MoneyGram reviewMoneyGram is among the premier overseas money payment services in the world. Not only is it one of the oldest, it is also one of the trusted payment systems. It has gathered so much experience from its rich history that there appears to be a MoneyGram vs. Western Union competition. Having set up base in back in 1940, it has an impressive 60-year portfolio in money transmission across different continents.

MoneyGram overview

Over the past decades, MoneyGram payment systems have grown to become a household name. Its headquarters is in Dallas, United States, and has 347,000 agent locations around the world. It is listed in NASDAQ Stock Exchange and trades under the name MGI. At the end of December 2013, its annual revenue was $1,474.4 million signaling a net income of $52.4 million. Thomas H. Lee Partners and Goldman Sachs have a 51% ownership in the company.

MoneyGram how does it work

Money gram how does it worksYou could make online money transfers, money transfers, money orders, bill payment services, and pre-paid services using MoneyGram. The MoneyGram rates depend on the location you are sending money from and its destination. Any MoneyGram money transfer under 100 is calculated on a percentage. You will be charged USD 12 when exchanging USD 100 to GBP. In addition, you will be charged UD 397 when converting USD 10,000 to GBP.

Is it safe?

Your money will be in safe hands while MoneyGram handles it. The State of New York and the Georgia Department of Banking and Finance license the company as a money transmitter. Evidently, these are respected industry regulators. After all, the company has won the hearts of many clients for over half a century. I came across numerous MoneyGram FAQ pages describing its safety.

Advantages

When you send money, it takes an average 10 minutes to reach your recipient. While you can use a debit card, MoneyGram credit card, and bank account transfers, some countries do not accept these options. However, your recipient can gain access to the money either in cash withdrawal, account deposit or home delivery.

Disadvantages

yes-noIt can take up to three business days depending on your preferred sending option. For example, a local bank may be slow in processing the payment for your recipient. When it is past office hours, the recipient will have to wait for the next office day to access the funds. Another disadvantage of the service is that the MoneyGram limit is 10,000 GBP. There is neither MoneyGram express payment nor referral program listed on the website.

You can only send a maximum of 2999 USD each time you make a MoneyGram online transfer. The company could have a hidden MoneyGram transfer fee when I am exchanging money from one currency to another. For example, it charges me 0.601500 GBP when converting USD to GBP, but the rate is 0.638244 at Xe.com. Similarly, the MoneyGram exchange rate for GBP to EUR is 1.187443 at MoneyGram but is 1.25087 at Xe.com.

Customer opinion

The payment system is well rated in major reviews. For example, it has an impressive 7.3 rating at trustpilot.co.uk. There are numerous generous feedbacks from customers

  1. “Use their 3-day service to transfer money directly from your bank account. It’s cheap and reliable.”
  2. “With the emergence of PayPal and other online money transfer services, I thought legendary money transfer services like money gram could vanish totally. But last week, I was astonished and overwhelmed with the kind of service Money gram was able to offer… works more of PayPal.
  3. Sending and receiving money is easier. I had been sent money from the east coast and within hours, I had received the money, it’s very incredible. Although their service delivery is very impressive, I agree that their costs can be higher for immediate transfers.

Complaints

  1. Complain womanTakes about 10 attempts and even when fully setup, constantly crashes! Terrible all round!”
  2. “…I was asked why they were such odd amounts – they weren’t if you looked at the amounts in local currency (3000 and 2100). Apparently MoneyGram were “not comfortable” with my transaction and therefore the transfer was canceled. I am lost for words. I now have to use rip-off Western Union. Thank you, MoneyGram.”

Conclusion

ConclusionThere are many allegations of MoneyGram fraud, but all payment systems have seemingly fraudulent activities, anyway. I wouldn’t actually highly recommend this one as there are better alternatives. Charges in fact that charges are quite high. A MoneyGram PayPal comparison shows that the latter has considerably lower charges.

Categories: Reviews

4 Responses so far.

  1. Jessica says:

    I am looking into options how to send money to Ukraine.
    Money gram charges $25 for $500 transfer, but on top of that their exchange rate is really bad.

    • Stop Hidden Fees says:

      Unfortunately it’s a pain when it comes to transfers to Ukraine, Belorussia or Russia. The best providers like TransferWise don’t offer such options (at least now). Check Western Union, they won’t be cheap but may be give you better deal than Moneygram.

  2. Ed says:

    I made a payment for about $1500.00usd and just received an email informing me about the payment being charged as a cash advance and charging me an additional 25% per day until it is paid of and an $80fee..

    WHAT THE FUCK!!!

    • Stop Hidden Fees says:

      Ed, did you try to contact their support team to sort it out? One thing is that fees and quality of service are below expectations but your case is pure robbery… I hope they will manage to fix that for you and cancel the payment. Read my article about TransferWise, they are good guys, I personally using their services since while ago.

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