Moneygram Money Transfer Review

Considering the feedback and high fees, is pretty clear why it’s not among one of the top-rated money transfer companies for May 2020. Moneygram is an old company with vast coverage, but we highly recommend this Moneygram recommended alternatives.
Logo moneygram logo
🏛️ Established 1940
🌎 International Clients ✓ Accepted
💱 Currencies Offered 58 online, additional currencies may be available in shops.
💷 Minimum Transfer None. Moneygram is geared towards small remittances.
📲 Trading via Online or in branches worldwide (Bank to Cash / Cash to Cash).
🏢 Offices In Headquarters in US, with subsidiary offices and certified agents literally across the globe.
⚖️ Regulation ✓ Regulated by various American law Agencies, including the SEC. Also regulated by local authorities such as the FCA (UK).
🤯 Fees Vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Moneygram, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Promotional Code None
👨‍👩‍👧‍👦 Client Reviews 580 on Consumer Affairs, 412 on TrustPilot, 116 on Yelp
⭐ Client Rating Moneygram has a rating of 1 star across all client review platforms.
👍 Advantages Very Global, Very High Reach

Enables Cash pickup

Remitting Cash Since the 1940’s

👎 Disadvantages Very Negative Client Reviews Across All Platforms

Relatively High Fees Based on World Bank statistics


Company Information and Credibility

Company size:  

Moneygram is a money transfer giant and has a substantial role in the history of money transfer.

The US-based business was founded in 1940 to deliver money orders. As its brand name expanded in the 80’s and 90’s, the problem of remittances became a real concern for the global economy, and there were very few competitors in the field (the biggest competitor that comes to mind is Western Union). Back in those pre-internet days, you had to have a local presence to handle anyone’s money, and Moneygram has managed to pull off that task successfully. Today, Moneygram has one of the most extensive global reach in the industry (together with WU), boasting 347,000 agents across the globe.

The company has suffered some downturns during its long history. The 2008 sub-prime crisis had hit it with a full impact crash to take its stock to oblivion, and a $100m fine for fraud a few years later hasn’t helped.


During 2017, Ant Financial  made an offer to buy Moneygram for a sum of $1.2bn. Ant Financial is a Chinese company owned by the Alibaba group (formerly named AliPay), and being that, considering the US-Chinese tensions in 2017, the deal was blocked by the U.S government. Ant Financial ended up buying indirect competitor WorldFirst.

In 2018, Moneygram announced it will be integrating Ripple into its payment system, which may be the way forward for this company. Ripple is the most payment-oriented cryptocurrency.

Regulated By: 

Almost any financial regulator across the globe, including the American SEC and the British FCA.


Moneygram are one of the biggest, strongest, and most resilient companies in the money transfer space, for good or worse. It has a fascinating history filled with glorious achievements alongside crashes and falls.

Client Feedback


There are thousands of Moneygram reviews across the web, and there are dozens of comments left by our visitors.

We focused on the largest and most recognisable user review platforms, and discovered client reviews as follows: 580 on Consumer Affairs, 412 on TrustPilot, 116 on Yelp .

The ratings were as follows:

  1. Consumer Affairs – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.
  2. TrustPilot – 0.5 Stars out of 5 Stars available. The lowest rating that can be achieved on this platform. 91% rated it “Bad” and 4% rated it “Poor”.
  3. Yelp – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.

In total, when aggregating all the client reviews altogether, it appears like most clients who left their review online were extremely dissatisfied with their experience.


Positive:We discovered few positive reviews on our research. Those we did find indicated the following positives with the company:

  • Good service
  • Inexpensive
  • Easy to transact
Negative:As there are hundreds of negative client reviews on the platforms that we have checked, there was negative feedback about many aspects, including:

  • Quality of service
  • Cost of transfer
  • Responsiveness of company / agent
  • Safety and Security
  • .. and many more…


Based on the research we have conducted, most Moneygram clients or at least the ones that have bothered to write an online review, are dissatisfied. The situation is similar to Western Union, the only company which is really comparable to Moneygram.

Some of the angst directed at Moneygram may be unjust. Perpetrators are using Moneygram’s service for money transfer scams but there is little the company can do on that regard. Additionally, some clients may have unrealistic expectations.

Since there were so many negative reviews collected, it is reasonable to believe that Moneygram could further improve the quality of service and rates.

Exchange Rate & Fees


We can say Moneygram shows good ethics by presenting a cost calculator on their website. It makes figuring out the exact costs easier than with other companies. The only companies on the market showing that type of feature at the moment are Transferwise, Currencyfair, Azimo and World Remit (from the ones we have reviewed to this point).

Fees & Exchange rates:

We have tested some of the most common currency exchanges on our website. Pound to Dollar, Euro, and AED. When transferring 1,000 Pounds from the UK the fees and exchange rate markup make up 5% or 10% of the transfer (in comparison to an industry average of approximately 1% for bank transfers, and under 2.5% for most destinations with cash transfers).

If you check for remittance countries like Romania, the World Bank claims Moneygram is as much as x6 time more expensive than Transferwise and x4 times more expensive than Azimo (Which provide the same bank to cash and cash to cash services, respectively).


Users may send up to $2,500 daily, using Moneygram’s online service. $9,999 is the limit for agent office transfers. $899 is the daily limit for Moneygram mobile app transfers.

These are the limitations for private clients, but we presume there are no limitations for its corporate clients.


If your aim is to save money, you should shop around and check alternatives, if they are available in your area. Moneygram has a lot more global reach than some of the relatively smaller competitors, so there might not be any cheaper alternatives; but based on the sampling we have conducted, there would cheaper alternatives when moving money from the UK, USA, the EU  Australia and New Zealand for most destinations.

Global Reach & Service


  • Dedicated Dealer: Moneygram does not offer dedicated dealers for private clients. The company’s business is remittances rather than small businesses or wealthy expatriates.
  • Offices: There are hundreds of thousands of agents spread across the globe.
  • Ways to approach: Online, via email, telephone or get to a branch/agent.
  • Translations: Yes, is translated to a multitude of languages.
  • Accepts clients: Worldwide.
  • Currencies Handled: 58 online, possibly more available on specific branches or with specific agents.
  • Client reviews: The reviews we have collected are generally very negative.


Moneygram is one of the most international companies out there. They have built a network of agents over 8 decades and have far more banking relations and understanding of the money transfer business than any of the newcomers.

The firm’s website is translated to multiple languages, and clients are accepted worldwide in the truest sense of the word, as many of their competitors claim to be global but have nowhere near this sort of reach.

As many of our readers are moving substantial amounts of money each month it should be noted that Moneygram is a remittances service. Its greatest advantages like accepting cash transfers and moving them, in cash, to locations like Africa, South Asia and Eastern Europe, are not applicable for readers who seek to move a hefty salary abroad or make a large purchase.

Additional Functionalities

For businesses: 

Moneygram has a Corporate website which enables small, medium and large businesses to conduct their foreign exchange affairs there. It is stated on the website that corporate clients can have access to spot contracts, forward contracts, limit orders and other hedging tools.


Moneygram has mobile apps for iPhone and Android devices. These applications provide all the functions of the website to mobile users. These apps are rated 3.7 / 5 on the Google store and an impressive 4.8  / 5 on the Apple Store.

Moneygram Review: Bottom Line

Moneygram has serious advantages in the form of very wide global reach and 80 years of reputation. The website is seamless to use, the rates and fees are clear and transparent and you can transfer money by debit card, bank transfer or in cash (through a branch).

On the downside, Moneygram’s online fees are worse than competitors, and you can send only up to $2,500 a day. As a whole, the company is not suitable for a large majority of our audience which is looking for larger sum transfers (like salary, mortgage payments or property purchases abroad).

We have left Moneygram’s rating as Pending simply because it is difficult to compare it quid pro quo with a lot of the other companies reviewed on this website.

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