Is MoneyGram cheaper than Western Union? (2024)

Is MoneyGram cheaper than Western Union?

Is Western Union or MoneyGram cheaper? MoneyGram has marginally cheaper additional fees when sending money to foreign bank accounts. However, both have very high exchange rate margin fees. These can sometimes be in excess of 5%.

Which is cheaper MoneyGram or Western Union?

That said, you would want to look at fees, where MoneyGram tends to be less cost effective than Western Union. This is important as the payout the receiver gets is calculated using the amount you send, exchange rate offered and associated fees applicable.

What is the disadvantage of MoneyGram?

Fee system: MoneyGram's fee system is a significant issue. While providing convenience, the accompanying fees are frequently on the higher end when compared to alternative solutions. Customers looking for more cost-effective international money transfer alternatives may be put off by this pricing factor.

How much does MoneyGram charge to send $100?

The fee for a transfer with MoneyGram varies depending on the amount you want to transfer. MoneyGram charges a flat $5 fee to send amounts between $1 to $49 and a flat rate of $11.50 on amounts between $50 and $499. The fee on amounts of $500 and above is 2%. There is also a maximum amount of $10,000 per transfer.

How much does Western Union charge to send $1000?

Assuming you're sending bank-to-bank, Western Union generally charges between $6.47 and $37.60 to send $1,000. However, the costs could still be higher if you choose a different sending or receiving method. How much does Western Union charge to send $5,000?

What's the cheapest way to send money?

Which money transfer method is cheapest?

A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.

Is Western Union or MoneyGram safer?

Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone. You can also visit an agent location for in person support. Safety: MoneyGram and Western Union are safe to use. Both providers are fully licensed and regulated.

Why would someone use MoneyGram?

Who is MoneyGram? MoneyGram provides money transfer and other financial services around the globe with both digital platforms and retail locations. Consumers can send money internationally to friends and family, pay bills and more with affordable fees and great exchange rates.

What percentage does MoneyGram take?

Is MoneyGram cheaper?

SAVE on bank transfer fees and get better exchange rates on international wire transfers with MoneyGram. With a savings on bank transfer costs versus traditional banks, you'll save on ACH fees and EFTs (Electronic Funds Transfers) when you send $5K in a single online bank-to-bank transfer.

Is MoneyGram a good way to send money?

While MoneyGram is well-known for fast and reliable international money transfers, it is one of the most expensive options for many consumers. MoneyGram has higher fees for transfers and a greater markup on the mid-market exchange rate.

Can I send $5000 through Western Union?

To send more than 3,000 USD from the United States, you will need to verify your identity¹. Once verified, you can send up to 50,000 USD. You can verify your identity online or at an agent location.

Can I send $20000 through Western Union?

Is there a limit on how much money I can send through Western Union? To send more than 3,000 USD from the United States, you will need to verify your identity1. Once verified, you can send up to 50,000 USD.

Why is Western Union so expensive?

Western Union add a large margin when they do the currency exchange. All FX transactions involve a margin, but some add more than others. Here is an example; sending USD 1000 to France. You want the money to arrive as EUR.

How much does Western Union charge per transaction?

Up to $25 per transfer for domestic transfers. Up to $35 per transfer for international transfers. Up to $15.00 per transfer. Up to 3% of the amount in foreign currency.

How can I send money with no fees?

Zelle doesn't charge any fees for sending or receiving money, but your bank may. Keep in mind, you can't send money with credit cards. Zelle is strictly for bank-account-to-bank account payments. Additionally, support is limited, and you will likely have to contact your individual bank if you have questions.

What is the least expensive way to transfer money internationally?

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

How can I send money to a friend without fees?

If you send money using your PayPal balance or bank account, or Amex send^TM account, there is no fee.

Which transfer is free?

Regulated by the Reserve Bank of India, NEFT or National Electronic Funds Transfer is an electronic method of transferring money online. Most Indian banks provide the NEFT feature on internet banking and mobile banking. Money transfer made through NEFT does not require any additional transaction costs.

Is Western Union cheaper than wire transfer?

Unless you're transferring a considerable sum of money, the difference in exchange rates offered by Western Union or your bank is negligible. Though Western Union may offer rates that are slightly better, depending on where you're sending your money.

What is the limit for Western Union transfer?

You can transfer up to 50000 USD/ EURO (or local equivalent) from United Kingdom, France, Germany, Australia, Hong Kong, or the United States when sending from your bank account directly to the receiver's bank account.

What is the disadvantage of Western Union?

Sometimes, customers need to pay up to 20% in exchange rate difference and various fees. Western Union's exchange rates aren't always better than its competition. The country where you're sending money and how much money you're sending can make a difference in the exchange rates.

Is MoneyGram faster than Western Union?

MoneyGram leans slightly cheaper and averages faster transfer speeds than Western Union – but your experience is likely to vary depending on your specific transfer.

What is better than MoneyGram?

Xe has fast transfers with low fees and a range of foreign currency tools. CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.