MoneyGram Review 77

Score
77
Currencies
20+
Speed
1-2 Days

Company Information

To date, tens of millions of people have already transferred funds internationally using MoneyGram, and growth continues unabated. The company’s range of products and services includes multiple consumer products such as bill payment services, pre-paid services, money orders, account deposits, physical agent locations, and tailored mobile payment solutions such as MoneyGram Sendbot, and MoneyGram MobilePass.

This trusted money transfer company is fully licensed and regulated to offer money transmission services by the Banking Department of the State of New York. It is fully licensed by the Georgia Department of Banking and Finance, with NMLS #898432. The company is also licensed to offer remittance services, with a Foreign Transmittal License (#FT 89432 and NMLS #898432). MoneyGram International traces its origins back to 1940s, under the Viad Corporation.

MoneyGram became a publicly traded company on June 30, 2004 when it was sold by Viad Corporation. According to market analysis, it is now the second largest international money transfer company, with robust growth prospects. At the time of writing, MoneyGram boasted 2,700 employees, thousands of global agents, and a dynamic team of executives spearheading this company’s expansion around the world.

How MoneyGram Works

There are multiple ways to send money with MoneyGram. The Learn More section provides a wealth of information on how to process international payments from your MoneyGram account. There are several options available to customers, including bank transfers, cash pickups, online money transfers, or in-person transfers. This money transfer company also supports mobile wallets and facilitates inmate services as well. The money transfer process depends on the transmission medium you are using. You can send money online, in person, directly to a bank account, to a mobile wallet, or to an inmate. In each instance, the steps may vary slightly, for example:

  • Online and in person transfers are easily accomplished. Simply select your receiver, select your payment method, and process the transaction.
  • Customers can also send money directly to a bank account number. This service is available 24/7 and is accessible through the account deposit feature. You can also send the money in person through an agent location in your country. This service is ironclad, and you are assured of guaranteed delivery.
  • Sending money to an inmate requires you to have the inmate’s name and prison ID number. You will need to find a correctional facility that can receive the MoneyGram code, and then you will choose an agent location, credit card, or debit card to transfer the funds.
  • Sending money to a mobile wallet is easily completed. The 3-step process requires you to select your receiver’s home country, choose your preferred payment method (debit cards, credit cards, or agent locations), and then send the funds.

Ways of Receiving Money With MoneyGram

It is equally easy to receive money through MoneyGram. With some 350,000+ agent locations globally, you can always use a physical address to pick up your funds. There are many other ways to receive funds, including mobile wallets, and bank accounts. If you are the recipient of funds via mobile transfers, or online transfers, there is nothing you need to do. The funds will simply be deposited into your account and will be available for use.

If you are the recipient of a cash pickup, you will need to find a MoneyGram agent location near to you. This is also a 3-step process. Once you have found a location, you must bring your reference number & government-issued ID to collect your money. A passport or driver’s license is the preferred verification document. The transaction will be completed when you present your ID and receive your money.

Why Use MoneyGram

MoneyGram offers peace of mind when you need it most. This internationally respected remittance service offers 3 major benefits to customers: reliability, convenience, and rapid transactions processing. MoneyGram is available in 200+ countries, territories and jurisdictions, and there are some 350,000 agent locations to choose from. This service is guaranteed safe and secure, as verified by thousands of customer reviews, licensing and regulatory authorities, and millions of processed transactions. With MoneyGram, money can be picked up within minutes.

How Much Does it Cost to Use MoneyGram

As with all other international money transfer services, fees will vary. MoneyGram fees are based on multiple factors, including the amount of funds that you are transferring abroad, where you’re sending the funds to, and the transmission mechanism you have chosen. If you use a bank account for money transfers, the fees are typically less than other options like debit cards and credit cards. Fortunately, you can use MoneyGram’s ‘estimate fees’ calculator to determine what you’re likely to pay on an international money transfer. When you use this estimator, you will be asked to choose from an online money transfer, or a land-based agent location.

If you choose to send online, you will be required to input the receiver country, and how the receiver will be collecting the money. Next, you must input the amount you would like to send, or the amount you would like to be received. You will see a Forex quote provided, and the cost of sending money through your checking account, or credit card/debit card. Note that the transfer fees for credit card/debit cards can be three times higher than the costs of sending via a checking account. The rates charged for international remittances via MoneyGram are substantially less than those charged by banks and traditional financial institutions.

Note: Online money transfers require you to register a MoneyGram account, create a password, and verify your ID.

Transfer Speed

The delivery times for international money transfers are dependent upon the country where funds are being sent. For the most part, funds will be received within the same day, often within 1 hour. The longest time that you will receive funds is the next day. When you send funds to the receiver’s debit card, the funds will be available within minutes after the transfer has been submitted. Other options include home delivery, which is subject to the hours of availability at the agent office in question. Mobile wallet and SmartMoney transfers are usually available within minutes after the transfer is processed.

Is MoneyGram Safe and Reliable

Yes. MoneyGram is a major multinational corporation with operations in 200+ countries and an estimated 350,000+ agent offices. This international money transfer company is highly respected among users and is one of the best low-cost providers of remittances. It is fully compliant with all consumer protection protocols, and the company eschews fraudulent activity at every level. MoneyGram is licensed by multiple authorities including the Banking Department of the State of New York, the Georgia Department of Banking and Finance, and it is licensed as a Massachusetts Check Seller.

MoneyGram Apps 

MoneyGram offers clients the option of MoneyGram MobilePass. This option is the ideal way to send money from your mobile or via your PC, tablet or phablet. Customers can download the app at the Google Play Store or the App Store. No registration is needed and you can even send money as a guest on mobile.

MoneyGram Customer Support

Customers can contact support through multiple channels. These include the following:

  • General queries – +1-800-666-3947
  • Transactions queries – +1-800-922-7146
  • Fraud queries/concerns – +1-800-926-9400

Email assistance is readily available 24/7, through an online contact form.

All other queries can be directed to MoneyGram’s representatives and agents in your chosen country by simply visiting the Agent Support page.

FAQs (Frequently Asked Questions) provide quick responses to a range of questions, notably Sending Money, Receiving Money, Cancelling Transfers, Account Management, Tech Support, Fraud, Bill Payment, Money Orders and MoneyGram Programs.

Bottom Line

MoneyGram is a service that delivers on its promises. You can send remittances abroad at the click of a button and you are assured of competitive rates and speedy delivery. There are several payment options available, including online, in-person, and bank deposits. MoneyGram can’t be beat in terms of reliability and credibility. It is also one of the leading low-cost money transfer services.

 

 

Pros

  • Competitive rates for money transfers
  • Fully supported on iOS and Android devices
  • Operational in 200+ countries at 350K agent locations
  • Multiple send/receive options with 3-step processing
  • Great customer support

Cons

  • Extremely rigid money transfer rules
  • Several complaints of voided transactions
  • Higher prices than most money transfer companies