MoneyGram Review (February, 2024) – Pros, Cons, Features, Pricing

In this MoneyGram review, you’ll discover the good and bad related to this money transfer service. MoneyGram is a top transfer company that has been in the finance industry for more than 82 years. While its headquarters are in Dallas, Texas, it has offices in many countries.

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Last Updated: Feb 22, 2024

MoneyGram

  • Money transfers at your fingertips
  • User-friendly service
  • Quick confirmations

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MoneyGram is one of the best options for global money transfers. It has some unique features that attract customers and makes them patronize it. Customers can link their debit and credit cards to their MoneyGram accounts for seamless transfers.

In this MoneyGram review, we will talk about what makes it a good choice and the pros and cons of using the MoneyGram service. It’ll also cover MoneyGram’s privacy policy, alternatives, and how you can use it to transfer funds to your friends and family.

What makes MoneyGram a good option?

MoneyGram is a global money transfer company providing fantastic customer service. Customers who want to send money to their families, pay international invoices, or receive funds are fully covered. In this MoneyGram review, here is why it is a good option for everyone:

Multiple Transfer Options

With MoneyGram, you can easily send money straight to your bank accounts or mobile wallets. This can be done from any Internet-enabled device anywhere in the world. If you are also busy, you can easily arrange for a cash pickup via the MoneyGram service.

Fast Transfer

Do you need to send money quickly? If yes, MoneyGram has you covered, as your transfer is completed within minutes. As long as the receiver goes to the MoneyGram locations close to him with his ID, he will be paid within two minutes.

Rewards and Incentives

Customers of MoneyGram are offered exciting loyalty rewards and incentives, which makes using this service a good idea. MoneyGram Plus Rewards members enjoy numerous benefits, which include faster transactions and fee discounts.

Exchange Rate Lock-ins

If you are affected by fluctuations in the exchange rates, you can lock in those rates. This feature lets you send and receive money at the current currency rate. It’s useful for businesses that don’t want to be affected by many banking FX problems.

Flexible Payment Solutions

The MoneyGram service is also an excellent option for those who want a flexible payment system. Entrepreneurs or business owners who wish to make overseas payments, distribute funds to their staff abroad, or pay for foreign transactions will enjoy this service. This is a tailor-made service that meets all your business needs.

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Pros and cons of MoneyGram

MoneyGram offers an ideal money transfer solution that everyone can use. This portion of our MoneyGram review highlights some advantages and disadvantages of using the online service:

The pros of MoneyGram

Global Network

This is the best money transfer service globally because it has a global reach. People can easily transfer and receive funds in more than 150 countries worldwide. They have been around for a while, which makes them reliable and trustworthy.

Numerous Agent Locations

Any Canadian resident can easily pick up and receive funds in any location. This is because they have many agent locations that complement bank services. You will find many MoneyGram locations in Canada, including Waterloo, Ontario, Quebec, and British Columbia.

Convenience

MoneyGram is one of the most convenient ways to make international transfers. You can make interbank transfers and credit and debit card transfers without a problem.

Notifications When Money is Picked Up

When you use the MoneyGram money transfer service, you will know immediately that the transfer has been received. A notification feature ensures the sender gets a message when funds have been picked up by the receiver. Depending on your choice, the message can be acquired through SMS or email.

Online and Offline Transfer Options

Transfer options on MoneyGram include online and in-person options. You can log in to the MoneyGram mobile app and site from your PC and mobile phone to transfer money easily. If a location is close, you can walk into the agent’s location to send it and receive your funds.

Schedule Transactions

The MoneyGram service also allows you to schedule recurring transactions, which makes payments more manageable. You can make a schedule of weekly or monthly payments to your family and friends without problems.

Tracking Options

You can easily track funds sent on their website or the MoneyGram mobile app. All you need to do is input the digit given to you and your name. You can talk to their customer service for support if there are issues during the status tracking.

Sleek User-interface

The MoneyGram website and its mobile apps have a user-friendly interface. It’s easy for new customers to navigate their way around the platform without any problems. People unfamiliar with international money transfers will have an easy time making transfers via MoneyGram.

Rewards Options

Using MoneyGram services and products regularly can help me enjoy several incentives and loyalty programs offered by MoneyGram.

One of these is the MoneyGram Reward Plus, which allows you to enjoy discounts on several transactions. Customers who use this money transfer service regularly stand to enjoy some of these incentives.

The cons of MoneyGram

Transfer Limitations

Unfortunately, there is a specific amount of money that can be transferred using the MoneyGram service. Customers who want to use their online service cannot transfer more than $10,000 at a time.

There are also some limitations to how much money you can transfer monthly, which means users who deal in massive transfers will hit a serious roadblock.

Cash Payments at Agent Locations

They usually accept only cash if you want to make a transfer at agent locations. You will, therefore, have to carry enough cash around to cover the money sent and transaction fees. Security-conscious people might not be comfortable carrying cash around.

Different Transfer Fees

The fees collected by MoneyGram for each transfer vary. Some factors that affect this fee include:

  • Location
  • Amount to be sent
  • Method of payment

You will have to ask the MoneyGram agent close to you for the fees you will pay.

Payouts in Specific Currencies

While MoneyGram allows customers to send money from many countries, payouts aren’t available in all currencies. Some agent locations also don’t accept all currencies, therefore limiting transactions. When this happens, customers must convert their currency to the accepted one.

Name Arrangement Problem

Usually, MoneyGram agents ask the receiver for an ID before a transaction can be processed. If the sender’s name is Sandra Jones Smith, but the ID presented says Jones, Sandra Smith, the receiver won’t get paid.

You must be sure about the arrangements in the name before sending money through MoneyGram. You should ask the person to whom you want to send money for the names on their ID before processing the payment via MoneyGram.

Expensive Transfer Fees

Because they have been in the money transfer industry for years, the MoneyGram brand has a vast market pull. MoneyGram tends to charge more than other transfer agencies in the same line of business. Because of their high fees, many customers prefer other, cheaper money transfer agencies close to them.

Cancellation Period

You can cancel a MoneyGram transfer in only 30 minutes. If this is done, the customer will be fully refunded, including the fees. Customers who want a transfer cancelled after 30 minutes must forfeit the transfer fees.

Pickup Options

A crucial problem with MoneyGram is that the receiver can only receive funds in person from a MoneyGram agent location near them. The MoneyGram near me explained this when I inquired.

You can’t transfer money to your bank account or ask another person to collect it on your behalf. This can be a challenge for people who don’t have a MoneyGram location close to them.

Poor Phone customer support

MoneyGram has email, live chat options, and online customer support. However, they are poor when it comes to attending to customers via phone. In many provinces, there is no phone support; in others, it takes time before a customer care officer picks up a call.

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MoneyGram products and services

MoneyGram’s online transfer service offers its global customers various services and products. This section of our MoneyGram review explores some of the core services provided by the platform:

Money Transfer

The core service offered by MoneyGram is the easy transfer of funds to more than 150 countries. This can be done at designated agent locations or by using their online service.

Banking Services

At MoneyGram, they meet various customer needs with their different service offerings. They can help prevent fraud losses via:

  • Compliance Programs
  • Inventory Management
  • Daily Reconciliation
  • Generate additional income.

This service includes overall program coordination, digital reporting, and using an online portal. Customers can focus on other business goals and trust MoneyGram to handle the rest.

Money Order

MoneyGram is one of the top MoneyGram suppliers in the world. They offer this service at more than 59,000 locations to help provide an alternative for checks and cash. It helps create additional revenue by integrating solutions to solve your financial problems.

Billing Services

Customers who want a hassle-free billing solution will find it at MoneyGram. Their in-person payments and loads make bill payments easier.

Their extensive billing networks give you an advantage over other top money transfer competitors with their global reach. Customers can make expedited payments via MoneyGram to billers, which include:

  • Capital One
  • DirectTV
  • DISH Network
  • Ford
  • Mobile Networks

You will also receive real-time payment notifications from them on all payments.

MoneyGram Agent

As one of the world’s top remittance companies, they give money agents a chance to make money. You can register with them today to have the edge over your competitors.

You can visit their website to fill out an agent form, and you will be contacted immediately. To enjoy this agent service, your business must be open to the public at your location.

Cryptocurrency Cash Network

Another unique service offered by MoneyGram is crypto trading. They recently partnered with Coinme to allow customers to buy and exchange Bitcoin for US dollars at designated MoneyGram locations.

MoneyGram product and service quality

When it comes to international money transfers, using a reliable and reputable company is essential. MoneyGram remains one of the best money transfer service providers in the world. People believe in MoneyGram’s products and services quality for several reasons.

One primary reason MoneyGram remains a trustworthy global money transfer service is its customer service. MoneyGram offers its customers good support when it comes to making inquiries. Many clients have confirmed that using their service has been easy because they are available 24/7 to attend to everyone.

When talking about fund transfers, security is paramount. MoneyGram’s security features have attracted many clients from every part of the world. They are licensed in many provinces in Canada and more than 48 states in the United States of America.

MoneyGram is regulated by FINTRAC in Canada, a top institution that helps forestall international money laundering. This firm serves as a watchdog for preventing terrorists from accessing the platform.

Moreover, MoneyGram remains a serious money transfer service that takes regulatory compliance seriously, investing more than C$60 million in compliance programs.

The licensing obtained by MoneyGram ensures they comply with the different laws in different countries and Canadian provinces. MoneyGram must take laws that include currency control regulations, anti-bribery laws, and other financing options seriously.

The platform has been audited by KPMG LLP since 2017. And it uses 2048-bit SSL security and other Thawte online security processes to ensure all customers’ data is secure.

How to get started with MoneyGram

In this MoneyGram review section, we will walk you through how you can start using their services. There are numerous ways to start using this platform, including:

Sending Money Online

To send money using their online website, here are the steps to follow:

  • Open the MoneyGram website.
  • Register by entering your details.
  • Log in using your information.
  • Enter the receiver’s information.
  • Enter the amount you want to send
  • Select the delivery method (cash collection or bank transfer).
  • Choose payment options (e.g., debit card or credit card).
  • Go through the details and the fees charged.
  • Press the send button.

Making Transfers via the MoneyGram App

This is an ideal way to send money to people who are always on the move. You can use an iOS or Android phone to do this.

  • Download the MoneyGram mobile app from the Play Store.
  • Create a new profile (for new customers).
  • Login to your account.
  • Enter the recipient’s information and the amount you want to send him.
  • Choose the desired payment and delivery method.
  • Recheck the details, and press send.

In-Person Sending

If you want to visit any of their agent locations to send the money, here are the steps to follow:

  • Visit the closest MoneyGram location.
  • Have your ID with you.
  • Set up a transfer process online or in the app.
  • Go to the agent’s location to pay cash.
  • This must be done within 24 hours of setting up your account.

These are the best ways to successfully transfer using the MoneyGram service. If you have any problems, talk to their customer support team.

Alternatives to MoneyGram

In this MoneyGram review section, we will look at other capable wire transfer services you should consider.

Wise

Wise is a popular money transfer service in more than 100 countries. It was under the name TransferWise before it was changed about three years ago.

Wise offers a low-cost method of sending money internationally and is highly respected. Their ability to remove intermediaries allows them to provide cheaper money-sending rates.

Pros of Wise

  • ·      Many options exist to send money.
  • ·      There is no markup on exchange rates.
  • ·      Quick money transfers for Canadians

Cons of Wise

  • High fees than other competitors.
  • Poor customer service
  • There is no home cash delivery option.

MoneyGram vs. Wise

While both MoneyGram and Wise are in the same line of business, MoneyGram is more popular. MoneyGram has more networks around the country than anyone else. However, Wise transfer fees are cheaper, which makes them appealing to many people.

 Wise also offers its customers a multi-currency account, which isn’t available on MoneyGram. But if you want excellent customer service and a quick transfer to most countries, MoneyGram is better.

WorldRemit

WorldRemit is another top online money transfer service you can use. This platform is known for fast payments across Africa, Asia, and North and South America.

Recently,  WorldRemit partnered with UnionPay Cards in China to allow customers to transfer money to more than 15 Chinese banks at affordable rates.

Pros of WorldRemit

  • Easy use of their website
  • Highly competitive rates
  • No minimal amount on transfers
  • 24/7 availability

Cons of WorldRemit

  • Don’t offer support for various Canadian businesses.
  • Unfixed transfer fee
  • Limited transfer method in certain countries

MoneyGram vs. WorldRemit

When comparing MoneyGram and WorldRemit in this MoneyGram review, we will need to look at fees, support, ease of use, and trust. When it comes to transfer fees, MoneyGram has lower international transfer fees than WorldRemit in many countries.

The UI/UX design of both platforms is the same, so customers can quickly check all sections without problems. The countries that offer MoneyGram services are more than those that offer WorldRemit, which isn’t surprising since the former was established long ago.

Paysend

Paysend is a top FinTech firm that wants to change how money transfers work. It was established in 2017 and has more than 8 million customers worldwide. It helps customers with over 13 billion cards worldwide and works with payment systems like UnionPay, Mastercard, and Visa.

Paysend has a unique “feature” that allows international fund transfers or requests. Its services are available in over 120 countries.

Pros of Paysend

  • Sends money to about 120 countries
  • Low fees
  • Quick money transfer
  • Hassle-free transactions

Cons of Paysend

  • Hidden fees
  • Doesn’t support bank transfers
  • Not Popular

Paysend vs. MoneyGram

Paysend doesn’t fare well compared with MoneyGram due to many factors. The low popularity of the Paysend service makes it have fewer customers than MoneyGram.

Also, the Paysend website isn’t as smooth and user-friendly as the MoneyGram site. However, Paysend offers cheaper fees than MoneyGram, which makes many small businesses prefer it.

MoneyGram review conclusion

This MoneyGram review has discussed what you should expect from the MoneyGram transfer service. In this MoneyGram review, we have talked about MoneyGram’s numerous benefits and areas where they fall short. You also read about the various products offered and their terms and use policies.

If you want to try another money transfer service, we have discussed capable alternatives you can register with today. Canadians who want a reliable money transfer service should consider using MoneyGram.

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FAQs about our MoneyGram review

How long does it take to get money from MoneyGram?

The money sent from MoneyGram is usually ready within 10 minutes after the transfer has been made. This timing depends on the operating hours in the country and various financial regulations.

What is the maximum transfer for MoneyGram?

The maximum transfer for MoneyGram is $10,000 for most countries. However, you can send up to $25,000 in Canada and the USA.

Can MoneyGram be rejected?

Yes. MoneyGram has the right to reject any transfer or prevent the receiver from getting hold of the funds. This might be due to different country regulations or other financial bureaucracy.

How reliable is MoneyGram?

MoneyGram is one of the most reputable ways to send and receive money anywhere worldwide. This is a money transfer service that is licensed in all Canadian provinces. It is an authorized payment service in Canada and the USA.

How much does MoneyGram charge to send $10,000?

A standard 2% fee is on all funds sent from $1,000 and above. However, you can be charged a flat fee of $5 for fewer transactions.

July 29, 2023
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