Money Mart Money Transfer Review

Money Mart is a financial services company with a wide reach in North America. Including Canada and the US, there are over 1500 locations. It offers a one-stop shop for currency exchange, cash advances, paying bills, and money transfers. If you’re interested in transferring money internationally with Money Mart, there are few things you should know.

Money Mart may look like the most convenient option since it offers so many services in the same place. However, is it really the right choice for you to transfer money internationally?

If you’re thinking about transferring money with Money Mart, keep reading to find out more.

Money Mart’s international money transfers are done through Western Union. You can fund your transfer using one of these methods:

• Visa/Mastercard credit or debit card
• In store cash payment

The recipient can get the money in cash, usually within 10 minutes.

Money Mart’s money transfer fees vary according to a few things. Mainly, the amount sent, destination country, and method used to fund the transfer.

Take for example, using Western Union at Money Mart to send money to India.

If you send CAD 500 the recipient will get INR 27409.79

This breaks down to an exchange rate of 1.00 CAD = 54.8196 INR

The standard fee for transferring up to $1,000 is $7. The recipient will get the money in one business day or less. There is no transfer fee if you choose to send to a bank account until 31 December 2020.

Cash pickup is the fastest option, ensuring the money can get to the recipient in minutes. However, if you choose to send to a bank account, the money will get there in approximately 3 days.

Heres how it works:

1. First, fill out the Send Money section of the Western Union form. Write your full name, email address and phone number in the space for Sender.
2. Then, fill out the information about your recipient. You’ll need their name, city and country as well as the currency you want them to receive in.
3. In some cases you’ll be asked for a test question. This is a way to enhance the security of your transaction. The recipient will need to know the answer to the question you pick in order to get the money.
4. Sign your name on the money transfer form.
5. The Money Mart agent will enter the details you have put on the form, and Western Union then processes the transfer.
6. The agent will provide you with an MTCN (Money Transfer Control Number) number.
7. Provide your recipient with the MTCN, do not lose this as they will need the number to pick up the money.
8. You can track the transfer using the MTCN as well.

Money Mart makes money on the currency exchange rates. How does this work?

If you are interested in sending money abroad, you may have looked up the exchange rate for the relevant currencies. You’ll usually find that the rate is one called the interbank or mid-market rate.

In order to make a profit, companies like Western Union do not use the mid-market rate that most banks use between themselves.

They add a percentage that doesn’t favour the person looking to send money to a different country. If Western Union were to use the mid-market rate, your money would stretch further. Your recipient would also get more in their pocket.

For example, in the Indian Rupee transaction above, the rate Western Union offers is 1 CAD = 54.8196 INR

In contrast, the mid-market exchange rate is 1 CAD = 55.0555 INR

Before you decide to use Money Mart, check the price of a Western Union transfer. In addition to the exchange rate, also check the transfer fee. If you are in the US, you can use the price estimator tool.

Money Mart has been accredited by or is a member of a number of regulatory bodies in the industry. These include:

• The Community Financial Services Association of America (CFSA)
• The Better Business Bureau
• The Canadian Consumer Finance Association (CCFA)

Money Mart enjoys a high rating on TrustPilot, with a 4.3 out of 5. The reviewers comment on the “Friendly, courteous, exceptional customer service”, saying about employees: “Her professionalism and customer service are exceptional. I only wish the banks were even half as professional as she is.”

Negative reviews mention their loan services and issues with repayments.

The main way to contact Money Mart is through their toll free number: 1-800-361-1407

They can also be reached by email: info@moneymart.com or info@moneymart.ca

Their postal address is 74 Swedesford Rd. Suite 150 Malvern, PA 19355 or 16 Four Seasons Place, Unit 100, Toronto, ON - M9B 6E5.

Finally, there is a live chat feature on their website.

Money Mart has a long and trusted history. It started operating in Edmonton in 1982. The founders wanted financial services to be more convenient. There were two major reasons they were dissatisfied with the current services available.

Firstly, there were not enough financial services providers in easily accessible locations. Secondly, the providers were not operating outside of regular business hours.

By the mid 1990s Money Mart was in over 100 locations. It was bought by the Dollar Financial Group, Inc in 1996 and four years later had doubled the number of offices.

Across Canada there are now over 500 Money Mart locations and 2,000 employees. Money Mart serves 2 million people every year.

In keeping with its goal of helping customers, Money Mart has many financial services products. In addition to their Western Union transfer service they offer:

• Payday loans
• Other unsecured loans
• Platinum Card/Reloadable Mastercard debit card
• Check cashing
• Western Union Money Order