MoneyGram is the second-largest money transfer fintech company globally after Western Union. It offers a long and well-established record of services. Most people and experts would solidly recommend using MoneyGram any time and any day because of its comprehensive services.
The company offers cheap rates for certain currencies and a well and long-established record of service and extensive coverage.
What are its fees and Exchange rates?
Here’s the dropdown;
Exchange Rate Margins:
MoneyGram is known to apply the standard practice of taking a margin on the exchange rate. This means that the exchange rate offered to MoneyGram customers isn’t as good as the actual mid-market exchange rate. And MoneyGram profits from such a difference. Which is known as the exchange rate margin.
MoneyGram’s fees and exchange rates leave the service as the cheapest provider between countries. And according to analysis, MoneyGram was said to be the cheapest provider. That is, it took 1% of online searches across over half a million searches about sending and receiving money in Africa in September 2020.
Let’s use an example to make this discussion a bit simple for you. If you were in Los Angeles in the United States, and you desired to send about 1000 dollars to Beijing in China. You would have to pay about 58 dollars in total fees. And your beneficiary would receive about $942 if you decided to send via WorldRemit.
Now, suppose you decided to still make the same transfer with MoneyGram, on the other hand. In that case, you’d pay a considerably high total fee of 78 dollars. And your beneficiary would be receiving $922. That’s more than a thousand yuan fewer than they’d receive if you’d sent with WorldRemit.
- The MoneyGram fees vary, and that depends on the amount sent. Also, it depends on the transfer and receiving countries, and the payment and receiving methods. Here’s how you can save on fees with MoneyGram;
- Sending to a bank account is usually less expensive than sending money for cash pick-up.
- If you’re sending money for cash-pickup, the online service will generally be cheaper than sending money at an agent location, and only if you make payments by bank transfer.
- When transferring in any kind online with MoneyGram, it would be best to pay by bank transfer if this would be available.
- If you’re sending money to a bank account, it’s often more affordable to send at an agent location than online, and that’s regardless of the payment technique used. Still, the agent location fees can also vary a bit, and that’s depending on which location you do select.
Is it easy to transfer money through MoneyGram?
Setting up your money transfer with MoneyGram was once more complex than it should’ve been, but nowadays, the service has been making fundamental progress in such regard.
Presently, you can send cash with ease over their website, and with MoneyGram’s online interface having become user-friendly and highly navigable, it’s been made more than exceptional for you!
The web design is also said to be uncluttered and straightforward, and that’s for example, it’s known to include a concise and relatively transparent breakdown of the fees you can expect to pay.
With all that said, MoneyGram’s website includes precise, valuable, and easy-to-access alternatives for those who wish to track their money and monitor, especially when received by the recipient, that’s providing a safe and accessible option, and only if you would like to keep an eye on your transfer.
Registering on MoneyGram; what it entails.
Most online service is said to be plain and simple, clear and easy instructions and even explanations. Nevertheless, we do have to put here that you’ll need to fill out various fields to sign up successfully and agree with terms and conditions you don’t have time to read.
Things that they will need from you are your home/billing address, birth date, mobile number.
There’s much credibility:
- MoneyGram is a giant multinational company that’s also publicly traded on the NASDAQ Stock Market with a whopping sum of over 200 million dollars of market capitalization in September 2020 alone.
The company, which is known to have over 2500 employees globally, has a track record of close to eighty years. During this time, it’s been known to have gone through several collaborations and acquisitions and has demonstrated significant expertise in the Money transfer industry.
Service and Coverage:
- True to its reputation and scope, the extent of MoneyGram’s service cuts across the world, and it’s also quite impressive indeed, only matched by its competitor Western Union.
Besides, from allowing you to exchange dollars for various countries’ currencies from millions of locations across the globe. It’s also known to offer, Money orders, Mobile top-up, Bill Payments.
Here’s how to Sign up on MoneyGram and send money to your loved ones
- Register and log in: All you have to do here is enter your information so that they would be able to verify your identity.
- Choose a receiver or send someone new: You’ll have to tell them who you are sending to. And how they want to receive the money, not forgetting how much.
- Then you choose how you want to pay and send. You can pay with your credit card, debit card, or simply with Sofort (RTB)
MoneyGram is a renowned money transfer company that has been around since 1940. They’re known to be the second-largest money transfer business in the world after Western Union. MoneyGram has been known to comply with all laws and government regulations or rules in all locations or country’s where it provides its services.
The company is known to serve millions of customers annually from its numerous agent locations around the world. At the same time, it still invests millions of dollars annually too in world-class compliance platforms.
MoneyGram has also been said to execute its own verified Global Partner Compliance Policy. This has been known to reinforce and strengthen MoneyGram’s commitment to protecting all of its consumers. That is, from fraud and preventing all forms of money laundering, criminal acts, and terrorist funding.