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MoneyGram makes sending money worldwide easy. You can send it to a bank account, a mobile wallet, or for cash pickup at one of their thousands of locations. Just enter the amount, choose the destination, and select how you want to pay and how your recipient will receive the money.
MoneyGram’s fees are low, and their exchange rates are competitive, ensuring that more of what you send goes to your loved ones. If you want to know more about MoneyGram’s features, rates, and fees, read this full review to see if it’s right for you.
Features of MoneyGram
MoneyGram offers a variety of convenient features for transferring money. Whether you’re sending money to another country or just across town, MoneyGram provides a simple solution with competitive fees and exchange rates. You can send funds to a bank account, a mobile wallet, or cash pickup at one of thousands of locations worldwide.
Tracking your transfer is easy with MoneyGram’s real-time updates, so you always know where your money is. If you or your recipient need cash, the “Find a Location” feature helps you locate the nearest MoneyGram agent.
MoneyGram also lets you pay bills, from utilities to phone bills, credit cards, and even rent. Their Plus Rewards program offers discounts and points on every transaction, giving you more benefits the more you use the service.
MoneyGram has expanded its offerings to include cryptocurrency. You can buy, sell, and hold Bitcoin, Ethereum, and other cryptocurrencies from your MoneyGram account without requiring a separate platform.
And with MoneyGram’s fraud prevention tips, you can protect yourself from scams, learn what to watch out for, and how to stay safe.
Pros and Cons of MoneyGram
Using MoneyGram has advantages and disadvantages, including:
Benefits of MoneyGram
MoneyGram is fantastic because it’s so easy to use. Setting up your account is a breeze, and once you’re in, sending money is quick and secure. The fees are pretty reasonable, and the exchange rates are usually better than what you’d get with other services.
Sending money overseas with MoneyGram is always smooth, and you get confirmation quickly to know that the money arrived safely. The best part? You can do it all from home, even in your pajamas! It’s fast, simple, and hassle-free.
And here’s a cool perk: if you become a MoneyGram Plus member, you can get 20% off the fee for your next money transfer after just one transfer. All you have to do is sign in to your MoneyGram profile, or create one if you’re new, and you’re set. What’s not to love about that?
MoneyGram Cons
MoneyGram can be pricey for larger transfers or certain payment methods, like credit cards. Fees also vary based on the destination country, making it hard to predict costs.
While MoneyGram has many locations, it’s not everywhere. In some areas, especially remote ones, finding a pickup point can be challenging.
Transfers are generally fast, but bank transfers can be delayed, especially around public holidays or due to local banking issues.
Rates and Fees
How much does it cost to send money through MoneyGram? To find out how much it costs to send money through MoneyGram, you need to enter the amount you want to send and the destination country, then click “estimate fees.”
For example, if you send $20 from the U.S. to Australia, the result might be 30 AUD, based on an exchange rate of 1 USD to 1.5001 AUD. The money is usually available within a few minutes.
Next, choose your payment method. MoneyGram offers different options, each with its own fee structure. For example, sending that $20 to Australia costs $4.99 if you use a debit card. If you use a credit card, the fee is slightly higher at $5.69. If you prefer paying with cash at a MoneyGram location, fees can vary, so it’s best to check beforehand.
Then, decide how your recipient will get the money. The most common way is cash pickup at a MoneyGram location, but there are other options, like bank transfers or mobile wallets. If you have a promo code, you can apply it for a fee discount.
Besides the transfer fee, MoneyGram may also earn from currency exchange. If you use a credit card, you might face additional charges like cash advance fees or interest from your credit card company. Timing can also vary depending on the destination country, local banking hours, and compliance with regulations.
Keep in mind that transfer fees and currency exchange rates can change without notice, so it’s always good to check MoneyGram’s website for current information. When comparing money transfer services, consider both the fees and exchange rates to ensure you’re getting the best deal.
Eligibility Criteria and Requirements
To send money with MoneyGram, you must meet certain requirements. First, you need valid identification, like a driver’s license, passport, or state ID. If you’re sending large amounts, additional ID or verification might be required.
You’ll also need a payment method—such as a debit or credit card, bank transfer, or cash at a MoneyGram location. Make sure you know the recipient’s full name, the country, and how they will receive the money—through a bank account, mobile wallet, or cash pickup.
MoneyGram complies with U.S. anti-money laundering laws, so they may ask why you’re sending the money. While creating a MoneyGram account isn’t mandatory, it makes tracking and storing recipient info easier.
To use MoneyGram, you must be at least 18 years old. There are also limits on how much you can send, which depend on where you’re sending from and to. For large amounts, you might need additional verification. These requirements ensure a safe experience.
How to Start the MoneyGram Money Transfer Process
How do you send money with MoneyGram? To send money with MoneyGram, here’s a simple way to get started.
First, decide how you’d like to send the money. You can use the MoneyGram website or the mobile app, or visit a MoneyGram location in person. All three options are easy, so choose what works best for you.
Next, consider creating a MoneyGram account. It’s not mandatory, but having one helps you track transactions and save recipient details for future transfers. To create an account, just provide your name and email and set a password.
Now, enter the details for your transfer. Include the recipient’s full name, the country, and how much you’re sending. Choose your payment method—debit card, credit card, or bank transfer—and decide how your recipient will receive the money. They can choose between a bank account, mobile wallet, or cash pickup at a MoneyGram location.
After sending the money, you’ll get a confirmation number to track your transfer. This number lets you monitor the process and ensure the money arrives safely. With these steps, you’re ready to send money with MoneyGram!
