send at an agent location rather than online, regardless of how you’re paying for it.
- If you send money for cash pick-up, do it online. It’s cheaper, but only if you pay by bank transfer.
Take, for example, a $1,000 online transfer for cash pickup:
|Send Country||Receive Country||Transfer Method||Fee|
|United States||Mexico||Bank Account||$4|
|United States||Mexico||Credit Card||$15|
|United States||India||Bank Account||$6|
|United States||India||Credit Card||$10|
One way that MoneyGram makes a profit is by padding the exchange rate. This means the rate offered to you is not as good as the real mid-market exchange rate, and the company makes money off of this difference. Usually, you’ll take a hit of only a couple percentage points, but sometimes, that margin can surpass 5%.
In comparison, OFX (one of the cheapest providers on the market) has markups of 1% to 2% on top of the mid-market rate, but it doesn’t offer as much in payment and delivery options compared to MoneyGram.
MoneyGram: Transfer Speed
Transfers for cash pickup can get to your recipient within minutes, regardless of payment method. However, this time estimate is subject to operating hours and other factors.
If you’re transferring to a bank account, funds can arrive to your destination within hours, although the exact time frame depends on the country and local banking hours. To learn more about which countries MoneyGram offers same-day or next-day delivery, head over to the company’s FAQ page online.
A main money transfer provider, MoneyGram has an extensive network all over the world. What sets it apart is the speed in which it delivers. However, you should look elsewhere if transferring at the lowest cost is your priority.
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