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MoneyGram Money Transfer Review

Feb. 7, 2019
Banking, Money Transfer
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

NerdWallet rating: 3.5/5.0

Where MoneyGram shines:

  • Massive international transfer network.
  • Fast delivery, including same-day transfers to bank accounts in some countries.
  • Multiple funding and pick-up options.

Where MoneyGram falls short:

  • Costs more than many competitors.

Where MoneyGram shines:

  • Massive international transfer network.
  • Fast delivery, including same-day transfers to bank accounts in some countries.
  • Multiple funding and pick-up options.

Where MoneyGram falls short:

  • Costs more than many competitors.

Where MoneyGram shines:

  • Massive international transfer network.
  • Fast delivery, including same-day transfers to bank accounts in some countries.
  • Multiple funding and pick-up options.

Where MoneyGram falls short:

  • Costs more than many competitors.

 

The bottom line

MoneyGram

at MoneyGram

MoneyGram is the second largest money-transfer provider in the world, and it has the network you’d expect, including 350,000 agent locations and kiosks in more than 200 countries. It also has a full range of funding and receiving options, including cash deliveries and phone reloads in some markets. And transfers are quick: Cash is typically available within minutes, while bank transfers take a few hours to a day or so to many popular destinations.

But all these features come at a cost. MoneyGram was among the most expensive transfer providers in a recent NerdWallet survey. And its per-transfer and per-month maximum for online transfers — $6,000 — is lower than most providers’ NerdWallet surveyed.

Best if:  You need quick delivery or a large network — and you’re willing to pay for it.

» Ready to pick? MoneyGram is a great option for some people, but if you’d like to check out other companies, read about the best ways to send money.


methodology for international transfers

We analyze seven providers that work in the U.S., mostly focusing on major players in the international money transfer industry, based on market research, experts, cost analysis and U.S. internet traffic.

They are: MoneyGram, OFX, Remitly, Ria, TransferWise, Western Union and Xoom (owned by PayPal).

Fees and exchange rate markups mentioned are based on the analysis linked below.

How we analyze money transfer providers.