Exchange rates, Payment methods, How to, Transfer fees and much more
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:
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(Rate checked 5 p.m. 27 September 2020)
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.
Money Mart has a huge number of locations across the US and Canada
Convenient, with some branches open 24 hours a day
Western Union network is in almost every country worldwide
Other services offered so you can do multiple transactions in one place
Receiver can get money through a number of different methods
Have to go into a branch in order to transfer, no online option
The costs of transfers can be high
Can only transfer a relatively small maximum amount
Some payout methods are not available in some countries
No way to track transfer online
Heres how it works:
If you’re looking for an alternative to Money Mart money transfers, you may be considering a bank transfer. Banks, however, charge high fees and offer bad exchange rates. They have to maintain thousands of locations. Their management also collects high salaries. So all of these costs are passed on to you, the customer.
Remitbee offers a quick and easy international transfer option. It has competitive fees, as well as a convenient website and app. However, it is not available for American customers. Remitbee is however a good choice if the sender is located in Canada.
Remitly is a good choice for international transfers of larger amounts. Unlike Money mart, it has fixed fees. This makes it easier to compare prices. The rate that Remitly uses is also locked in from the start of the transfer. As it’s an online service, you can do a transfer on the website without having to go into a branch. If you are looking for a service that provides transparency and surety, Remitly may be a better option than Money Mart.
Transferwise is a popular service to transfer money that utilises local bank accounts. It promises to use the real mid-market exchange rate. It also offers transparent fees so your costs overall are clear upfront. However, it is only possible to use Transferwise if both sender and recipient have a bank account. It also does not have a presence in as many countries as Western Union.
is a popular service to transfer money that utilises local bank accounts. It promises to use the real mid-market exchange rate. It also offers transparent fees so your costs overall are clear upfront. However, it is only possible to use Transferwise if both sender and recipient have a bank account. It also does not have a presence in as many countries as Western Union.
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.
Western Union, Money Mart’s transfer provider, makes money on the exchange rate. As much as 20 percent of its profit comes from the exchange rate margin.
Money Mart has been accredited by or is a member of a number of regulatory bodies in the industry. These include:
Using Western Union at Money Mart, you have access to a network of 500,000 agents worldwide. These are located in over 200 countries. To check, use the agent locator. Some countries may not have all pickup services available however.
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
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.
Fees for sending international transfers with Money Mart vary based on the speed and method of transfer. Faster transfers attract higher fees. The cheapest method is sending to a bank account.
For example, sending 1000 CAD from Canada to India, your fee will be 7 CAD.
Money Mart does not offer this service. You must go to their branch and pay for the transfer in cash or by card.
In most cases a transfer can be with the recipient within 10 minutes.
Yes, sending money with Money Mart is quite safe. The company uses Western Union for its transfers. Western Union is an internationally recognised money transfer service.
Yes you can, provided that it is available in the destination country. The money will arrive in 3 business days. You can check the status of the transfer by asking the recipient to contact their bank.
In some countries sending a transfer to a mobile phone is possible. The beneficiary must have activated a mobile wallet. Contact them to verify that they have registered with a partner mobile phone operator in their country.
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:
When deciding who to use to send money internationally, it’s important to have all the facts. Money Mart is a good choice if you are looking for a fast and convenient option in your neighborhood. While there are issues with the transfer cost and exchange rates, for some the convenience offered is worth it. Check out our blog for more reviews and alternatives to Money Mart such as Remitbee.
Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!