If you've sent money abroad before or regularly send money overseas, you may have used a bank account to complete the transaction. Using a bank account to transfer money can be problematic for several reasons. You may face delays, high fees, and limited accessibility to complete the transfer. Similarly, using some money transfer companies, you also face high fees.
However, money transfers are easy to complete when you use apps to send money online, and the MoneyGram app is one example that can facilitate these transfers — looking for one of the most reliable, secure money transfer services available?
MoneyGram might be ideal, and in this review, we'll explore the perks of the app and its few drawbacks. We will also cover the fees, transfers, and safety features that apply to this service.
What Is the MoneyGram Company?
The MoneyGram company is a money transfer service with a website or desktop platform and a mobile application. This company's app makes money transfers faster, more flexible, and more efficient.
MoneyGram was founded more than 80 years ago and began under the name Travelers Express; it is a key service in the money transfer industry.
They took the name MoneyGram International in 1998 after merging with Integrated Payment Systems. Although its headquarters are in Dallas, Texas, this internationally operating company has offices globally.
It is currently available in a wide range of countries, more than 200, including the United Kingdom, the United States, and countries in Europe. MoneyGram's service locations span 430,000 territories.
Corporate compliance shapes the ethos of MoneyGram. Intending to comply with anti-money laundering, consumer fraud, and terrorist financing regulations, this company implements specific actions to adhere to these standards. We will further explore these actions and features in more detail in this article.
MoneyGram's Features and Services
MoneyGram's app is easy to use and navigate, with a clean user interface.
Its beneficial features and services make it a high-quality app that is favoured around the world. With MoneyGram, you can send money just like most money transfer services, only with the confidence that 80 years of money transfer service experience brings.
While you can only use bill payment services in the US with MoneyGram, here are some of the many other features you can use in the United Kingdom:
- Track and receive money: Like most money transfer companies like Western Union, MoneyGram allows you to track your international money transfers. You simply need to enter your reference or authorisation number and last name into the fields and select “Track Your Money” to determine if the money is available.
- Check currency exchange estimates: The app will allow you to check currency exchange rates and estimates. To use this service, enter the amount you intend to send and the country to which you want to send the money. We found that when sending £38 to the United States, the recipient would receive approximately $50.
- Repeat transfer services: From the home screen, you can repeat transfers without repeatedly entering the details for each transaction. Simply select the transaction and tap the “Send Again” button. If you need to check the transaction information, the transaction details page is accessible when you tap “View Details”.
- Automatic transfers: You can set up a transfer and schedule it for a specific date if you want to automate it. This feature will show the weekly amount you intend to transfer and the next scheduled send.
- Multiple options for payment: Whether you need to pay to make a transfer online using your credit or debit card, MoneyGram allows this with its multiple options for payment.
- MoneyGram agent location service: You can find a MoneyGram agent using their “Find a Location” service. Select the country and then enter the address, postal code or city name to make MoneyGram money transfers with direct customer support from a local MoneyGram agent.
- Scan feature: Using the MoneyGram app, you can scan a credit or debit card or photo ID with your smartphone camera.
- Share your order information with others: With the MoneyGram app, it's possible to share your order details, such as the tracking number, with your recipient.
Who Can Benefit From Using MoneyGram?
MoneyGram can benefit you as an individual who frequently transfers funds overseas to loved ones. The company states that the service is ideal if you need to send money internationally online.
Specifically, it mentions that consumers can send money to friends and family with great exchange rates. However, a couple of other individuals may benefit from using MoneyGram.
- Cash pickup recipients: Your recipient can benefit from using MoneyGram even without the app. With international money transfer agents in various locations, your loved ones can collect the cash after you've finished sending money overseas.
- Individuals sending to a mobile wallet: If your recipient is an expert with technology and has a mobile wallet, the MoneyGram service is ideal for you. You can make the transfer to the mobile wallet with minimal difficulty.
- Recipients seeking an alternative to bank transfer services, such as home delivery: Your recipient might not have a bank account to receive the funds. In that case, you can arrange a direct home delivery so your recipient will still get their money.
What Are the Fees for MoneyGram?
For your very first online money transfer, MoneyGram fees do not apply.
You won't pay any transfer fees for the first transfer you make. However, fees will apply after this transaction based on the amount you transfer and the payment type you select. It also varies depending on the pickup location and delivery method.
Regarding the transaction amount, the fees can start increasing if you transfer between £500 and £1,000. However, if you choose to deliver the money to a bank account and pay using your bank account, this is a cheaper method than making your payment by credit card and sending the money via a cash pickup method.
When we used the money transfer service to send £500 to Spain using a credit card and a cash pickup option, we had to pay a £3.99 transfer fee. There are also exchange rate fees included in the margin MoneyGram charges.
In addition to these fees, you may have to pay third-party costs. Although MoneyGram doesn't receive these charges, your credit card cash advance may incur the fee, and bank fees may apply. It's important to look closely at the total amount you must pay.
Which Transfer Limits Apply to MoneyGram Users?
MoneyGram has a few rules related to transfer limits, which apply to UK MoneyGram users.
When we tried to transfer more than £7,600 to Spain, we could not complete the transaction easily. So, there is a per-transaction limit. We also noticed that we could only transfer a maximum of £7,600 monthly.
We found this transfer limit inconvenient and had to complete additional in-person transactions. This process required us to visit a MoneyGram agent location.
Perks and Drawbacks of Sending Money Via MoneyGram
MoneyGram is generally a high-quality app that works well when sending money overseas. It has a few aspects that exceed expectations and features that could be improved.
Here are the perks and drawbacks of sending money via MoneyGram.
Perks
- Free first transfer: As a UK MoneyGram app user, your first transfer will be free. This advantage offers a cost-saving incentive to use the app and save money.
- Fast transfers: Fast delivery is possible with MoneyGram. You can send money to many locations and have your recipient get it within the same day. Sometimes, your recipient will even receive it within just a few minutes.
- MoneyGram rewards program: You can earn discounts if you register for the MoneyGram rewards program, MoneyGram Plus Rewards. The discounts apply to the transfer fees you face. So, for each transfer you send, you can build up discounts to save money on your transfers.
- Multiple options for money delivery: No matter what your recipient's preferences are for collecting the money, MoneyGram can cater to these needs. Cash pickup, sending money to a mobile wallet, home delivery, and sending money to a bank account or a Visa debit card are all possible transfer actions with this app.
- Send funds internationally or locally: You already know you can send money internationally. With MoneyGram, sending money locally within the UK is possible. This feature saves money when used as an alternative to some money transfer services.
- Notification features: When you initiate a transfer or expect to receive a transfer, MoneyGram will notify you. You can stay informed about incoming or outgoing funds and instantly know when your money will arrive.
- Secure login: The app offers a biometric login feature with compatible smartphones. With this biometric login feature, your account remains secure, and you can still access the account profile quickly.
Drawbacks
❌️ Some features are restricted to specific locations: For example, you can only pay bills with MoneyGram if you are in the US, which is inaccessible to UK customers.
❌️ Limits for transferring money: Like many money transfer services, transfer limits apply. This drawback forces you to visit a branch or local agent location to complete additional transfers. It restricts you from sending sums greater than £7,600 per month.
❌️ Higher, costly fees when paying with a credit card: If you pay for a transaction using your credit card, you will face high fees. To get around this, consider an alternative payment method.
❌️ Fees depend on many factors: The fee you pay will vary and depend on how you pay, the value of the transfer and the destination you are sending money to. This disadvantage can be inconvenient when compared with other money transfer services that may offer a flat transfer fee.
MoneyGram Review: Our Direct Review of the Money Transfer App
After testing MoneyGram ourselves, we gathered our first-hand findings on the app.
This app provides users with a handy, faster way to transfer money than traditional methods. With a few features such as automatic transfers and notifications related to each transfer, money transfer with this app is convenient.
Easy Sign-Up and Transfer Service
Signing up to MoneyGram was also a convenient process. We simply downloaded the app from Google Play, created a profile by entering our information and waited for MoneyGram to verify our identity.
Making a transfer took just three steps. We entered the amount of money we wanted to send, the recipient's details and, selected our payment method (card, bank account and cash are available), and completed the transaction by tapping send. The process was easy, quick, and convenient for our recipient.
Convenient User Interface
We liked the user interface, which made navigating simple. The app clearly displayed the dropdown menus required to select payment methods, the receiving payment method, the amount we wanted to send and tabs that displayed the amount the recipient would get.
Average Transfer Costs
The initial free transaction was ideal for us as newcomers, which helped us save money and get acquainted with the app. The fees following this were slightly more costly than some alternatives. We found that services such as Remitly had a lower average transfer fee, but that this depended on the amount, destination and payment method.
Discounts Available for Saving Money
MoneyGram's Plus Rewards was a bonus that we found handy. We could earn rewards for wire money transactions using this feature. For example, when we joined MoneyGram Plus Rewards, we earned a 50% discount on our second online money transfer.
We then received ongoing rewards, specifically 30% off each third transfer we made. We noticed that this second discount only applied to person-to-person transfers if we had a valid Plus Rewards number.
Multiple Convenient Payment Methods
The range of payment options was encouraging, enabling us to send and receive money through cash pick-up, mobile wallet and bank accounts in more than 200 territories.
The good thing about this feature is that even when our recipient did not have a bank account, they could still receive their cash through the cash pick-up method. Plus, when our recipient was confident with technology, they could use their mobile wallet to receive the transfer.
Features for Multiple Yet Limited Transfers
Many additional features make using this app convenient. Automatic and repeat transfers saved us plenty of time, particularly because we made multiple transfers quickly. Unfortunately, we did not like the limits that applied to our account.
We needed to send £8,000 at one stage but found that the limits did not allow us to easily send more than £7,600 to overseas countries.
Does MoneyGram Provide Any Safety Protocols?
We found that MoneyGram does provide safety protocols.
The company faced a few legal cases in the US, which prompted it to enhance its fraud mitigation measures across the company and the international app. It now monitors transactions and offers the following protocols to prevent fraud:
- Identity authentication: MoneyGram authenticates all users' identities to guarantee financial safety and mitigate fraud. You must add your contact and banking information, proof of identification such as a passport and recipient's information before you begin making any transfers.
- Biometric login: To prevent unauthorised users from accessing your account, MoneyGram has a biometric login feature on iOS-compatible devices. You can log in using facial biometrics or fingerprint to keep your details secure.
- Financial activity monitoring: MoneyGram will check all your financial activities with transfer reviews, which will take approximately one day or less. Again, this feature aims to comply with anti-money laundering protocols that come with the industry. MoneyGram monitors online activity 24 hours a day, seven days a week, for enhanced security purposes.
- Password: MoneyGram will ask for a secure password creation when you download the app. This feature reinforces the security of your account.
- Fraud-aware frequently asked questions section: You will find a fraud-aware section on the MoneyGram website. This section provides advice about scams, money transfer fraud, what to do if you have been scammed and more. Their additional fraud prevention section gives advice about receiving scam emails, what phishing is and what to do if you are a phishing victim in the UK.
With these features, MoneyGram has taken important steps to protect its customers against potential fraud and scams.
How Efficient Is the MoneyGram Customer Service?
We noticed that the MoneyGram customer service is good but could be improved. This transfer app received 4.3 stars out of five via Google Play when we checked in January 2024.
While a few customers found the chat service basic, a barrier to speaking with a real person and insufficient, others suggest that “the customer support is just on another level” and regardless of the technical issue, the team is ready to assist.
From our experience, we value the live chat feature on the website. We could also use the toll-free customer service number when we needed further assistance. Alternatively, we could use the ticket system and form to contact MoneyGram.
With some queries, we experienced delays when waiting for an answer, but we were happy with this service's range of contact methods. Despite the delays, we noticed the supportive nature of the customer support team.
MoneyGram App Review: The Takeaways
Overall, MoneyGram is an easy-to-use, handy money transfer app that helps you save time when sending funds overseas. Its range of features and initial fee-free transfer are enticements that might make this app one of the best fund transfer options available.
Although there are limitations on transfer amounts, you may consider MoneyGram if you make frequent transfers overseas.
Before making your choice, though, compare it to other money transfer services by checking out our article on the Best Money Transfer Apps.
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