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Moneygram Money Transfer Review

Established: 1940 .


International Clients: ✓ Accepeted


Currencies Offered: 58 online, additional currencies may be available in shops.


Minimum Transfer Amount: None. Moneygram is geared towards small remittances.


Trading via: Online or in branches worldwide (Bank to Cash / Cash to Cash).


Offices In: Headquarters in US, with subsidiary offices and certified agents literally across the globe.


Regulation: ✓ Regulated by various American law Agencies, including the SEC. Also regulated by local authorities such as the FCA (UK).


Fees: Vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Moneygram, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.


Promotional Code: None available on MoneyTransferComparison.com.


Client Reviews: 580 on Consumer Affairs, 195 on TrustPilot, 71 on Yelp [True for Jan 18, 2018]


Client Rating: Moneygram has a rating of 1 star across all client review platforms.


Website: www.moneygram.com


Pros

Very Global, Very High Reach

Enables Cash pickup

Remitting Cash Since the 1940’s

Cons

Very Negative Client Reviews Across All Platforms

Relatively High Fees Based on World Bank statistics


Our Rating: Pending

Status: Not In MTC’s Most Recommended List

 View Why This Review is Pending


Discover More Remittance Companies


 

Read More:

Company Information and Credibility


Company size:  

Moneygram is a money transfer giant and has a substantial role in money transfer history.

The US-based business was founded in 1940 as a deliverer of money orders. As its brand name expanded in the 80’s and 90’s, the problem of remittances became a real concern for the global economy, and there were very few competitors in the field (the biggest competitor that comes to mind is Western Union). Back in those pre-internet days, you had to have a local presence to handle anyone’s money, and Moneygram has managed to pull off that task successfully. Today, Moneygram has one of the most extensive global reach in the industry (together with WU), boasting 347,000 agents across the globe.

The company has suffered some downturns during its long history. The 2008 sub-prime crisis has hit it with full impact crash its stock to oblivion, and a $100m fine for fraud a few years later hasn’t help.

 

During 2017, Ant Financial has made an offer to buy Moneygram for a sum of $1.2bn. Ant Financial is a Chinese company owned by the Alibaba group (formerly named AliPay), and being that, considering the US-Chinese tensions in 2017, the deal was blocked by the U.S government.

In 2018, Moneygram announced it will be integrating Ripple into its payment system, which may be the way forward for this company. Ripple is the most payment-oriented cryptocurrency.


Regulated By: 

Almost any financial regulator across the globe, including the American SEC and the British FCA.


Conclusion: 

Moneygram are one of the biggest, strongest, and most resilient companies in the money transfer space, for good or worse. It has a fascinating history filled with glorious achievements alongside crashes and falls.

Client Feedback


Research:

There are thousands of Moneygram reviews across the web, and there are dozens of comments left by our visitors.

We focused on the largest and most recognisable user review platforms, and discovered client reviews as follows: 580 on Consumer Affairs, 195 on TrustPilot, 71 on Yelp [True for Jan 18, 2018].

The ratings were as follows:

  1. Consumer Affairs – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.
  2. TrustPilot – 0.5 Stars out of 5 Stars available. The lowest rating that can be achieved on this platform. 91% rated it “Bad” and 4% rated it “Poor”.
  3. Yelp – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.

In total, when aggregating all the client reviews altogether, it appears like most clients who left their review online were extremely dissatisfied with their experience.

 

Positive:

We discoverd few positive reviews on our research. Those we did find indicated the following positives with the company:

  • Good service
  • Inexpensive
  • Easy to transact
Negative:

As there are hundreds of negative client reviews on the platforms that we have checked, there was negative feedback about many aspects, including:

  • Quality of service
  • Cost of transfer
  • Responsiveness of company / agent
  • Safety and Security
  • .. and many more…

Conclusion:

Based on the research we have conducted, most Moneygram clients or at least the ones that have bothered to write an online review, are dissatisfied. The situation is similar with  Western Union, the only company which is really comparable to Moneygram.

Some of the angst directed at Moneygram may be unjust. Perpetrators are using Moneygram’s service for money transfer scams but there is little the company can do on that regard. Additionally, some clients may have unrealistic expectations.

Since there were so many negative reviews collected, it is reasonable to believe that Moneygram could further improve the quality of service and rates.


Discover More Remittance Companies


 

Exchange Rate & Fees


Research: 

We can say Moneygram shows good ethics by presenting a cost calculator on their website. It makes figuring out the exact costs easier than with other companies. The only companies on the market showing that type of feature at the moment are Transferwise, Currencyfair, Azimo and World Remit (from the ones we have reviewed to this point).

Fees & Exchange rates:

We have tested some of the most common currency exchanges on our website. Pound to Dollar, Euro, and AED. When transferring 1,000 Pounds from the UK the fees and exchange rate markup make up 5% or 10% of the transfer (in comparison to an industry average of approximately 1% for bank transfers, and under 2.5% for most destinations with cash transfers).

If you check for remittances countries like Romania, the World Bank claims Moneygram is as x6 time more expensive than Transferwise and x4 times more expensive than Azimo (Which provide the same bank to cash and cash to cash services, respectively).

Limits:

Users may send up to $2,500 daily, using Moneygram’s online service. $9,999 is the limit for agent office transfers. $899 is the daily limit for Moneygram mobile app transfers.

These are the limitations for private clients, but we presume there are no limitations for its corporate clients.


Conclusion:

If your aim is to save money, you should shop around and check alternatives, if they are available in your area. Moneygram has a lot more global reach than some of these relatively smaller competitors, so there might not be any cheaper alternatives; but based on the sampling we have conducted, there would cheaper alternatives when moving money from the UK, USA, the EU and Australia for most destinations.

Global Reach & Service


Research:

  • Dedicated Dealer: Moneygram does not offer dedicated dealers for private clients. The company’s business is remittances rather than small businesses or wealthy expatriates.
  • Offices: There are hundreds of thousands of agents spread across the globe.
  • Ways to approach: Online, via email, telephone or get to a branch/agent.
  • Translations: Yes, Mongeygram.com is translated to a multitude of languages.
  • Accepts clients: Worldwide.
  • Currencies Handled: 58 online, possibly more available on specific branches or with specific agents.
  • Client reviews: The reviews we have collected are generally very negative.

Conclusion:

Moneygram is one of the most international companies out there. They have built a network of agents over 8 decades and have far more banking relations and understanding of the money transfer business than any of the newcomers.

The firm’s website is translated to multiple languages, and clients are accepted worldwide in the truest sense of the word, as many of their competitors claim to be global but have nowhere near this sort of reach.

As many of our readers are moving substantial amounts of money each month it should be noted that Moneygram is a remittances service. Its greatest advantages like accepting cash transfers and moving them, in cash, to locations like Africa, South Asia and Eastern Europe, are not applicable for readers who seek to move a hefty salary abroad or make a large purchase.

Additional Functionalities

For businesses: 

Moneygram has a Corporate website which enables small, medium and large businesses to conduct their foreign exchange affairs there. It is stated on the website that corporate clients can have access to spot contracts, forward contracts, limit orders and other hedging tools.


App:

Moneygram has mobile apps for iPhone and Android devices. These applications provide all the functions of the website to mobile users. These apps are rated 3.7 / 5 on the Google store and 1.7 / 5 on the Apple Store [True for Jan 19, 2018].

Moneygram Review: Bottom Line

Moneygram has serious advantages in the form of very wide global reach and 80 years of reputation. The website is seamless to use, the rates and fees are clear and transparent and you can transfer money by debit card, bank transfer of in cash (through a branch).

On the downside, Moneygram’s online fees are worse than competitors, and you can send only up to $2,500 a day. As a whole the company is not suitable for a large majority of our audience which is looking for larger sum transfers (like salary, mortgage payments or property purchase abroad).

We have left Moneygram’s rating as Pending simply because it is difficult to compare it quid pro quo with a lot of the other companies reviewed on this website.

 

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Hipp

MoneyGram is a joke. I am a merchant and, for unknown reason, they asked me to remove their logo from my website and stop using their services, even that I gave them business over the years by receiving amounts of USD from my customers. Why would they cut a tree branch on which they are sitting? Naturally, since then I boycott MG.

Mary Nduku Thuo

Good Evening, You need to re-emburse me my money that has not been picked up by the receiver as intended in form of a cheque. I need to send you a copy of my British Passport for identification in order to obtain my refund. Therefore, advice me on on the safest way to do this. I sent this money in 2013 but I can not remember the name of my recepient because I sent money to many members of my family depending on need. But am sure you have got the details as expected. The Reference Number for this transaction… Read more »

Marianne

Hello, I have 2 questions. A) last week I wanted to send 2500$ to my country in South America. This was a Monday. The next day I wanted to send to a different person the same amount. The lady at the agency (the same one who took care of me in Monday ) knowing of my transaction before asked me for my social security number. And I knew they only ask you for this document of the transfer was more that 3000$. Why she asked for my SS if this were 2 completely different transaction for 2 different persons .… Read more »

caroline thompson

I would like to know the problem that is happening in Trinidad with moneygram does it affect customers sending money from triidad to England in tt dollard. I would like to know

Bev

I would just like to no how many numbers r in the reference number given when u send money via moneygram as after reading the negative comments i want to make sure i get everything properly done before sending my money tomorow..
Thankyou

Stephen Ryan

NIGHTMARE AND GAMES…
ONE of their kiosks ate 2 one hundred dollar bills…My rent money for Mexico.

I borrowed money and sent it at a check cashing store. Wasted a whole day
1) because no one wants to fix the machine
2)rude rude rude from support to supervisorsee
3) they found the money the NEXT day
4) instead of apologizing I GET THIS RUSSIAN BROAD CUTTING ME OFF FROM USING MONEYGRAM!!!!
I had nearly 200 dollars in credits from my 8 years of use.

RUDE RUDE RUDE …

PATCH their exchange rates!!

R J Brewster

I have wasted a complete morning and half the afternoon trying to send £500 to my nephew in Spain. Four attempts later, the transaction has been declined again. The very first time I was told it was my bank was refusing payment. Not so. After going round in circles on the phone I was told to do another. I did. Refused again. And again later. I then spoke to their staff and was told it was a security question that needed answering, which I did and was told the payment had been cleared and received an email saying so. I… Read more »

roz

Does money gram work with the bank rate of the country their in, when dealing with money gram transfer or are the agents allow to charge Black market fee per dollars as is happening in Trinidad and Tobago, where the bank rate is still $6 plus per 1us dollar while they charge $8 plus when exchanging TT for US on a money gram transfer to the US , what gives??????

Elaine

MONEYGRAM Is a joke of a company, they are not customer friendly and very disappointed with the so called service. I sent my husband a transfer but forgot to add his middle name to it, he couldn’t pick up the money so asked if I can amend the transaction they said no so I asked for a refund they said it will take between 3-10days for my account to be credited, now I asked this is in emergency they said they can not help! What is the use of having an account for so long if the company can’t help… Read more »

Jules

I have never used this service prior to today. I called, asked how long it would take for the recipient to get the money. I was told ten minutes. It cost me almost $100 to send the money. I called the recipient to say it had been sent. It was crucial to get the money there right away. I explained to the person I dealt with on my end, who I was sending it to and why. Gave ID, names addresses, etc. 45 minutes later it was still not available to this person. I called the office, which by the… Read more »

Ruth Urieta

My sister sent money 2 weeks ago to Panama, several times the receiver went to pick up the money, and their answer is than they are out of money. I don’t understand whats going on, they dont even give you an excuse. How they can run out of money.. Very inefficient companies, they shouldn’t be open, is ridiculous.

Eve

I have used Moneygram services for the first time recently and have experienced a fraud. I’ve lost hundreds of pounds and after trying to report a fraud for 2 weeks I finally got a call from them where they basically just said you will not get a refund and go talk to police if you want because it’s not our problem. After reading more into the company it’s clear that this company doesn’t have the right security processes in place and they really don’t care about individual customers losing their money, as they get their own fee and leave you… Read more »

Gene

I Went to money gram to wire x amount of money due to funeral overseas, the clerk processed transaction and said that funds will be available in 10 minutes, because of the time difference, a relative overseas went to the bank to receive the transfer next morning and was told by the money gram overseas that there was NO transfer. You need to realize that i had no idea that the money were Not transferred. The only way i found out because i called my relative overseas to find out if everything was going good with the funeral etc., –… Read more »

Mike Stidham

When attempting to wire money to a friend in Thailand on-line, I received an error message. Therefore, I called in and was told that I could not send money. When I inquired as to why, I was transferred to a supervisor who very rudely told me that Moneygram did no want my business, and that he was under no obligation to tell me why. Flabbergasted, I went on Western Union and was able to wire the money within minutes. I was mostly taken aback by the rudeness of the ‘supervisor’, and how dismissive he was in telling me that my… Read more »

Carmel

A complete farce of a service. I needed to receive some money from my father. I spent hours going to five different MoneyGram agents: four of them the person responsible was on holiday or their connection with MoneyGram was not working! The fifth one made me fill in their forms, went through my ID and then said they could give me my money because the sender’s name was not spelled correctly on my form! As other reviewers all over the internet have said, MoneyGram and their network of mainly dodgy backstreet agents will use any and every excuse to NOT… Read more »

val

Our client from the US sent us money for payment of the tropical fish he purchased, around $2,000. MoneyGram stole the money! According to MoneyGram, the money was withdrawn from an affiliate branch of theirs here in the Philippines – we tried to ask for more information but they shut us down. They said that the sender needs to get the information from them so we asked our client to do so. All MoneyGram said was the person who claimed the money filled out a receive form and presented and ID and MoneyGram closed the case!! They are not responding… Read more »

MJ

I am currently now in Memphis. My sender sent money to the Philippines, Can I get the money here in Memphis? How many days that money stay in moneygram?

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