MoneyGram US Review: Is it the Best Money Remittance Company?
In a world swamped with ATMs, cashless payments, and automated money transfers, one might think that no one needs an actual cash transfer anymore. Yet, that is not entirely the case. Money-transfer services can save your life in times of emergency, especially when traveling to remote places. Moreover, money transfer services are especially helpful with new immigrants sending cash over to their home countries. In most developing countries, cash is still king. There are tons of money-transfer services available worldwide; one of these is MoneyGram.
Tracing its roots back in 1940, MoneyGram grew to be a household brand in terms of money services - besides Western Union. For those unfamiliar with MoneyGram, the company offers money transfers, bill payment services, money orders, and other financial services. With a track record of 80 years, you can only imagine the brand’s expertise in financial services, especially money transfers.
To date, MoneyGram is known as one of the best money transfer services in the world with offices in Sao Paulo, Shanghai, Warsaw, Madrid, Istanbul, powered by over 2500 employees. With all this in mind, it is evident that the brand has successfully solidified its reputation with its quality of service and massive network of agent locations globally.
Massive Global Network
Being the second biggest money-transfer service agent worldwide, you can expect to find MoneyGram anywhere in the world, of course, besides the most isolated parts of the world. MoneyGram boasts over 350,000 agent locations, with 25,000 branches in Africa alone. These branches are available in 200 countries which offer a full range of services from money transfers to bills payment. Cash is usually available within minutes of the transaction, a pretty good deal as compared to waiting for hours or even days with bank transfers.
As of March 2020, the charge for domestic transfers from an online bank is $5.99 and $14.99 if you’re paying with a debit or credit card for money transfers between $50 and $900, rates increase for money transfers over $900. International transfers vary, so it’s better to check fee calculators for the exact cost since it will highly depend on the location of the sender and receiver and exchange rates.
With MoneyGram's solid reputation and outstanding reliability, it’s no wonder that the brand is known globally as one of the most expensive money-transfer services. The good thing is that there are hacks to save you some bucks for every transaction. For instance, I recommend you to always pay by bank transfer if the option is available. It’s also cheaper to send money to a bank account instead of having it for cash pick-up. In case you send money for cash pick-up, sending it through online service will be less expensive than doing it through a branch location. Take note that this only applies if you’ll pay through bank transfer.
Money transfers and beyond
Aside from money transfers, customers can do a variety of things with MoneyGram. Its financial services include the following services:
- Bill payment service: MoneyGram gives its customers the ability to pay from healthcare to utility bills through its platform. Customers have the option to pay with cash or credit card. There are tons of other billers available, which you can quickly check on their website.
- Mobile load: MoneyGram offers a Mobile top-up service that allows customers to add mobile load to prepaid mobile phones for over 350 carriers located in more than a hundred countries. Customers can enjoy the top-up just within minutes.
- Gift cards: With MoneyGram, customers can reload prepaid gift cards even without the physical card. This feature enables you to give gifts to someone else, with instantly available funds.
- MoneyGram Plus: The MoneyGram Plus program provides its members with exclusive deals and discounts.
- App: The MoneyGram app enables users to instantly send money to other users and pay their bills directly from the app. However, being a member of the MoneyGram Plus is a prerequisite to enjoying the app.
Things to note
The most significant risk in any money transfer service is its susceptibility to fraud. Thus, in making transfers, it’s a must to be extra careful. It might also be useful to note that since money transfer services like MoneyGram are brick and mortar by nature, you have to adjust according to their business hours. Thus, you might have to wait it out overnight at the train station before you can claim the emergency cash from your family.
What I don’t like about MoneyGram US
By now, it should already be clear that MoneyGram's offering is pretty stable and reliable. However, it’s not entirely cheap. For one, this is the only downside that I see in MoneyGram. Aside from its relatively higher price point, there are not many drawbacks concerning MoneyGram’s services.
What I like about MoneyGram US
The thing I like most about MoneyGram is its massive global network. With MoneyGram, sending money from different parts of the world in minutes is now easy and convenient. It’s also a nice touch that MoneyGram provides flexibility in terms of multiple funding and pick-up options.
Do I recommend MoneyGram US?
Overall, it’s not news that MoneyGram is a good money-transfer service network. People have known this for several decades for no reason. The company’s reputation is rock-solid, which should make you feel that your money is in safe hands. In terms of the service, MoneyGram proves to be the right choice in sending money abroad since it only takes a few minutes to complete the transaction – which makes it the best option for urgent money-transfers. There’s also no question about its global reach - with MoneyGram, you can instantly send money in over 200 countries around the world.
What do you think of MoneyGram US? Let us know in the comment section below!
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
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