Neither Western Union nor MoneyGram is the cheapest or fastest option out there – but they are the most visible. Which one is best for you depends on how much you’re transferring and how fast you need the money to arrive.
The fees and rates used in this comparison are accurate as of 3 March 2021.
Figuring out how much you’ll pay to transfer money internationally can be difficult. Although many fees start at around £2, they can be tens or even hundreds of pounds when paying by credit or debit card for cash pick-up in certain countries. However, fee-free transfers are available to selected destinations, including India and the Philippines, when you pay for your transaction with POLi.
MoneyGram
Fees vary depending on how much money you’re transferring, how you’re sending it and the country you’re sending it to. Unless you actually initiate a transfer, it’s not easy to find out upfront how much you’ll pay. As an example, it’s free to send £1,000 to a bank account in India; but if you send the same amount for a cash pickup, you’ll be charged £3.99.
Winner: Tie
There are several factors that affect transaction fees with Western Union and MoneyGram, so there’s no clear winner here.
Let’s crunch the numbers: Sending £500 to Australia
Western Union
MoneyGram
Transfer fee
£4.90
£3.99
Exchange rate
1 GBP = 1.665 AUD
1 GBP = 1.736 AUD
Transfer speed
Within minutes
Within minutes
Total AUD received
AUD $832.50
AUD $868.11
Receiver gets
AUD $35.61 less
AUD $35.61 more
Who offers better exchange rates?
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.
Western Union
Depending on where you’re sending money to, a typical exchange rate at Western Union could be up to 6% above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars that goes straight to Western Union.
We’ll use the example of a transfer to Chinese yuan (CNY):
If the mid-market rate is 1 GBP = 9.05 CNY
Western Union’s exchange rate might be 1 GBP = 8.59 CNY
MoneyGram
MoneyGram also skews exchange rates for a profit. Depending on where you’re sending your money, the exchange rate could be 6% or more above the mid-market rate. Like Western Union, this means hundreds of dollars on a large transfer diverted to MoneyGram’s pockets.
So if you’re sending money to China:
If the mid-market rate is 1 GBP = 9.05 CNY
MoneyGram’s exchange rate may be 1 GBP = 8.86 CNY
Winner: Tie
Exchange rate margins vary greatly depending on where you’re sending your money, so we couldn’t split Western Union and MoneyGram here.
Delivery speeds with Western Union vary with transfer options. When you send a cash pickup transfer from an agent location or online, your transfer could be delivered in minutes (but will cost more). However, sending money to a bank account can take up to five days, depending on the country.
Like Western Union, delivery speed with MoneyGram varies by transfer option, with cash transfers in person delivered in minutes (again with higher costs). However, bank deposits are typically processed on the same or next day.
Winner: MoneyGram
There’s no question that these services are similar. Both allow you to send cash to a loved one overseas within minutes, but MoneyGram has shorter processing times for bank deposits than Western Union.
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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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Winner: Tie
