MoneyGram is a global money transfer and payment services company that enables customers to send money online or in person to more than 200 countries and territories around the world. Money can be transferred to a bank account, a mobile wallet or a cash pickup location.
What Are MoneyGram’s Transfer Fees?
MoneyGram’s transfer fees can vary depending on a number of factors including the type of transfer, the destination country, the payment method and the amount of the transfer.
- When making international transfers online, fees can vary based on how you want to fund the transfer. For example, transferring $500 to Mexico has a $4 fee if you're funding the transfer with your bank account or a $7 fee if you're funding the transfer with a credit or debit card.
- When making international transfers at an in-person location, in most cases you’re required to fund the transfer with cash, which generally incurs a higher processing fee. For example, transferring $500 to Mexico has a fee of $9.99.
- When making U.S.-to-U.S. transfers, fees are significantly higher. MoneyGram does not allow such transfers to be funded by a U.S. bank account so, for example, a $500 transfer can be funded by credit or debit card and is charged a fee of $49.99.
How Fast Are MoneyGram's Transfers?
MoneyGram processing speeds vary but transactions are generally completed within one business day.
- For cash pickup transfers, funds are usually available within a matter of minutes.
- For bank account deposits, fund availability varies by country. For example, transfers to Brazil and India often arrive on the same day but transfers to Greece and the United Kingdom may not be available until the next day.
MoneyGram was founded in 1940 in Minneapolis as Travelers Express, a small money order operation. In 2004, MoneyGram's parent company Viad Corp sold MoneyGram, which became its own publicly-traded, individual entity. Now, the payment services and money transfer company operates globally, offering services at approximately 350,000 agent locations throughout the world. The business is headquartered in Dallas, Texas, has an A+ rating from the BBB and has $1.45 billion in annual revenues.
Who Can Benefit From MoneyGram?
MoneyGram's mission is to connect individuals with family and friends by providing a reliable financial connection for life's everyday needs. The company makes it easy to send money online or in person while also offering money orders, bill paying services, prepaid-card reloads and mobile phone top-ups. Although MoneyGram doesn’t always offer the best rates, if you’re willing to pay a little more for convenience, the company’s services may be just what you’re looking for.
What Are The Advantages and Disadvantages Of MoneyGram?
This is what we love about MoneyGram:
- MoneyGram has approximately 350,000 agent locations spread throughout the world, operating in over 200 countries.
- You can fund a transfer online using a credit card or a bank account or you can fund a transfer in person using cash.
- MoneyGram transfers are processed quickly.
- MoneyGram offers additional financial services including money orders and bill pay.
What We do not Like About MoneyGram:
- Domestic transfers can’t be funded using a bank account.
- MoneyGram rates can run high compared to some competitors.