Western Union Vs MoneyGram: Which is the best money Transfer app in 2024

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Western Union and MoneyGram are both well-established and the biggest money transfer remittances, sharing most of the common features. 

But one of the main differences we analyze is that MoneyGram covers 430,000 locations around the world, whereas Western Union covers 500,000 agent locations around the world.

In this article, we cover all you need to know about the Western Union vs Moneygram comparison, which helps you select the best international service provider.

Overview: Western Union or MoneyGram?

Whether Western Union or MoneyGram is the international money transfer service that fits your requirements— it will depend on the transfer fees, payment method, country, and other transfer services you require.

Western Union International Money Transfer Provider offers you multiple payment options, including cash pick-up at 500,000 agent locations worldwide, transfer fees, and competitive exchange rate markup on larger transfers.

MoneyGram, an international remittance provider, also offers you the same payment option, which includes cash pick-up at 430,000 locations worldwide with transfer fees and a favorable exchange rate markup on all transfers.

WU vs MoneyGram— Facts compared

 Western UnionMoneyGram
AvailabilityGlobally with 500,000 agent locations.Globally with 430,000 agent locations.
Service ratings4 out of 5 ratings on Trustpilot4.5 out of 5 ratings on Trustpilot.
Transfer fees & exchange ratesDepends on payment method and country.Depends on the payment method and country.
Safety & SecurityFully licensed.Fully licensed.

Western Union vs MoneyGram fees:

Western Union transfer fees vary depending on the country, currency pair, payment method, and pay-out method.

For example:

If you are sending $200 to Singapore, you cost with

  • $0 fee for bank-to-bank transfers.
  • $12 fee for cash pick-up by credit card. 
  • $2.99 fee for bank transfers by debit card.
  • $5 fee for cash pickup by debit card.

MoneyGram transfer fee structure also varies depending on factors such as country, payment method, and amount you are sending. 

By using the same example:

  • Sending $200 to Singapore costs you

$4.99 fees for cash pick-up by bank transfer credit card or debit card.

On MoneyGram, it is confusing about the cash pick-up fees that you have to pay more or less. 

Findings: Western Union and MoneyGram which is cheaper?

Western Union offers you cheaper fees for bank transfers or by debit card, while MoneyGram offers cheaper transfer fees on credit card transfers. 

To rate out the cheaper international money transfer service, it depends on the payment method you need for your transfers. 

If you want to transfer money without fees, compare it with Currencies Direct which offers a fee-free structure.

Western Union vs MoneyGram exchange rates:

Western Union marks up the exchange rates depending on the currency pair and amount you are sending, but comparatively, it charges you the highest rates of the other providers. 

MoneyGram exchange rate markup also depends on the same factors: currency pair and sending amount. You will find the highest rates on MoneyGram than the other providers, such as 5.05% above the mid-market rate for a GBP to EUR transfer. 

Findings: Which gives you better exchange rates?

In comparison, both the providers, Western Union and MoneyGram, offer competitive exchange rates; there is only a slight difference due to the continuous fluctuations of exchange rates. 

But If you want exchange rates with no markup rates click here.

Western Union Vs MoneyGram— Features Comparison

Ease of use: 

Western Union website supports various languages, while the Western Union money transfer app is available for iOS and Android in three languages.

MoneyGram International app supports eight languages and is available both for iOS and Android.

Location availability: which offers more coverage?

Western Union covers 200 countries with 500,000 agent locations worldwide.

MoneyGram covers 200 countries with 430,000 agent locations worldwide. 

Transfer speed: which is faster?

Western Union takes minutes for its cash transfers, but bank transfers usually take 5-7 working days.

MoneyGram cash picks are also processed in minutes, as both services are known for fast international transfers, but again, for bank transfers, it require 5 days. 

Transfer limit: which is better to send large sums of money?

The transfer limit varies from country to country, but Western Union offers you the option to send large sums of money. 

Western Union’s maximum sending limit for the United States is $50,000.

MoneyGram’s maximum sending limits for the United States are $15,000. 

Payment option availability: who offers a better payment method?

Western Union offers you to transfer money by bank, credit card, debit card, or cash pickup.

MoneyGram gives you similar transfer methods by bank accounts (only US), credit card, debit card, and cash pickup.

Western Union vs Moneygram safety features:

Western Union takes various security measures to protect your account and data, such as identity verification, SSL certification, and a multi-factor authentication system.

MoneyGram is also a trusted firm that protects your accounts and data by taking multiple security measures, including biometric login and two-factor authentication.

Findings: Which is safest?

Western Union and MoneyGram are both the trusted and safest companies, having been licensed in all the states where they operate. 

Conclusion: Which is better Western Union or MoneyGram?

By taking a side-by-side comparison, both Western Union and MoneyGram offer the same services. 

Both are money transfer giants, offering you a secure and convenient way to transfer money across the globe. 

But if you want to make large amounts of transfers and have access to more agent locations, Western Union is the better option to go with, while for faster transfers and more access to online transfers, MoneyGram is your choice. 

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