Money Mart Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more
Money Mart 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.
History of Money Mart
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.
How Does Money Mart International Money Transfer Work?
Money Mart Money Transfer Exchange Rates
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.
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
Payment Methods Available With Money Mart
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 Transfer Fees
As of May 1, 2025, Money Mart's money transfer fees and exchange rates are as follows:
While sending CAD $1,000 to India, the fee will be CAD $7.00
While sending CAD $1,000 to the Philippines, the fee will be CAD $7.50
While sending CAD $1,000 to the United States, the fee will be CAD $7.25
Is Money Mart Secure?
Money Mart has been accredited by or is a member of a number of regulatory bodies in the industry. These include:
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Pros And Cons Of Using Money Mart
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
Cons
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
Money Mart Profit
How Money Mart Makes Money?
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 Allows You To Transfer Money To The Following Countries
Alternatives to Money Mart money transfer
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.
Wise 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 Wise if both sender and recipient have a bank account. It also does not have a presence in as many countries as Western Union.
How to contact Money Mart?
Available every day on the bank’s website
1-800-361-1407
74 Swedesford Rd. Suite 150 Malvern, PA 19355 or 16 Four Seasons Place, Unit 100, Toronto, ON - M9B 6E5.
Conclusion
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 website RemitBee website.