AccountNow is a financial services company that offers alternative online banking solutions such as prepaid cards to be used in the place of traditional checking accounts. Using an AccountNow account, customers can access MoneyGram’s services in order to easily send money to anyone in the U.S. or internationally. Funds will be made available for cash pickup at a MoneyGram location.
Parenthetically, AccountNow formerly offered a MoneyGram AccountNow Prepaid Visa Debit Card, but--as of 2016--MoneyGram is no longer a partner of that program.
What Are AccountNow’s Transfer Fees?
When accessing MoneyGram services with your AccountNow account, you're subject to MoneyGram transfer fees, which can vary based on a number of factors including the destination and the amount of the transfer.
- When using MoneyGram to transfer cash to your own prepaid AccountNow account, MoneyGram charges a fee of $3.95.
- When using MoneyGram services to send funds from your AccountNow account to someone else, the fees can vary widely. In general, MoneyGram may charge a transfer fee that’s somewhere between $4 and $50.
How Fast Are AccountNow's Transfers?
Transfer speeds can vary.
- When transferring money within the United States and Mexico, funds are generally available for pickup within ten minutes.
- When transferring funds internationally, funds are often available for same-day pickup.
Founded in 2004 in San Ramon, California, AccountNow is a private company that was built to serve consumers who aren’t supported by traditional banks. Today, the company offers financial solutions to over 40 million people and has a B+ rating from the BBB. To provide money transfer services, AccountNow teamed up with MoneyGram, which is a licensed money transmitter and has an A+ rating from the BBB.
Who Can Benefit From AccountNow?
AccountNow and MoneyGram both cater to a demographic that isn't served well by the traditional banking system. Hence, the relationship between AccountNow and MoneyGram is a valuable solution for individuals who don’t have a regular checking account from which to easily transfer funds. To get started, AccountNow customers just have to sign in to their AccountNow account and click the "Send Money" tab. If you don’t already have an AccountNow account but are looking into alternative banking options, you may be interested in signing up for an AccountNow account, with which there's no credit check, no minimum balance and no fear of bounced checks or overdraft fees.
What Are The Advantages and Disadvantages Of AccountNow?
This is what we love about AccountNow:
- Domestic and international transfers can be made.
- Cash pickup locations can be found throughout the world since MoneyGram has approximately 350,000 agent locations and operates in over 200 countries.
- Funds are often available for pickup within minutes or at least later that same day. - AccountNow caters to a customer base that’s underserved by traditional banking options.
What We do not Like About AccountNow:
- AccountNow prepaid cards have a monthly maintenance fee of $9.95.
- MoneyGram charges higher transfer fees than some competitors.