Western Union
MoneyGram leans slightly cheaper and averages faster transfer speeds than Western Union – but your experience is likely to vary depending on your specific transfer. As there are many variables – including transfer type, destination and amount – you’ll want to compare MoneyGram and Western Union against each other to see which is the best fit for you.
The process to transfer money overseas with Western Union is very similar to MoneyGram. So much so, we can describe them both at the same time: You go to their sites, enter the amount you’re sending, its destination and see how you’ll pay for the transfer. Both services also give the option to call, visit an office or use a mobile app to transfer money. After the transaction is complete it converts and delivers your money to a bank account or makes it available for cash pickup at any location worldwide.
Figuring out how much you’ll pay to transfer money internationally is tricky. Although most fees start at $5, they can be as much as $100 when paying by credit or debit card for cash pickup in certain countries such as China. But when sending money to high-traffic countries such as Mexico or India, agents offer free transfer options.
Fees vary depending on how much you’re transferring, how you’re sending it and the country you’re sending it to. Unless you actually initiate a transfer, it’s challenging to find out how much you’ll pay.
For example, to send $1,000 to India, you won’t pay anything in fees for a bank transfer, but you’ll pay $3.99 for a cash pickup. To compare, sending $1,000 to Brazil, once again you pay anything for a bank account to bank account transfer, but you’ll pay $5.99 for a cash pickup. This climbs to $34.99 if you pay by credit card.
Winner: Tie
Whether MoneyGram or Western Union offers lower fees may depend on where you’re sending the money, how you choose to pay and how your recipient chooses to receive the cash.
To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.
Depending on the country you’re sending money to, a typical exchange rate markup at Western Union can range between 2% to 4%. If you’re sending a large amount overseas, this means hundreds of dollars straight into Western Union’s coffers.
We’ll use the example of a transfer to euros (EUR):
MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, the exchange rate could be 5% or more above the mid-market rate. Like Western Union, this means hundreds of dollars on a large transfer is diverted to MoneyGram’s pockets.
So if you’re sending money to Europe:
Winner: Tie
Both MoneyGram and Western Union are pretty equal when it comes to the markup they apply to their exchange rates.
Delivery speeds vary with transfer options. At an agent location or by phone, your transfer could be delivered in minutes – at higher costs. Your cheapest options could take five days or longer, depending on the country.
Like Western Union, delivery speed with MoneyGram also varies by transfer option, with cash transfers in person or by phone delivered in minutes, again with higher costs. MoneyGram’s cheaper options take two to four business days.
Winner: It depends
These services are similar enough that the time it takes to deliver your cash will depend on the country, your payment method and how your recipient chooses to receive the transfer.
Western Union has an array of transfer options, many of which take advantage of its substantial global network. Customers can choose from the following ways to receive their money:
As an established money transfer provider, MoneyGram utilizes its extensive network of agent locations to provide several options for how your intended recipient can get their money:
Winner: MoneyGram
Although both have multiple transfer options, MoneyGram offers slightly more unique services like sending money to an inmate.
With over 500,000 agent locations worldwide in more than 200 countries, Western Union is one of the world’s largest money transfer providers. In terms of how much a customer can send, this will depend on the transfer destination, their transaction history and the type of payment they are making.
MoneyGram has over 350,000 agent locations in more than 200 countries and territories. It does have limits on how much money customers can send on a daily, weekly, monthly or yearly basis. As these can change due to market conditions, it’s best to check before confirming your transfer.
Winner: Western Union
Both have a wide reach and an established network, but Western Union narrowly pulls ahead with its number of agent locations available worldwide.
Each of Western Union’s payment options come with their own set of limits, fees and restrictions. You can choose to pay with a credit or debit card, bank account, with cash (in-store) or with a wire transfer.
If you are making an online money transfer, then you can pay through your bank account, or with a credit or debit card. When making an in-person transfer you can also pay with cash.
Winner: Tie
MoneyGram and Western Union are both evenly matched when it comes to payment methods. Both stand out for the facility to make cash payments in person.
Western Union and MoneyGram are similar in terms of fees charged, exchange rates and transfer options. In recent times, Western Union is running promotions to entice new users and will waive the transfer fee on your first transaction. Also, if your recipient needs to pick up your transfer as cash, Western Union’s 500,000 agent locations worldwide beats MoneyGram’s 350,000.
These two services aside, you could almost always do better with another money transfer specialist. Be sure to compare your options to find a provider that’s perfect for your situation.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Are you visiting from outside the US?
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
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Instarem offers no-margin, mid-market rates for some of your money transfers.
Comprehensive guide on receiving money sent via a wire transfer.
Every money transfer service has different requirements for signing up and initiating a transfer. Find out what information is required to send money overseas.
We cover the different wire transfers fees you could pay with 10 of the top US banks when sending money internationally.
Looking for higher transfer limits and lower fees? Explore these WorldRemit alternatives to find a good deal.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
How much does it cost to send 150.00 to cities in Texas, in minutes and pay by credit card ofrdebit, sender is also in Texas and receiver is also in Texas
Hi Maria,
Thank you for reaching out to Finder.
Based on the information you provided. Please see the following fees for sending money interstate.
Western Union
Cash pick up:
Debit card: $18.99
Credit card: $22.47
Bank account:
Debit card: $8.00
Credit card: $8.00
Moneygram:
Online Bank account: $9.00
Credit/Debit card: $16.99
These are the fees as of today. These may change in the future though. Hope this helps!
Cheers,
Reggie
hey…please is money order same as money gram or western union? thanks
Hi Eniola,
Thank you for contacting finder.
No, Money Order is different from MoneyGram and Western Union as those 2 are providers for Money Transfers. On the other hand, Money Order is a form of payment for a specific amount which is more trusted than a check.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Apologize if dumb question but,
If I send USD internationally, can it be received in USD or will it be the local currencry?
Hi Nick,
Thanks for leaving a question on Finder.
Yes! MoneyGram, Ria, and Western Union all offer the same currency transfers around the world from the U.S. Your beneficiary can then collect the funds you send from a transfer branch location nearby, often within minutes.
You may also consider the same currency transfers.
Cheers,
Joel
can i wire money through moneygram using my debit card from my phone
Hi Shante,
Thanks for your question.
With MoneyGram, you can send money online using any device. You can also pay using a debit card. Other payment options are bank transfer and credit card.
Cheers,
Anndy