How long do MoneyGram transfers take?

The transfer time depends on where you're sending to and from, as well as the payment and delivery methods you choose. However, MoneyGram claims that many transfers can arrive within minutes.

MoneyGram payment and collection methods

MoneyGram offers a variety of payment options for both sending and receiving transfers, which can vary depending on the country.

When sending from the UK, you’ll have the following payment methods to choose from:

• Debit card

• Credit card

• Bank account

• Cash at an agent location

Your recipient can receive the money by having it deposited into their bank account or collect it in cash from an agent location, depending on availability in their country.

In some locations, you can send money directly to your recipient’s debit card or mobile wallet account. Additionally, there is an option for cash home delivery in a limited number of countries.

Which countries and currencies does MoneyGram support?

When using MoneyGram in the UK, you can send money to over 200 countries and territories worldwide.⁴

While the company doesn’t list all the supported currencies on its website, it covers all major currencies. You can check if a particular country or currency is supported by using the fee calculator tool on the MoneyGram website.

Transfer fees - how much does MoneyGram cost?

Now, let’s take a look at the important part, how much MoneyGram charges for international transfer fees.

There is no fixed charge per transaction with MoneyGram. Instead, fees vary depending on the transfer method, amount, and destination. In some cases, there may be no upfront fee to pay.

As a general rule, transferring money directly from your bank is usually cheaper than using a credit card or paying in cash at an agent location.

Exchange rates

Alongside the transfer fee, it's just as important to check the exchange rate you're offered when sending money overseas. In fact, it could be the most critical factor to consider.

This is because some providers add a markup or margin to the mid-market exchange rate, also known as the interbank rate. This rate is generally considered the fairest rate you can get.

MoneyGram is likely to add a margin to the exchange rate when converting currency for your transfer. This could make it more expensive, even if the upfront transfer fee is low.

To give you an idea of the difference this can make, let’s run a quick hypothetical transfer.

Let’s imagine you want to send £500 in GBP to a friend in France (EUR). Here’s how much it would cost with MoneyGram compared to Wise, which always uses the mid-market rate with no margins added.

As you can see, the exchange rate plays a crucial role. In this example, Wise is the cheaper option, even when MoneyGram doesn’t charge an upfront fee. By securing a better exchange rate, your money goes further, and your recipient gets more, as less is lost in currency conversion.

MoneyGram transfer limits

MoneyGram does have limits on how much you can send at once or within a set period. However, these limits are not publicly available as they can change, so you'll need to check within your MoneyGram account for the most up-to-date information.

Is MoneyGram safe?

MoneyGram takes security seriously, so it’s safe to use as long as you follow their fraud awareness guidance.
The company monitors transactions and conducts identity verification checks for customer accounts, which helps keep your money and data secure.

Conclusion

While MoneyGram offers a well-established service for international money transfers, it’s important to consider the associated fees, exchange rates, and transfer times before making your decision.
While its global reach and variety of payment options are a plus, the margins added to exchange rates could make it a more expensive option, especially when compared to alternatives like Infinity, which always uses the mid-market rate.

That’s exactly where Infinity fits in.

• Infinity is a modern fintech platform designed to make international payments smooth, transparent, and hassle-free.

• It helps Indian freelancers, startups, and small businesses receive money from abroad while keeping compliance and paperwork streamlined.

• With Infinity, managing global payments becomes far easier than relying on traditional, slow, and unpredictable methods.

With Infinity, you get a more transparent, cost-effective way to manage global payments.

Sign up now! to start receiving international payments with ease and efficiency.

Frequently Asked Questions

1. What are the fees for sending money with MoneyGram?

Fees with MoneyGram vary depending on the transfer method, amount, and destination and the overall cost can depend on factors such as exchange rates and payment methods.

2. How long does it take for MoneyGram transfers to reach the recipient?

Transfer times can vary based on the sending and receiving countries, as well as the payment and delivery methods selected.

3. Is MoneyGram safe to use for international transfers?

Yes, MoneyGram takes security seriously. It monitors transactions and conducts identity verification checks for customer accounts to ensure your money and data are protected, as long as you follow their fraud awareness guidelines.