MoneyGram is the second top-leading money transfer company in the world, providing access to domestic and international money transfers, bill payments, money orders, mobile top-up, and prepaid card loading. MoneyGram is available in over 200 countries with about 400,000 agent offices all over the world. It provides quality services to its customers, thereby making it a safe way to send and receive money from all over the world.
Moneygram also provides convenience by making multiple modes of transferring money such as MoneyGram online, debit or credit card, wire transfer, in-app, via an agent, and pay by cash available to its customers. It has built trust and credibility over the years with its customers. It is a very credible and trustworthy money transfer platform. MoneyGram completes its transfers in minutes and is a good option for people who need to get their transfers done faster.
Also, there is a MoneyGram Plus Reward Program that allows you to make faster transactions, Gives exclusive offers that suit you, and also allows you to get notifications when your funds have been picked up.
MoneyGram Pros and Cons
Pros:
- Money can be transferred to over 200 countries and it is often done in minutes.
- It has the option to transfer funds to a bank account or a mobile wallet.
- It provides options to send money either online, in-person, or in-app.
Cons:
- Charges/Fees are based on the location, the amount to be transferred, the payout method, and other factors.
- The exchange rate available on MoneyGram’s website is different from what you will be charged at the transfer point.
- It does not have all services available in all destinations. For example, payout in some currencies is available at selected locations.
- It has a low maximum limit for online transfers, a maximum of $10,000 for every 30 days.
Requirements to Send and Receive Money Via Moneygram
When sending money to someone through MoneyGram, either through the app or in person, you will need the following information to complete the transfer:
- Recipient information such as the name and location. The name on the recipient’s ID must match the name you want to use for the transaction.
- A government-issued ID which can be a national passport number or driver’s license.
- The recipient’s account number and bank name will be submitted when making a transfer to bank accounts.
- The recipient’s mobile number and the international dial code will be needed when making a transfer to a mobile wallet.
Receiving money through MoneyGram also requires you to provide the following information:
- A government-issued ID which can be a national passport number or driver’s license.
- Reference number which the sender has sent to you after completing the transfer.
- A receiver form is available at the pickup station which must be filled before payout.
How to Send Money Online or In-App on MoneyGram
- For new users, register a new account while returning users only have to log in to their existing account.
- If you are transferring to someone new, enter their details and if you have initiated a transaction with them before, select the recipient from your account.
- You have to decide the option either to put in the amount you want to send or the amount the recipient must receive on their end.
- Confirm the payment method and the payout method.
- The exchange rates will differ for transactions and you can check the exchange rate and other fees that will be charged on your transaction.
- Complete the transaction by paying with your debit or credit card, or by using a bank transfer.
Conclusion
Sending or receiving funds through MoneyGram is a very simple process. It takes a few minutes to complete the entire process of setting up the transaction and initiating the payment. Although, its service fees are not cheap but for frequent users, you can subscribe to the MoneyGram Plus Reward Program to give you a lot of benefits such as discounted prices on your transfers.
Frequently Asked Questions (FAQs)
- How do you receive money from MoneyGram?
If money has been sent to you and you are required to get the money through cash pickup, the first step is to find a MoneyGram agent close to you. A form will be given to you which you have to fill out to access your money. You might be asked to provide the reference number that the sender has sent to you. Your funds will be given to you and this process takes a few minutes to be completed.
- What is the cost of a MoneyGram?
The cost of a MoneyGram depends on the amount you want to transfer. For example, MoneyGram charges a flat fee of about $5 to send amounts less than $50, a flat fee of about $12 on amounts over $50 and less than $500. MoneyGram charges a flat rate of 2% over amounts above $500.
- Is MoneyGram safe?
Yes. MoneyGram is one of the safest and most convenient ways of sending and receiving money from all over the world.
