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MoneyGram Review: Is it legit, safe and trustworthy for UAE citizens and residents?

MoneyGram is the money transfer business that has the second biggest network of agent locations in the world, behind only Western Union. You may also send money to more than 20 countries via the website or mobile app of MoneyGram. Using a credit card, a debit card, or your bank account to make the payment for your money transfer is a simple and convenient option. The beneficiary can get the payments straight into a bank account, mobile wallet, or prepaid card in some countries. Additionally, cash can be delivered directly to the recipient's home or picked up at any of the individual agent locations. Visit MoneyGram Website.

Although MoneyGram is well-known for its speed and dependability in conducting international money transfers, many customers find that it is also one of the most expensive alternatives available to them. Transfer costs charged by MoneyGram are more expensive, and the company adds a larger markup to the mid-market exchange rate. Because of this, the cost of sending the same amount of money through them may be higher than the cost of using a service that is functionally equivalent.

Sending money with MoneyGram is a simple and quick process:

Simply go to www.moneygram.com to create your free account today. In order to establish a safe password and give your email address and phone number, you will be prompted to submit this information.
Please enter the contact information for the person you are sending the message to. This will contain the destination country for the money that you are transferring.
You will need to inform MoneyGram of the amount of money you intend to send as well as the method you will use to pay for the transfer. You have the option of paying using either a bank account or a credit card or debit card when you are in the United States. You can use either a credit card or a debit card, as well as Interac, to finance a transfer that originates from Canada. In every other country, the only way to send money is through the use of a credit card, debit card, or prepaid card. You also have the option to pay with cash at any location where an agent is located.
Your money will be delivered to the recipient using MoneyGram. The processing of certain transfers can be completed in only a few minutes.
Tweets by MoneyGram
The manner in which you are able to pay for a money transfer with MoneyGram is contingent upon the nation from where you are initiating the transfer.

You can choose to finance your transfer using either a bank account, a credit card, or a debit card when making transfers from the UAE. You may also pay with cash in the UAE by going to a location that is staffed by a MoneyGram representative.

For any other transfer, you will need to pay using a credit or debit card, or you may pay with cash at any place that accepts MoneyGram payments.

The maximum amount that may be transferred during most online transactions will be set at $10,000 per transaction and up to $10,000 per month. Visit one of MoneyGram's 350,000 agent locations if you need to transfer more than $10,000 so that you may send extra cash. MoneyGram has over 350,000 agent locations.

MoneyGram gives its customers the ability to send money to more than 200 countries across the world. You may transfer money to a variety of nations, including the following:

Australia
Kingdom of England
Brazil
China
Chile
Denmark, Egypt, Greece
Iceland
India
Japan
South Korea
Mexico
Philippines
Portugal, France
Singapore.

The costs that MoneyGram charges to send money internationally vary depending on the country to which the money is being sent, the amount of money that is being sent, and the method that is used to pay for the transfer. Utilizing the Rates & Fees calculator that is available on the MoneyGram homepage will allow you to get an estimate of how much your transfer will cost.

The technique that will often result in the lowest overall cost is one in which you pay for the transfer from your own bank account. Unfortunately, in order to use this option, you will need to have a bank account in the United States. In a similar vein, transferring money to a bank account typically results in cheaper transaction costs; however, this service is only accessible in certain countries.

If you start a transfer at a physical MoneyGram store, you may discover that the costs are lower than if you started the transfer online. It's possible that transferring money from one bank account to another might be cheaper if you did it this way, for instance. If you want to send money for cash pickup and pay using your bank account, it is probable that you will discover lesser costs if you initiate the transfer online rather than going into an agent location. The reason for this is that online transactions are processed at a much faster rate.

MoneyGram, like like the majority of other money transfer businesses, adds a markup to the currency rates they use. MoneyGram keeps this markup as a portion of the profit they generate from moving money from one jurisdiction to another.

The majority of money transfer firms add markups to the exchange rate that vary anywhere from 1 percent to 3 percent on average.



However, MoneyGram may charge you markups of up to 5 percent, making them one of the most pricey alternatives available when it comes to transferring money worldwide. When determining how to send money internationally, examine the conversion rates offered by a number of different money transfer services very carefully. You could find that another provider, besides MoneyGram, offers a better rate than MoneyGram does.

They are the second biggest money transfer service in the world, which indicates that they are reputable and well-known.

A vast agent location network consisting of more than 350,000 distinct sites all over the world.

You can pay for transfers using whichever method is most convenient for you, such as a bank account transfer (only available in the United States), an Interac transfer (only available in Canada), a credit card, a debit card, cash, or a prepaid card (in agent locations only).

You may send money using a variety of methods, such as depositing it into a bank account, using a mobile wallet or prepaid card, having it picked up in cash, or having it delivered in cash.

Both in-person and online transfer options are available.

Quick delivery, with the majority of transactions completed on the same day.

Transfer money to any of the more than 200 countries in the world.

You may transfer money to your loved ones on a more frequent basis by setting up recurring transactions.

On the MoneyGram website, you may get an estimate of the costs and currency rates before you conduct a transaction.

On the MoneyGram website, you may monitor the progress of your transfer at any time.

You are only able to pay with a bank account in the United States, which makes money transfers more expensive for customers in other countries.

Because the fees charged at different agent locations and online are not the same, it can be difficult to determine whether or not you are receiving the best deal.

Due to the fact that its markup on exchange rates is one of the largest in the market, MoneyGram is one of the money transfer providers that has the highest fees.

Compared to other online providers, this one has lower daily and monthly transfer restrictions.

You are restricted to transferring funds to a bank account in just a few countries at this time.

There is no help available through an online chat or a phone number.

MoneyGram generates revenue in two distinct ways: first, by charging a charge to consumers for the service of sending money, and second, by imposing a markup on the exchange rate.

MoneyGram's service fees are determined by the following factors:

The total amount of cash that you will be sending.
The destination of the money you are sending.
From where you're going to be sending the money.

What method of payment will you be using for the transfer? It is often the most cost-effective technique to transfer money from one bank account to another bank account. Although it is stated that transferring money via this technique will cost you less if you travel to an agent location rather than sending it online, this is not the case.

The least expensive option is to send the money directly to the receiver's bank account, while the most expensive alternative is to have the recipient pick up cash. If, on the other hand, your receiver has a pressing need for cash pickup, the cost of this service will be lower if you send the money online as opposed to traveling into an agent location.

In addition to this, MoneyGram adds a margin to the exchange rate. MoneyGram's markup is typically closer to 5 percent, but the markup that other money transfer businesses typically charge is anywhere between 1 and 3 percent of the exchange rate.

Because of this much higher markup, in addition to the fees that they charge for transfers, MoneyGram is one of the most pricey alternatives available when it comes to transferring money overseas.

There are three distinct methods in which you may send money with MoneyGram:

Use the services of a MoneyGram representative located in a physical place.
On the internet, on the website of the firm.
Using their mobile application.





Both Android and iOS-based mobile devices may download and use the software.

MoneyGram is widely regarded as a reliable and risk-free method for sending and receiving monetary transfers. It possesses licenses to operate in the District of Columbia, all fifty states that make up the United States of America, Puerto Rico, the Virgin Islands of the United States of America, and Guam. In the United Kingdom, MoneyGram is an Authorized Payment Institution that has been granted its license. FINTRAC, the Financial Transactions and Reports Analysis Center in Canada, is keeping an eye on the business to assist prevent money laundering and the financing of terrorist operations.

In addition, MoneyGram abides by the licensing and regulatory requirements of the majority of the countries in which it conducts business. It takes the topic of regulatory compliance extremely seriously and invests an annual average of $50 million in its compliance program as a result.

MoneyGram is able to facilitate international money transfers, bill payments through partnerships with a limited number of service providers, and the sending of funds to those incarcerated by the Federal Bureau of Prisons. They also provide services for topping off mobile phones and sending money orders, but these make up a very minor fraction of their overall operation.

MoneyGram's online customer review profile is one of the lowest you'll find anywhere. They have hundreds of client reviews posted on Trustpilot, which is a website that reviews products for consumers. The vast majority meet expectations.

Those who have a negative opinion of MoneyGram typically cite issues with the company's customer service, unanticipated cancellations, and low exchange rates.

Customers have the option of contacting MoneyGram either by filling out the contact form located on the company's website or by sending an email to customerservice@moneygram.com for email help.

If you used MoneyGram to send money via the internet, you may view the transaction on your profile by logging in and accessing the history of your transactions there. You have the ability to cancel individual transactions on the page that contains all of the transaction details.

It will typically take anywhere from three to ten business days for the money to show up on the statement of your credit or debit card, or in your bank account, depending on the option you choose. MoneyGram does warn customers that the process of receiving a refund for their transfer may take more time.

If you cancel the transfer within the first thirty minutes after having paid for it, you will be eligible to get a refund of the fees associated with the transfer. You will not get a transfer fee refund for cancellations made more than 30 minutes after the transfer was initiated and up to 180 days after that point.

Sending money with MoneyGram is a risk-free endeavor. Multiple organizations on a global scale have issued licenses to the corporation and control its operations.

When compared to other methods, sending money overseas with MoneyGram is one of the more expensive solutions. However, the precise costs that you will be responsible for are going to be based on a number of criteria, including the following:

How much cash do you intend to transfer?

The nation to which you are sending money, the nation from which you are transferring money, and the method through which you will be funding the transfer
Your receiver can choose how they would like to receive their contributions.

You may receive an estimate of the fees associated with using MoneyGram to send money by going to their website and running a simulation of the transfer you intend to make.

When using MoneyGram, there is no way to completely avoid having to pay the transfer costs. Nevertheless, there are several things you can do to reduce the amount of money you have to pay.

You may reduce the costs in a number of different methods, including the following:

Making a comparison between the fees and currency rates offered by MoneyGram and those offered by other money transfer providers:

You might want to think about paying for the transfer with a different method, or you might ask the receiver to select an alternative option for receiving their money.
You may find out how much it will cost to send money by visiting the website of MoneyGram and determining whether or not you can change the amount to reduce the fees.
You might want to think about using a different money transfer provider if you find one that offers better exchange rates and cheaper costs. When you reduce the amount of money that is lost throughout the transfer process, more of the funds that you send will reach the recipient.

When it comes to the processing of transactions, MoneyGram levies exchange rate margins in addition to transfer costs. On the website, you'll find a cost calculator that gives you an accurate estimate of how much money you'll have to spend on your transfer.

When compared to the typical rate in the business, the company's costs charged every transfer are significantly cheaper. The costs differ depending on the amount being transferred, where the money is going, how the money is being moved, and which payout option is selected. For example, the fee to send 500 GBP to the United States is 3.99 GBP. If you want to send the same amount from your bank straight to a bank account in Malta, it won't cost you any fees to do so, but if you choose the option to pick up the cash, it will cost you 3.99 GBP.

MoneyGram's foreign exchange margins differ depending on the currency pair being converted. You will be charged fees that are around 5.05 percent more than the mid-market rate when transferring money from GBP to EUR. When you send the same amount to Australia in AUD, you will incur fees that are 4.23 percentage points more than the average market rate.

MoneyGram is not responsible for any third-party costs that may be incurred as a result of your selection of a particular mode of payment. For example, if you pay using a credit card, you could have to pay a cash advance fee in addition to the interest rates that are charged on the amount that you advance.

It is advised that you make the payment by bank and have the transfer placed straight into the bank account of the receiver since this will yield the best results in terms of costs and rates.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.