In partnership with MoneyGram
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About MoneyGram
Imagine using cash to pay for food or a piece of clothing in 2022. In the Western world, that’s just not usually what happens anymore. But here’s the problem: while cash is on its way out in the United States, that’s not the case everywhere. International money transfers can be a pain unless you’re using a service like MoneyGram.
The company has over 360k customer reviews on the App Store and is the #72 most popular finance app there. Notably, it promotes speedy and flexible transfers to most countries on the planet.
In my MoneyGram review, I will give you a peek into how the service works and why it may appeal to you so that you can decide whether it’s worth using next time you need to transfer some money.
MoneyGram is the second largest money transfer service on Earth, with its speed and reliability earning them a solid presence in over 200 countries and territories.
They have served more than 150 million people over the last four decades, becoming a trusted money transfer source for many people across the world.
The next section of this MoneyGram review will tell you a few reasons why so many people stick with the service.
Highlights
- Safe online money transfers
- Multiple ways to send funds
- Schedule recurring payments
- Available in more than 200 countries and territories
- Fast transfer speeds
- Option to send cash at their in-store locations
- Free mobile app available
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MoneyGram Money Transfers Review
MoneyGram is a money transfer service that allows you to send funds to over 200 countries and territories. They also allow users the utmost flexibility when it comes to which accounts they want to send their money to.
Obviously, MoneyGram allows users to send money to bank accounts and online wallets, but they can also connect users to debit cards or even to inmates.
You can also send money at a MoneyGram kiosk or one of their retail locations, meaning that you can directly transfer cash to people who live across the world. This flexibility and the ease at which you can send funds is what draws many people to the service.
Plus, some of these transfers happen faster than you can tie your shoes. Money can go from your account to the recipient in a matter of minutes.
You’re likely wondering how the service works. Well, keep reading my MoneyGram review as I’ll explain it to you in the simplest terms.
How Does MoneyGram Work
As I said, MoneyGram makes it really easy for anybody to transfer their money to wherever they want:
- Create a MoneyGram profile on their website or through their free mobile app.
- Select the recipient of your money as well as the amount of money you’re sending and how you’ll pay for it.
- Send your money.
That’s the entire process from start to finish! Of course, that doesn’t cover everything as there are fees associated with each transfer, but I’ll get to those later in my MoneyGram review.
Payment Methods Available with MoneyGram
One of the most attractive features of MoneyGram is the wide array of payment and transfer options they offer. The method you use to pay for your transfer will depend on which country you’re in.
As you can likely assume, transfers that come from the United States have the most payment options. Here are the options American payers can use for their transfer:
- Bank Accounts
- Credit Cards
- Debit Cards
Canadian users have access to a similar number of payment methods. I should note that American and Canadian transfers can be paid for using cash, but users must visit an in-store MoneyGram location to do so.
For other countries, you’ll be limited to paying for your MoneyGram transfer with either your debit card or your credit card. Speaking of limitations, there’s an upper limit to how much money you can send in one transfer. This limit is around $10,000 for online transfers, though you can go to one of the in-person MoneyGram locations if you wish to send more.
MoneyGram Transfer Fees
The rates and fees page on MoneyGram’s home page is your best bet to find out how much your transfer is going to cost.
I can’t give you a simple answer here in this MoneyGram review because the fees vary with every transfer. Where you’re transferring from, how much you’re sending, and where the recipient lives will all affect how much your transfer costs.
What I can say though is that, based on what I read elsewhere, MoneyGram’s transfer fees aren’t the cheapest on the market.
MoneyGram Exchange Rates
The exchange rate that MoneyGram charges between currencies is one way the service makes a profit. As such, their markups may be more than what you’d get from a currency exchange at a bank.
It seems that the service’s exchange rates can run as high as 5% when you send money internationally. That’s the best answer I can give you when it comes to average exchange rates because the brand doesn’t publish an average amount. Much like with their transfer fees, the best way to get an estimate is by using their rate and fees calculator.
Who Is MoneyGram For?
MoneyGram is best for people who need to make regular payments to people in countries where there aren’t more conventional means of transferring money.
What I mean is that, if you’re sending money between Canada and the United States, you can likely find an easier solution, but if you’re transferring funds from the US to Mongolia then MoneyGram is likely an easier solution for you.
MoneyGram Reviews: What Do Customers Think?
To get a better understanding of what customers think about this money-transferring service, I gathered a list of overall MoneyGram review scores from a couple of trustworthy feedback websites:
- App Store: 4.9/5 stars from over 357k reviews
- Trustpilot: 4.3/5 stars after over 24k reviews
- Consumer Affairs: 3.8/5 stars from 530 reviews
These positive scores infer that there were plenty of customers who enjoyed the service. I was happy to read MoneyGram reviews where users reported low fees, allowing them to easily send money to relatives around the world.
One user wrote: “MoneyGram is by far the cheapest service to use if you’re sending money outside the U.S. I frequently send money to a friend in Honduras. Whether I send $20 or $1,700 the rate is only $1.99. I will always use and recommend MoneyGram for this service!!!”
In fact, that was considered the largest advantage that the service offered according to most MoneyGram reviews. The majority of customers used the service to send money to relatives in other countries, such as this customer:
“I use MoneyGram monthly and have done it for the past year. I run a crowdfund on behalf of a lady in another country. MoneyGram offers both the quickest and least expensive service for sending money abroad. Especially useful is the destination country is one that bank transfers can’t be cheaply made to.”
There were a few complaints about MoneyGram that were upset with the app’s functionality. They said that it crashed or that it didn’t end up sending money through, causing some users distress.
That being said, there were also users who complimented the service for its confirmation alerts. Here’s a final MoneyGram review that expands upon that:
“Fast service, acknowledgment of when money is sent and also picked up by the receiver. Also, like the changes in the transfer fees lower or a bit higher depending if the amount plus the occasional offers (been using this service for a few years). There are also many MoneyGram pick-up points which makes it easier for the receiver.”
Is MoneyGram Worth It?
Those that enjoyed the service really enjoyed it. Some customers have used MoneyGram for more than a decade without experiencing any issues. As such, I’d say you should give it a shot with a small amount of money before you graduate to make large, international transfers.
MoneyGram Promotions & Discounts
You can receive a 25% discount on the fee of your second MoneyGram transfer if you sign up for the service and send a transfer today. This promotion seems to only be offered through the MoneyGram Plus Rewards program.
Where Is MoneyGram Available?
You can sign up for MoneyGram on the brand’s website, www.moneygram.com, or by downloading the app on the App Store or Google Play. If you wish to conduct your business in person then you can visit one of MoneyGram’s agent locations.
FAQ
Who owns MoneyGram?
It’s been previously announced that Madison Dearborn Partners is acquiring MoneyGram with an expected acquisition closing early this yea valued at approximately $1.8 billion.
How Does MoneyGram Make Money?
As I stated earlier in this MoneyGram review, the company makes money through its service fees and exchange rates. They charge higher fees to exchange currencies than banks do.
What is MoneyGram’s Privacy Policy?
You can read MoneyGram’s privacy policy in full on their website as it is quite robust. In short, they will not sell your information to any non-third-party affiliates.
Is MoneyGram Secure?
From everything I’ve read while conducting my research, MoneyGram is secure and has a robust protection plan in place.
How to Contact MoneyGram
The easiest way for you to contact MoneyGram is by filling out a customer contact sheet or by using their live chat feature online.
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