MoneyGram is a service that allows you to send money in either electronic or cash form to many destinations in the U.S. and around the world. It's one of the best international money transfer options, especially if you need to quickly get cash to someone far away or in a different country.
Whether you have a bank account with Wells Fargo, Chase or Bank of America, you can use MoneyGram with any bank account as long as it's located in the United States.
How MoneyGram Works
MoneyGram lets you send money with a number of methods, including online using a bank account or credit card, or in person at a MoneyGram agent location using cash. Your recipient can receive these funds as either an electronic transfer or as cash in the local currency.
To pay online, simply go to the MoneyGram website and enter your electronic payment information. According to MoneyGram, you can pay for online transfers with a bank account (only in the United States) or a Visa or MasterCard credit or debit card.
To pay in person, first, find a MoneyGram agent location near you. The global MoneyGram website explains that for all sends, you must bring the amount you wish to send (plus fees), your recipient's location and full name (matching their ID) and your own ID where applicable. If you are sending to a bank account, you will need the recipient's bank name and account number. If sending money to a mobile wallet, you will need their mobile number, including an international dial code. You may need to complete a send form and give it to the agent with the applicable funds, including transaction fees.
If your recipient is getting cash, you will receive an eight-digit reference code. Your recipient must present this reference code to collect the funds. If the funds were sent to a bank account or mobile wallet, they will be deposited directly into the account, with no further action required.
Consider Also: How Does MoneyGram Work?
Considerations When Sending MoneyGrams
When sending money this way, it's important to know locations and banks that can receive MoneyGrams, how much you can send and the fees and other associated costs.
To find MoneyGram locations, use the front page of the MoneyGram website. MoneyGram has over 350,000 locations in over 200 countries. For this reason, MoneyGram is one of the best money-sending apps. Many banks in foreign countries will work with MoneyGram directly for online bank transfers. For most countries, you can send up to $6,000 every 30 days, with a maximum of $6,000 per online transfer.
Consider Also: How Can I Check If I Was Sent Money With a MoneyGram?
Fees and Timelines
The fees and other associated costs for MoneyGram can be highly variable. They depend on the payment method going in, the type of funds on the receiving end, the amount of the transfer, any credit/debit card fees and the exchange rate between currencies. For example, if you do an online transfer from a bank or credit/debit card to a cash pickup, all inside the U.S., the fee is $49.99 for $1,000. However, if you do the same transfer in person from a MoneyGram agent location, the fee is just $20.
Consider Also: How to Calculate a MoneyGram Transfer
Other variables in MoneyGram fees include the country of the recipient and whether you want the funds the same or the next business day. The MoneyGram website recommends initiating the transfer process and putting in all the variables to see what the final MoneyGram fee will be. Finally, the total cost will be affected by any cash advance fees if you used a credit card and also the exchange rate if you are changing currencies.