IN-DEPTH ANALYSIS

Is MoneyGram Safe? - A Comprehensive MoneyGram Review

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Written By
Julija A.
Updated
July 08, 2022
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MoneyGram is a reliable and convenient way to carry out monetary transactions through an elegant and intuitive app.

When it comes to money transfer services, security is always a top priority. Most people's biggest fear when using such services is that their money will disappear. This naturally leads to the question, “Is MoneyGram safe?” The short answer is, yes, MoneyGram takes adequate measures to keep its customers’ money secure. Let’s dive in and explore what else this platform has to offer.

Transaction fee for $100:
$4.99 - $8.49 (from US to CA)

Monthly transfer limit $10,000

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Transaction fee:
$4.99 - $8.49 (from the U.S. to Canada)
Monthly transfer limit:
$10,000
Daily transfer limit:
$10,000
Loyalty program:
Yes
pros thumb up Strengths
  • First international transaction free of charge
  • Fast transactions
  • FastSend
  • Available in 200+ countries
  • Outstanding mobile app
pros thumb up Weaknesses
  • Unfavorable exchange rates
  • Online transfer limited to certain countries
  • Low monthly limit

Overview

MoneyGram International is a peer-to-peer (P2P) money transfer company with over 80 years of experience in the industry. It has been using the name MoneyGram since 1998.  It’s headquartered in Dallas, Texas, but has offices worldwide.

While the first international wire transfer was made possible by Western Union in 1872 via telegram, the first credit card appeared in the 1950s. It would take a few more decades for wire transfer services as we know them today to become available. MoneyGram is one of the culminations of that technology; like most money transfer services, it allows you to link your bank account, credit, or debit card to your MoneyGram account.

In this MoneyGram review, we will compare this platform to similar services, explain how to use it, its features, how well it works, and more.

MoneyGram Comparison to Similar Money Transfer Services

MoneyGram Logo
MoneyGram
Monthly limit:

$10,000

Transfer fee for $100 (the US to Canada):

$4.99 - $8.49

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Western Union Logo
Western Union
Monthly limit:

$50,000

Transfer fee for $100 (the US to Canada):

$1.99 - $8.49

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Wise Logo
Wise
Monthly limit:

$18,000 ($250,000 a year)

Transfer fee for $100 (the US to Canada):

$5.24

Visit Site

How to Use MoneyGram 

MoneyGram is one of the handy ways to gift money to someone, or pay the bills. It is also a valuable tool for businesses to transfer money to their employees. There are three ways to transfer money using this service:

  • Online payments 
  • Visiting a MoneyGram agent location
  • Touchscreen kiosks

You can conduct an online transaction via the website or app. Either way, you’ll need to:

  • Register
  • Input information about the receiver
  • Choose a payment method

The second option requires you to physically go to the agent location with the cash you wish to send. Apart from money, you also need to bring your ID to carry out the transaction.

Finally, the kiosk method is a great way to speed up the process if the online payment option isn’t available to you. All you need to do is fill out the information using the touchscreen kiosk, and then insert the cash into the cashier.

All of these methods are quite straightforward, and usually aren’t too much of a hassle. MoneyGram processing time is pretty quick, so your money will be transferred in no time. 

MoneyGram Features

MoneyGram has a handful of features that make it stand out from its competition. For example, they introduced the FastSend option for extra fast money transfers, and a loyalty program. Let’s explore these features of MoneyGram and see who they are useful for.

Features By Country

MoneyGram is available in over 200 countries, including Austria, Bulgaria, Chile, China, Great Britain, India, Mexico, Turkey, and the United States. Keep in mind that this pertains to in-person transfers. Only some countries from this extensive list have the option to conduct transactions via MoneyGram’s website or mobile app.

MoneyGram FastSend

FastSend is MoneyGram’s convenient feature that allows users to transfer money within a few minutes. It should be noted that the receiver needs to have a Visa debit card for this method to work.

All the user needs to do is log in via the company’s website or mobile app, select FastSend as the payment method and input the receiver’s full name and phone number. Then, the receiver gets a text that their money has arrived. To withdraw the money, they need to enter their Visa debit card information.

MoneyGram Plus Rewards

MoneyGram has a loyalty program you can sign up for, with some attractive rewards:

  • 20% discount on the fee during your second transfer
  • 40% discount on the fee every fifth transfer

This offer is available only in certain territories, including the British Virgin Islands, and Bermuda.

MoneyGram Mobile App

MoneyGram has a sleek-looking mobile app, available both for iOS and Android. The user interface is simple, with easily accessible options.

MoneyGram app reviews are highly favorable. The app has received an outstanding 4.9 out of 5 rating on the App Store based on over 300,000 reviews. When it comes to Google Play, nearly 70,000 users gave the app a rating of an almost as impressive 4.6.

According to many users, the MoneyGram mobile application is highly convenient, and some even claim it’s faster than the website. They also like the instructions guiding them through each transaction.

On the downside, some customers have reported issues, such as the app signing out mid-use, while others had trouble logging in. However, MoneyGram solves the problems users notify the company about with subsequent updates. Also, multiple users noted that contacting customer service has helpful results. All in all, although by no means perfect, the app has proven pretty remarkable.

MoneyGram Fees, Exchange Rates, and Limits

As you’re probably already aware, using a money transfer service usually comes at a cost. That cost is the fees from the service provider, as well as any additional charges.

The transfer fee varies according to the amount of money in question, payment method, and your and the receiver’s location. For instance, if you want to send $100 from the United States to Canada, and you select a credit card as your payment option, you will need to spare $8.49 for the fee. The amount is lower for those using a debit card or online bank account, as it equals $4.99 for both.

MoneyGram charges more than some of its counterparts for conversion, too, and the exact amount depends on the currencies in question. For instance, if you’re exchanging GBP to EUR, you’ll pay around 5.05% more than at an exchange office.

Currently, there’s a new offer that allows you to carry out your first online international transfer without a fee. Therefore, you can try out MoneyGram with no transaction fee, and see whether this service is right for you.

MoneyGram's monthly limit is $10,000. The daily limit is the same. This means you can’t send or receive an amount larger than $10,000 within one day or month.

MoneyGram Security

The company is authorized to do business in all US states and territories. In addition, it has multiple licenses, including:

  • The Georgia Department of Banking and Finance license
  • The Puerto Rico Office of the Commissioner of Financial Institutions money transfers license
  • The New York State Department of Financial Services money transmitter license

That is just the tip of the iceberg, as the complete list is much longer. Apart from holding an array of permits, the company has also taken measures to lessen the number of scams during online payments.

When the user enters the required information to transfer funds, MoneyGram displays an informative text about different kinds of fraud. This is their attempt to arm the users with enough info to prevent identity theft and other types of scams.

MoneyGram Customer Support  

The company’s customer service can be contacted via phone, live chat, email, or the contact form on the website. The site also features an elaborate FAQ section, so you may not have to contact them at all.

The majority of users have voiced their satisfaction with the customer support, citing friendly staff and quick problem-solving as the primary reasons. A few of them claimed to have had issues with the team, such as a long response time. Nevertheless, it seems that, for the most part, their service is adequate.

Pros and Cons of MoneyGram

MoneyGram’s biggest perk is its fast transaction time. So, how long does MoneyGram transfer to a bank account take? It’s usually completed within an hour or less, but it can take more due to several factors, including the countries you’re sending from and to, bank working hours, etc. If you use the FastSend option, the transfer only takes a few minutes.

Other advantages are the well-designed mobile app that is extremely simple to use, and the fact that the service is available worldwide in over 200 countries. In addition, the platform has a great loyalty program.

Regarding the disadvantages, one would be the limitations of certain features only to certain countries. The fees and exchange rates are also a bit unfavorable, and the monthly limit is lower compared to the competition. Still, other aspects of MoneyGram make it a worthwhile option.

Bottom Line

MoneyGram offers a reliable and necessary service. Its solid loyalty program can make up for generally higher fees, too. All in all, this is a money transfer option worth checking out.

FAQ

Is MoneyGram safe to use?

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MoneyGram is a well-established company that is safe to use. However, anyone can fall for a scam, such as phishing, and thus have sensitive information, including their MoneyGram log-in information, stolen. In that case, you should contact the company immediately for damage control.

How long does it take for MoneyGram to transfer?

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MoneyGram money transfers can take from less than an hour to a day, depending on factors like the countries and banks involved. However, the FastSend feature enables you to send funds that are transferred within minutes.

Is MoneyGram the best way to send money?

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The best way to transfer money depends on the user’s needs and preferences. However, MoneyGram reviews indicate that this is one of the most convenient ways to send money. It comes with tons of perks, including fast transaction time, and discounts for loyalty program members. It also has an elegant app that allows you to conduct money transfers wherever you are.