Online banking is incredibly developed nowadays and some people wonder why we keep on using such services like MoneyGram. Well, it's easy to answer such a question. Such services do not require account creation or any other things which take time and energy. With MoneyGram you may just open the website and send any amount of money within no time!
In the past MoneyGram used to be a service that works with a rather limited number of countries, however its geography has expanded and today MoneyGram can be used in nearly all parts of the world. To be precise MoneyGram is now available in 192 countries.
Such a fast expansion occurred due to the right strategy – MoneyGram cooperates with any types of local and regional partners. For example, you can find a MoneyGram partner in a supermarket, in the post office, in a bank, in a travel agency or in any other place or organization. Actually, anyone can become an authorized partner of MoneyGram and accept payments. The main requirement is to run legal business and provide money transfer services in the proper way.
Despite there is an option to send money online quite a lot of customers still prefer going to MoneyGram agents' offices and sending funds in a more traditional way.
Fees and commissions
It is quite obvious that MoneyGram does not have any regular fees since too many countries and regions can be involved in a transaction. Every country has its own terms and conditions which directly influence the total fee. Furthermore, currency also plays a very important role here.
For example, if someone sends money from the USA to Spain he or she will have to send the amount in USD while the recipient will get EUR. Currency exchange creates an additional fee.
Just as with other money transfer services all commissions are to be paid by a sender. A recipient never pays a dime for receiving funds.
In the most cases total commission in MoneyGram starts from 3% from the total amount of money transferred. Comparing to similar services MoneyGram is a very attractive option since its commissions are typically much lower that competitors' fees.
How can I send money?
MoneyGram is a very democratic service which does not require anything but an ID (or a passport – depending on the country). As a sender you would need to fill in the application, provide the amount of money you are going to send and pay the commission.
It does not matter when you are sending the money – MoneyGram works round-the-clock 7 days a week. It means that your transaction will be processed immediately after an operator takes the money. There is also a free option to add a small text message to your transaction. The length of the text message cannot exceed 10 words.
Speaking about MoneyGram service from the point of Euro transactions we would like to emphasize that it is a reliable and worthy solution for sending/receiving money within European Union. There are no borders between EU countries and the capital can flow without any obstacles. Therefore the fees for EU countries are the lowest when it comes to EUR transactions.
Let's check it with a simple example. If we send 100 EUR from France to Finland and select "Receive money in the agent's office" we will see that the sender will have to pay 108 EUR in total including 8 EUR of the commission. In this particular case the fee is 8%. The same fee is for sending money to a bank account, however quite often the commissions are slightly different.
But if we send money from Estonia to Latvia the fee will be 7% only – the sender pays 107 EUR and the recipient receives 100 EUR.
We highly recommend check the commission in your particular case before sending money online or in an agent's office.
Advantages of MoneyGram
We have already mentioned that MoneyGram works round-the-clock without any days off. Therefore most of transactions are successfully processed within 5-15 minutes which is simply tremendous. You can send money from Panama and the recipient will get them in Indonesia in 5 minutes! Just perfect!
Some customers claim about high fees and different limitations, but we would like to object – it is probably impossible to make fees lower for instant international transactions. There are many factors influencing the size of the final commission. Moreover, all fees are clearly stated on MoneyGram official website. You can use the fees calculator there and find out how much Euro you will have to pay for your transaction.
As for the limitations – that is absolutely true that sometimes a transaction via MoneyGram is limited to several hundred or thousand EUR. It does not depend on MoneyGram at all – the reason is that every country has its own rules. Some countries do not allow non-bank services process huge amounts of money and apply limitations MoneyGram has to follow.
MoneyGram has a very helpful customer support service. One may call or send an email. The only sad thing is that sometimes you have to wait for 2-3 business days to get the reply, but in case of urgency it's reasonable to call via phone anyway.
Finally, MoneyGram is a well-established service available in almost all countries and regions around the globe. You can use it in any Euro country.
Disadvantages of MoneyGram
Frankly speaking, there is only one obvious and annoying disadvantage.
MoneyGram cooperates with thousands of agents. Some agents are better, the others are worse – that's normal. It's impossible to control the work of all agents, although MoneyGram constantly monitors it and cuts ties with some partners from time to time. The best workaround for you is to check the reputation of an agent online prior to visiting the office.
There are few major services for instant international transfers and MoneyGram can certainly be called a decent one. Its website is available in many languages and the service allows for sending money to lots of different countries in no time and without any bureaucracy. MoneyGram can definitely be recommended as a great service.