Western Union vs Moneygram

Which one is cheaper option to send money?

General Introduction

    

There are so many money transfer services on the market, it might be a bit difficult to choose one to send money to friends, family, and colleagues back home. You want to make sure you’re getting the best rate, the fastest transfer time, and an all-around pleasant user experience.

Comparing the top possibilities is the most effective way to find the right fit for your needs and lifestyle. Here, we will compare Western union and Transfer Wise, two powerful money transfer platforms. We will compare their fees, accepted payment methods, and more.

Western Union is one of the oldest and largest money-transfer companies. Western Union, allows you to send money to more than 200 nations around the world. You can send money online in more than 125 different currencies using your credit card, debit card, or bank account. Furthermore, Western Union is well-known throughout the world for its cash transfer services via an agent network. Your money can be transferred to any country in the world by visiting any WU branch.

On the other hand, MoneyGram is the second-largest international money transfer service behind Western Union, it has a large network of agent locations. More than 350,000 sites in more than 200 countries and territories are available for users to pick up the money.

To send money to over 20 countries, you can use MoneyGram's website or mobile application. Money can be transferred straight to a bank account, mobile wallet, or prepaid card in several countries. Alternatively, cash can be picked up and delivered to the recipient's door at any of the agent's locations.

How Western Union Vs MoneyGram Money Transfers Work

As a money transfer service provider, Western Union offers a variety of options: online, in person, by phone, or via the Western Union app. It's possible to pick up the cash the same day in some instances.

Here’s how to send money online with Western Union:

  • Visit www.westernunion.com. Select “Send Money.”
  • Enter the country where you want to send money to. Western Union allows you to send money to more than 200 countries.
  • Enter the amount of money you want to send to the other person, and select the currency they’ll receive (if applicable).
  • Select how the person will receive the money. Options include bank account transfer, delivery, or cash pickup.
  • You will be able to see how much the transfer will cost you in fees based on how you choose to pay for the transfer. Transfers between bank accounts are less expensive with Western Union, but take longer to complete.
  • You will be prompted to log into your Western Union account if you have one, or create an account if you do not.
  • Fill in details about the recipient, such as their name and contact information. If you are transferring money to their bank account, you also will need to provide the recipient’s bank account information.
  • Pay for your transfer by entering your bank account, credit card, or debit card information. If you choose to pay in person with cash, you will need to take your photo ID with you to the Western Union location to pay.
  • On the other hand, sending money with MoneyGram is quick and easy:

  • Visit www.moneygram.com and open a free account. You will be asked to provide your email address and phone number and create a secure password.
  • Enter the contact information of your recipient. This will include the country where you’re sending money.
  • Tell MoneyGram how much money you wish to send, and how you want to pay for your transfer. In the United States, you can pay with a bank account, credit card, or debit card. For transfers from Canada, you can fund a transfer with Interac, credit card, or debit card. In all other countries, you can only send money with a credit card or debit card. You can also pay with cash at an agent location.
  • MoneyGram sends your money to the recipient. Some transfers take just minutes to process.
  • Payment Methods Available with Western Union Vs Moneygram

               

    Western Union

    Paying for a money transfer with Western Union is possible in five different ways: with your bank account, a debit/credit/wire transfer, or with cash.

    If you've successfully sent money with Western Union in the past, your transaction history will determine how much money you can send. It also depends on the recipient's country, your location, and how you chose to pay for the transfer.

    Daily limits for most transfers are $2,999 when sending money through the website or app. For transfers made the next day, the limit is $500.

    Sending money in person at a Western Union branch does not usually have a limit on the amount of money you can send per day. Some countries do have limits on how much money a person can receive in a day.

    The daily range for transfers initiated over the phone is $300 to $2,500.

    MoneyGram

    MoneyGram's payment options depend on the country from which you're sending money.

    The United States allows transfers to be funded by bank account, credit or debit cards. To fund a Canadian transfer, you can use an Interac transfer (wire transfer), credit card, or debit card. In the United States and Canada, you can pay with cash by visiting a MoneyGram agent location.

    Payment for all other transfers must be made with a credit or debit card, or with cash at a MoneyGram agent location, whichever is available.

    There will be a $10,000 transfer limit for most online transactions, with a total of $10,000 every 30 day period. If you need to send more than $10,000, you can visit one of MoneyGram's 350,000 agent locations to send additional money.

    Where Is Western Union Vs Moneygram Available?

    Western Union allows you to send and receive money from and to over 200 different countries across the globe. Among the nations to which you can send money are the following:

  • Argentina
  • Bangladesh
  • Bolivia
  • Brazil
  • Bulgaria
  • Chile
  • Colombia
  • Costa Rica
  • Croatia
  • Czech Republic
  • Dominican Republic
  • Ecuador
  • Egypt
  • El Salvador
  • Ethiopia
  • Ghana
  • Guatemala
  • Haiti
  • Honduras
  • Hungary
  • India
  • Indonesia
  • Jamaica
  • Kenya
  • Malaysia
  • Mexico
  • Morocco
  • Nepal
  • Nicaragua
  • Nigeria
  • Pakistan
  • Panama
  • Paraguay
  • Peru
  • Philippines
  • Poland
  • Romania
  • Rwanda
  • Senegal
  • South Africa
  • Sri Lanka
  • Thailand
  • Tunisia
  • Turkey
  • Uganda
  • Uruguay
  • Vietnam
  • Over 200 countries are supported by MoneyGram. Among the nations to which you can send money are the following:

  • Australia
  • United Kingdom
  • Brazil
  • China
  • Chile
  • Denmark
  • Egypt
  • Greece
  • Iceland
  • India
  • Japan
  • South Korea
  • Mexico
  • Philippines
  • Portugal
  • France
  • Singapore
  • Western Union Vs Moneygram Money Transfer Fees

    Western Union

    How much you will pay to send money with Western Union depends on a few factors:

  • Where you’re sending money to
  • How you’re paying for the transfer
  • How much you’re sending
  • When using a credit or debit card to send money quickly, you might expect to pay more. Money can be picked up within a few hours at a Western Union location in some situations, but not always. Globally, there are more than 550,000 different sites where you can pick up cash.

    MoneyGram

    Where you send money, how much you send, and how you pay for the transfer determine how much MoneyGram charges. MoneyGram's Rates & Fees Calculator lets you know how much your transfer will cost.

    A bank transfer is usually the least expensive technique to use. You can only use this option if you have a checking account in the United States. Money sent to a bank account, on the other hand, has reduced fees but is only possible in certain countries.

    MoneyGram locations may provide lower rates for transfers. Using this method, for example, you can send money from one bank account to another for less. For money transfers involving bank account payments, online transfers are likely to be less expensive than in-person transfers.

    Exchange Rates

    Western Union Exchange Rates

    In terms of exchange rate markup, Western Union is one of the online money transfer firms that enjoy quite substantial margins. In some cases, clients must pay up to 20 percent in exchange rate differences and other fees in order to complete their transactions.

    It's not always the case that Western Union's currency rates are better than its competitors. In addition to the destination country, the amount of money you send might affect the conversion rate.

    Western Union offers better exchange rates for sending money to developing countries than it does for sending money to Europe or the United States. A better exchange rate can also be found when sending large amounts of money.

    MoneyGram Exchange Rates

    MoneyGram, like most money transfer providers, charges a markup on their exchange rates in order to cover costs. All of this profit is returned to MoneyGram as part of their profit on money transfers between countries.

    Exchange rate markups range from 1 to 3 percent for many money transfer providers.

    If you use MoneyGram to send money internationally, however, you may be charged a markup as high as 5%. When determining how to send money overseas, examine the conversion rates offered by several money transfer services, you may find that someone else offers a better rate than MoneyGram.

    Pros and Cons of Western Union Vs Money gram

    Pros Western Union

  • Large, well-established company may give you peace of mind.
  • See transfer fees upfront so you know how much you’ll be charged.
  • Typically low fees are charged for bank-to-bank transfers.
  • Easy to use with a user-friendly website and app.
  • Multiple ways to initiate a transfer - online, app, phone, and in person.
  • Pay for your transfer using a bank account, wire transfer, debit card, or credit card.
  • Debit and credit card transfers can reach the recipient within 1-2 business days.
  • A huge network of Western Union locations means that recipients have better access to receiving cash faster.
  • Pros Money Gram

  • Second-largest money transfer service in the world, meaning they are well-known and trusted.
  • A large network of agent locations, with more than 350,000 individual locations internationally.
  • Pay for transfers in a way that is most convenient for you, including bank account transfer (U.S. only), Interac transfer (Canada only), credit card, debit card, or cash (in agent locations only).
  • Send money a variety of ways, including bank account deposit, mobile wallet, prepaid card, cash pickup, and cash delivery.
  • Transfers are available online and in person.
  • Fast delivery, with most transfers processed same-day.
  • Send money to more than 200 countries worldwide.
  • Schedule recurring transactions to send money to friends and family regularly.
  • Estimate fees and exchange rates before you complete a transaction on MoneyGram’s website.
  • Track the status of your transfer on MoneyGram’s website.
  • Cons Western Union

  • One of the most expensive online money transfer companies
  • The least expensive option, bank-to-bank transfer, takes the longest to get to the recipient.
  • Lower daily transfer limits than other online transfer companies.
  • Cons Money Gram

  • You can only pay with a U.S. bank account, making transfers more expensive for international consumers.
  • Fees differ in agent locations and online, making it difficult to know if you’ve got the best rate.
  • The markup on exchange rates is among the highest in the industry, meaning MoneyGram is one of the more expensive money transfer services.
  • Lower daily and monthly transfer limits than some online services.
  • Can only transfer to a bank account in a limited number of countries.
  • No support over phone number or online chat.
  • Platforms Where Western Union Is Available

    Western Union is available on a computer, tablet, or mobile device through its website. Additionally, it is available on tablets and smartphones with its app.

    Similar to western union, you can send money using a physical MoneyGram agent location, online on the company’s website, through their app. The app is available on Android and iPhone devices.

    Is Western Union Secure?

    Due to its long history, Western Union is regarded as one of the safest and most secure methods of sending funds abroad.

    A multitude of countries has granted the organization full licenses and insurance coverages. As a result of its long history of providing money transfers, the public has a high level of trust in it.

    You can trust MoneyGram to send or receive money in an efficient and safe manner. Licenses are held in all 50 states in the U.S., as well as in Washington, D.C, Puerto Rico, and Guam. United Kingdom MoneyGram is an authorized payment institution (API). FINTRAC in Canada monitors the corporation to prevent money laundering and terrorism financing.

    Also in many other countries where MoneyGram operates, MoneyGram adheres to licensing and regulatory requirements.

    Every year, MoneyGram invests an average of $50 million in its regulatory compliance program, which is taken very seriously.

    What Western Union Offers

    A money transfer service offered by Western Union allows individuals to transfer funds between themselves, either inside the same nation or between countries.

    As an added bonus, certain retailers accept Western Union for payment of their bills. Prepaid cards allow you to send and receive money conveniently, and you can even have your paycheck directly deposited onto the card. Many stores will accept the card as a debit card, allowing you to make transactions.

    As part of its business services, Western Union Business Solutions also pays suppliers, employees, and partners around the world and accepts payments from foreign clients. It also offers global mass payments.

    A money transfer service offered by Western Union allows individuals to transfer funds between themselves, either inside the same nation or between countries.

    Besides international money transfers, MoneyGram also offers bill payment services through certain providers and the option to send money directly to the Federal Bureau of Prisons detainees, according to the company. These services make up a modest amount of their business.

    Western Union Money Transfer Customer Reviews

    Western Union has more than 17,000 individual customer reviews on Trustpilot, a consumer review site.

    Overall reviews are mixed, with 65 percent of reviewers rating Western Union excellent. A total of 11 percent of reviewers rate Western Union as either poor or bad.

    User Bart stated he found the rates and fees at Western Union competitive with the rest of the industry. He also stated that his transfer was completed quickly and without trouble.

    Customer Omar gave Western Union a try after getting stuck in Pakistan and running out of money. His transfer arrived in six business days without issues, and he says he plans to use the service in the future.

    Reviewers who had negative experiences with Western Union point to poor customer service and communication about the status of their transfers.

    MoneyGram has one of the worst customer review profiles online. They have more than 500 customer reviews on Trustpilot, a consumer review site. Of those reviews, they have an average of 1 star out of 5, with 92 percent of reviews being considered “bad.”

    Those who have given MoneyGram poor ratings complain about customer service, bad exchange rates, and unexpected cancellations.

    User Maria C. tried to send money to a friend and thought the transaction went through. However, when her friend showed up to pick up money, they were told the transaction was denied. After Maria called customer service, she was left dissatisfied with the answers she was given and frustrated with MoneyGram.

    Client Stan G. had used MoneyGram to transfer money several times before his account was closed. MoneyGram cited their security not being “comfortable” with Stan’s sending activity and transactions, but he was given no further explanation for the account closure.

    Customers who have had positive experiences say they love that MoneyGram offers quick transactions and reliable service.

    Customer Felicity said she has had a great experience sending money with MoneyGram. Funds get to the recipient quickly and she feels her money is safe because the company asks a variety of screening questions.

    How to Contact Western Union

    Western Union offers email, live chat support, and a customer service phone line.

    Customer Service Phone:

    (800) 214-5483, Monday-Friday 8 a.m.-6 p.m. CST and Saturday-Sunday 8 a.m.-5 p.m. CST

    How to Contact MoneyGram

    Customers can contact MoneyGram through the contact form on the company’s website, or contact email support: Email Support: customerservice@moneygram.com

    Other Money Transfer Providers

    What Western Union Offers

    A money transfer service offered by Western Union allows individuals to transfer funds between themselves, either inside the same nation or between countries.

    As an added bonus, certain retailers accept Western Union for payment of their bills. Prepaid cards allow you to send and receive money conveniently, and you can even have your paycheck directly deposited onto the card. Many stores will accept the card as a debit card, allowing you to make transactions.

    As part of its business services, Western Union Business Solutions also pays suppliers, employees, and partners around the world and accepts payments from foreign clients. It also offers global mass payments.

    A money transfer service offered by Western Union allows individuals to transfer funds between themselves, either inside the same nation or between countries.

    Besides international money transfers, MoneyGram also offers bill payment services through certain providers and the option to send money directly to the Federal Bureau of Prisons detainees, according to the company. These services make up a modest amount of their business.

    Western Union Money Transfer Customer Reviews

    Western Union has more than 17,000 individual customer reviews on Trustpilot, a consumer review site.

    Overall reviews are mixed, with 65 percent of reviewers rating Western Union excellent. A total of 11 percent of reviewers rate Western Union as either poor or bad.

    User Bart stated he found the rates and fees at Western Union competitive with the rest of the industry. He also stated that his transfer was completed quickly and without trouble.

    Customer Omar gave Western Union a try after getting stuck in Pakistan and running out of money. His transfer arrived in six business days without issues, and he says he plans to use the service in the future.

    Reviewers who had negative experiences with Western Union point to poor customer service and communication about the status of their transfers.

    MoneyGram has one of the worst customer review profiles online. They have more than 500 customer reviews on Trustpilot, a consumer review site. Of those reviews, they have an average of 1 star out of 5, with 92 percent of reviews being considered “bad.”

    Those who have given MoneyGram poor ratings complain about customer service, bad exchange rates, and unexpected cancellations.

    User Maria C. tried to send money to a friend and thought the transaction went through. However, when her friend showed up to pick up money, they were told the transaction was denied. After Maria called customer service, she was left dissatisfied with the answers she was given and frustrated with MoneyGram.

    Client Stan G. had used MoneyGram to transfer money several times before his account was closed. MoneyGram cited their security not being “comfortable” with Stan’s sending activity and transactions, but he was given no further explanation for the account closure.

    Customers who have had positive experiences say they love that MoneyGram offers quick transactions and reliable service.

    Customer Felicity said she has had a great experience sending money with MoneyGram. Funds get to the recipient quickly and she feels her money is safe because the company asks a variety of screening questions.

    How to Contact Western Union

    Western Union offers email, live chat support, and a customer service phone line.

    Customer Service Phone:

    (800) 214-5483, Monday-Friday 8 a.m.-6 p.m. CST and Saturday-Sunday 8 a.m.-5 p.m. CST

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