MoneyGram Review: features, fees and Pros and Cons

MoneyGram Review 2022: How to Make The First International Money Transfer?

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Plan to make your first international money transfer? Several digital money transfer platforms are available in the market which enables you to make your first international transaction, sending money to your loved one, back in your country.

MoneyGram is among those reputable money transfer companies besides PayPal that offers an affordable and easy way to make the bank transfer or pay at the store. It is because they have a vast network of worldwide agents, in more than 200 countries, which allows customers to pick up the remittance as quickly as possible.

In this session, the following are the five main aspects (MoneyGram review) that we are going to take a deep discussion associated with the firm’s general information, MoneyGram fees, how it works, Pros and cons of the firm.

The purpose of this review is to provide essential information for our readers further to understand the MoneyGram network and its pros and cons. Hopefully, it may help you to make a better decision to select the best online payment alternative.

 

1. What is MoneyGram? 

2. MoneyGram Exchange Rate and Fee ( MoneyGram Review)

3. How Does MoneyGram Work?

  • Bank Transfer
  • In-store pickup

4. Is it Safe to Make a Money Transfer with MoneyGram?

5. How Do I Open an Account with MoneyGram

6. MoneyGram’s Pros and Cons- MoneyGram review 

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Related reading:

> How To Check Currency Exchange Rates Using Wise (TransferWise): 2022

> The 12 Best PayPal Alternatives in 2022

> Remitly Review 2022: Features & How It Work?

1. What is MoneyGram? 

MoneyGram is the leading digital payment firm, which specializes in P2P Payment and cross-border money transfers. The first was first established back in 1941, in America. At the time of writing, it is considered the leader in money transfer service and ranks a second-place right after Western Union online. 

In addition, the firm has a vast network of worldwide agents and a reliable online app, as well as a proficient website that ensures the customer will have the option to choose the way they want to send money.

In particular, the MoneyGram network has over 340,000 physical locations across five continents indicating its market presence in more than 200 countries worldwide. Customers have the choice to either make a bank transfer by using the MoneyGram app or website, otherwise, they can come to the nearest MoneyGram stores (MoneyGram near me) to make a first international transaction.

MoneyGram review 2021: How to Make The First International Money Transfer?
MoneyGram review: The international money transfer

Over the past five years, it has provided essential support to more than 150 million customers worldwide, to send money back to their friends, relatives, and loved ones. According to MoneyGram, the firm’s core values emphasize the importance of customer satisfaction, the technology revolution, and support for the legitimate movement of money ” Fast, reliable and convenient”.

2. MoneyGram Exchange Rate and Fee ( MoneyGram Review)

The first thing to mention is depending on the country of your location, then you may use MoneyGram’s website or mobile app to make a bank transfer. In particular, it allows customers to use debit cards, credit cards, and bank accounts to make an international money transfer.

In terms of Moneygram fees, the flat fee is normally around $1.99 that you use either a bank account or debit card. However, if you use a credit card to make a money transfer then it will end up costing you higher than the normal rate.

Depending on where your location is, then the firm will charge you the fee differently based on the location and the destination you want to send.

In case you would like the receiver to pick up the money in person at the MoneyGram network agents, then the fee will be much higher than a bank transfer, it would be around $13 to send money at the MoneyGram physical stores. (Notes, search MoneyGram near me on Google search engine, then you will find out the nearest store)

MoneyGram currently runs a ” Plus Reward” program that offers 20% off for the next money transfer when you sign up with the program.

Importantly, the maximum amount of money you can send is up to $10,000, which I found acceptable for individuals because other payment platforms may have a lower maximum amount of money transfer

For the MoneyGram exchange rate, you will see a direct exchange rate on the app or its website based on the current market condition. Or you may compare the exchange rate with other online payment platforms to make an informed decision.

Related reading: WiseTransfer: The Complete Review of PayPal Alternative 2022

3. How Does MoneyGram Work?

MoneyGram is among huge names in the fintech sector, the online payment platform that enables customers to make and receive payments almost in every corner of the world.

As mentioned before, the firm has a high-density network of agents across the globe, around 340,000 physical stores on five continents, which makes it a market presence in over 200 countries.

The following are the three main options that permit members to make an international money transfer, to their loved ones.

  1. MoneyGram App: download the app either on Google or Apple Store, then you need to sign up to make your first money transfer.
  2. In-store money transfer: the fee is higher than an online bank transfer, but you can easy to pick up cash on its network agent located in your country.
  3. Online money transfer(MoneyGram online): before making your first international money transfer, you need to create an account and use either a bank account, debit card, or credit card.

What do I like most about the MoneyGram payment platform?

According to MoneyGram’s statement, the company operates based on the three main principles, which are “Fast, Reliable, and Convenient”. Those principles are considered the reason to consider MoneyGram as your first money transfer.

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4. Is it Safe to Make a Money Transfer with MoneyGram?

The answer is YES, it’s safe to make an online money transfer with MoneyGram. The company has served its customer worldwide for more than 80 years, reflecting its strong market presence and brand image in the market.

Specifically, MoneyGram is authorized to operate the business across the USA, and other countries based on the license they have received in each country of operation. 

MoneyGram review-MoneyGram customer service
MoneyGram review-MoneyGram customer service

According to the Trustpilot review, MoneyGram has received a good customer rating at “4.3 out of 5″ based on 10,523 customer reviews. Thus, it indicates MoneyGram is one of the best money transfer services that provide ” fast, reliable, and convenient” for customers.

They have a very strict “Fraud policy” in place to protect their clients by asking them to be aware of scam activities online. They also have a fraud report case on their website that makes it easy for the customer to log a complaint ( MoneyGram money order).

 

5. How Do I Open an Account with MoneyGram

As mentioned earlier, the firm’s core values emphasize the importance of customer satisfaction, technology revolution, and support for the legitimate movement of money ” Fast, reliable and convenient”.

The following are 4 main steps to help you create an account with MoneyGram.

  • First and foremost important is to register and log in on MoneyGram’s website or app (MoneyGram online). You will need to fill in your detail, identity, and bank account detail
  • Next is to ensure you put the receiver information correctly on the system, including their bank account detail, address, and mobile number. In case you
  • In case you want to send money to one of the MoneyGram agents, then you can pay them by cash ( just need to put MoneyGram near me on the search engine, then it will come up with the closed store available)

6. MoneyGram’s Pros and Cons- MoneyGram review

MoneyGram’s Pros  MoneyGram’s Cons
 

  • Established in 1941, it is one of the trusted brands, as its global market reputation and brand image.
  • Normally, it charges higher fees than competitor
 

  • The MoneyGram network has over 340,000 physical locations across five continents
  • Limitation of maximum transfer of $10,000 for individuals
  • ” Plus Reward” program that offers 20% off for the next money transfer
  • MoneyGram customer service provides a quick response and reliable service
  • They have different international money payment options such as bank transfer, in-store pickup, and using a debit card as well as credit card

 

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By Jiro Nguyen.

The content is only based on the author’s personal opinion and research experience. It is for informational purposes only and does not rely on as a comprehensive or substitute for professional advice.

FAQ SECTION

What is MoneyGram?

MoneyGram is among those reputable money transfer companies that offers an affordable and easy way to make the bank transfer or pay at the store.

What is best international money transfer app?

The following are best international money transfer apps. 1. MoneyGram 2. Remitly 3. Wise (Transferwise) ….

How Does MoneyGram Work?

MoneyGram is among huge names in the fintech sector, the online payment platform that enables customers to make and receive payments almost in every corner of the world.

Is MoneyGram online safe to use?

The answer is Yes. The platform aims to protect customer banking information and other information when it comes to make international money transfer.

Does MoneyGram online accept bank transfer?

Yes, they have several options, which make easy for customers to make their first international money transfer. Such as bank transfer, debit or credit card payment, in store transfer.

By Jiro Nguyen

Jiro Nguyen is a highly driven and skilled business management professional. He has an MBA in economics and management and is a founder of Jns-millennial.

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