MoneyGram money transfer review & guide

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

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Everything you need to know

MoneyGram review

As the second-largest money transfer service in the world (Western Union is the first), MoneyGram has a wide network of agent locations. Users can pick up money at more than 350,000 individual locations in more than 200 countries and territories.

While MoneyGram is well-known for fast and reliable international money transfers, it is one of the most expensive options for many consumers. MoneyGram has higher fees for transfers and a greater markup on the mid-market exchange rate. This means you may pay more to send the same amount of money with them than you might with another similar service.

Payment Methods Available with MoneyGram

How you’re able to pay for a money transfer with MoneyGram depends on the country where you’re sending money from

  • Credit and debit cards
  • Bank account transfers
  • Interac transfers
  • Cash at agent locations

How much can I transfer with MoneyGram?

MoneyGram provides competitive limits for transferring money internationally, depending on whether you're using their online platform or going to an agent in person.

Online Transfers

MoneyGram allows you to send up to $10,000 online in one go. This is typically the limit for users who fund their transfers via bank account, credit card, or debit card.

In-person Transfers

You can send more than $10,000 by visiting a MoneyGram agent.

Recurring Transfers

Set up monthly limits for regular transfers.MoneyGram allows you to set up recurring transfers, making it easier for you to send money to the same recipient regularly.

How long does a transfer usually take with MoneyGram?

Every transfer will take a different amount of time depending on a few things. MoneyGram moves your money as quickly as possible, but the speed will be affected by things like the currency you’re sending to and from, how you pay for it, and banking hours.

Whatever currency you’re sending, converting your money can always take up to 3-5 business days.
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MoneyGram Transfer Fees

The fees MoneyGram charges to send money overseas varies based on where you’re sending money, how much money you send, and how you’re paying for the transfer. You can see how much your transfer will cost by using the Rates & Fees calculator on the MoneyGram homepage. Typically, paying for a transfer from your bank account is the least expensive method to choose. Unfortunately, this option is only available if you have a U.S. checking account. Similarly, sending money to a bank account usually means lower fees, but this service is only available in select countries. Sometimes, you will find lower fees if you initiate a transfer at a physical MoneyGram location. Sending your money from one bank account to another may be less expensive this way, for example. When sending money for cash pickup and paying with your bank account, you are likely to find lower fees when initiating the transfer online than if you go into an agent location.

Pros and Cons of using MoneyGram

Pros
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Second-largest money transfer service in the world, meaning they are well-known and trusted

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A large network of agent locations, with more than 350,000 individual locations internationally

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Pay for transfers in a way that is most convenient for you, including bank account transfer (U.S. only), Interac transfer (Canada only), credit card, debit card, or cash (in agent locations only)

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Send money a variety of ways, including bank account deposit, mobile wallet, prepaid card, cash pickup, and cash delivery

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Transfers are available online and in person

Cons

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You can only pay with a U.S. bank account, making transfers more expensive for international consumers

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Fees differ in agent locations and online, making it difficult to know if you’ve got the best rate

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The markup on exchange rates is among the highest in the industry, meaning MoneyGram is one of the more expensive money transfer services

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Lower daily and monthly transfer limits than some online services

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Can only transfer to a bank account in a limited number of countries

How it works

How does Moneygram make money?

MoneyGram makes its money in two ways: By charging customers a fee to send money, and by charging a markup on the exchange rate. With MoneyGram, the fee you pay is based on:

  • The amount of money you’re sending.
  • Where you’re sending money to.
  • Where you’re sending money from.
  • How you’re paying for the transfer.
  • The method your recipient has chosen for picking up their funds.
    • MoneyGram also takes a margin on the exchange rate. Where most money transfer companies take between 1 and 3 percent of the exchange rate, MoneyGram’s markup is usually closer to 5 percent. This higher markup plus their fees on transfers make MoneyGram among the most expensive options for sending money abroad.

    MoneyGram exchange rates

    Like most money transfer services, MoneyGram charges a markup on their exchange rates. This markup goes back to MoneyGram as part of the profit they make off transferring money from country to country. Many money transfer services average exchange rate markups in the range of 1 percent to 3 percent. MoneyGram, however, may charge you markups as high as 5 percent, making them one of the most expensive options when sending money internationally. Be sure to carefully compare exchange rates from various money transfer services when deciding how to send money overseas, as you may find someone else has a better rate than MoneyGram.
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    Safety and security

    Is MoneyGram money transfer secure?

    MoneyGram considered as a secure, well-trusted way to send and receive money.

    It is licensed in all 50 of the states in the United States, as well as the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam. MoneyGram is a licensed Authorized Payment Institution in the United Kingdom. The company is monitored by FINTRAC in Canada, which helps prevent money laundering and the financing of terrorist activities.

    MoneyGram also complies with licensing and regulations in many other countries where they operate.

    MoneyGram is very serious about regulatory compliance, investing an average of $50 million annually in its compliance program.

    Security features

  • All MoneyGram accounts are verified using a variety of different measures, helping ensure that only authorized users can access and perform transactions.
  • To send money through MoneyGram, users must submit certain documents to prove their identity, in compliance with anti-money laundering regulations.
  • MoneyGram employs both manual and automated fraud detection techniques, ensuring that any suspicious activity is quickly identified and dealt with appropriately.
  • All transactions are protected by strong online security measures, including encryption and secure data protocols, to prevent unauthorized access and ensure the safety of your money.
  • MoneyGram is licensed and regulated by authorities in the countries where it operates, ensuring adherence to financial regulations and security standards.

    • With MoneyGram you can send money from the following countries

    MoneyGram allows you to send money to more than 200 countries globally. Some of the countries where you can send money include:
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    Other Money Transfer Providers

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    Moneygram
    Frequently asked questions

    Have questions? We have answers!

    Can I avoid paying MoneyGram’s money transfer fees?
    How much does it cost to send money with MoneyGram?
    Is it safe to send money with MoneyGram?
    How do I cancel a transaction with MoneyGram?