12 alternatives to MoneyGram in the UK

If you need to make an international transfer from the UK, there are lots of ways you can do it. One option is to use your bank, but you could find it cheaper and easier using a specialist money transfer service.

One of the names you might come across when searching for money transfer services is MoneyGram. It’s one of the biggest money transfer specialists in the world. But it’s far from the only one.

By comparing a few different providers, you could get lower fees and better exchange rates.

In this guide, we’ll give you the lowdown on 12 MoneyGram alternatives, including the money services provider Wise. With Wise, you can send money worldwide for low fees and great exchange rates.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What services and products does MoneyGram offer?

MoneyGram offers a wide range of different options for sending, funding and receiving international transfers, and has an extensive global network.

Payments are fast, secure and easy to set up online. There’s a tracking function too, so you can see where your transfer is up to.

With MoneyGram, you can send money to 200+ countries and territories worldwide.¹

There’s also the MoneyGram Plus Rewards program, where you can earn rewards for using the service regularly.

Pros and cons of MoneyGram

Pros:

• Promotional offers for new customers²
• Fast and secure transfers - many arriving within minutes³
• MoneyGram app available
• MoneyGram Plus Rewards program for regular users
• Cash pickup available.

Cons:

• Must register/sign in to see fees and exchange rates
• Fees can be high with MoneyGram, depending how you fund the payment and your chosen collection method³
• Exchange rates include a margin on the mid-market rate.³

📚 Read more: How to send money with MoneyGram?

Quick comparison of MoneyGram and alternatives

So, what alternatives to MoneyGram are out there? Here’s an at-a-glance look at the main contenders:

Provider name	Transfer fees	Exchange rate	Coverage
MoneyGram	Varies	Mid-market rate + markup³	200+ countries¹
Wise	From 0.43%	Mid-market rate	160 countries 40+ currencies
Western Union	Varies	Mid-market rate + markup²⁹	200 countries 130 currencies⁴
Remitly	Varies	Mid-market rate + markup⁸	170 countries 100+ currencies⁶
Revolut	Varies	Mid-market rate + likely markup³²	29 currencies³¹
Ria Money Transfer	Varies	Mid-market rate + likely markup¹⁰	165+ countries⁹
Xoom (a PayPal service)	Varies	Mid-market rate + markup¹⁴	160+ countries¹¹
WorldRemit	Varies	Mid-market rate + markup¹⁷	130+ countries 70+ currencies¹⁵
TorFX	None	Mid-market rate + markup¹⁸	40+ currencies¹⁸
Xe	Varies (can include third-party fees)	Mid-market rate + markup²⁰	200 countries 100 currencies¹⁹
OFX	Varies	Mid-market rate + markup²³	170 countries 50 currencies²¹
Skrill	- None (bank-to-bank) - 1% - 2.99% for other payment methods²⁵	Mid-market rate + up to 4.99% markup²⁵	40+ countries²⁴
Currencies Direct	None	Mid-market rate + markup²⁷	40+ currencies²⁶

12 best alternatives to MoneyGram for sending money abroad

1: Wise

Wise is a UK-based international money transfer specialist, which works a little differently to other providers.

By keeping local bank accounts in countries around the world, Wise cuts out all the expensive international fees that come with sending money across borders.

You can send money in 40+ currencies all over the world, using your Wise multi-currency account. You can do it online or via the handy Wise app. There’s even a Wise card for spending like a local in 150+ countries.

Pros:

• Mid-market exchange rates - with no markups
• Offers a multi-currency account and a card alongside money transfers
• Free account sign-up
• Fast and secure payments
• Wise app for managing your money on the go

Cons:

• Wise does charge transfer fees, but these are always low and transparent
• No cash pickup

2: Western Union

You’re likely to have heard of Western Union, as it’s one of the big names in money transfer. The US-based company operates in 200+ countries and territories, and has a history dating all the way back to 1861.⁴

You can use Western Union to send money online or via the mobile app, sending to bank accounts and mobile wallets worldwide. But you can also make and receive transfers in person, at one of thousands of Western Union agent locations.

Pros:

• A huge global network
• A wide choice of delivery and collection methods, including cash payment and pickup
• Easy tracking with the Western Union app
• Fully regulated around the world

Cons:

• Western Union is likely to add a markup to the mid-market exchange rate²⁹
• Some transfer fees do apply
• You may pay more for faster services, as well as for payment in cash⁵
• Not all delivery/collection methods are available for all destinations⁵

3: Remitly

The US-based online money transfer service Remitly offers fast, convenient online payments worldwide. As it doesn’t have any physical locations, Remitly works by delivering money through partners, such as banks and other money transfer services.

You can send to 170+ countries around the world in 100+ currencies,⁶ choosing from a range of payment and receiving methods. In some countries, cash delivery is available.

Pros:

• Promotional offers available for new customers⁶
• Send online or via the Remitly app
• Worldwide network

Cons:

• No cash pickup available
• Transfer fees apply for some transactions, and you’ll pay more for faster services⁷
• Adds a markup to the mid-market exchange rate⁸

📚 Read more: Remitly vs MoneyGram

4: Revolut

Want to manage your money and transfers on your phone? Revolut could be a good alternative. It’s a digital money app, offering many of the same services as a bank account.

There’s a free plan available, or you can upgrade and pay between £2.99 and £45 a month for a paid plan.³⁰ These offer an increasing number of extras the more you pay, including higher limits, lower fees and perks like travel insurance. Revolut plans also come with a debit card.

When it comes to sending money internationally, Revolut lets you make fast, easy payments in 29 currencies³¹ using just your phone. It offers low fees and competitive exchange rates.

Pros:

• Account and card available alongside money transfer services
• Transparent fees and pricing
• User-friendly Revolut app
• Wide range of features available, including on the free Standard plan

Cons:

• You’ll need to upgrade to a paid plan to get discounted international transfer fees
• Revolut charges a 1% fee for currency exchange on weekends³¹
• There’s a monthly exchange allowance, and fees if you exceed it³¹
• Revolut uses its own exchange rate for currency conversions, which may include a fee or a markup³²

5: Ria Money Transfer

Ria Money Transfer is another of the established names in the international transfer world.

It has an extensive global reach, letting you send money to over 165 countries.⁹ It offers a choice of methods to send a payment, including online, from its own mobile app and in person from one of 500,000+ worldwide locations.⁹

Pros:

• Promotional offers for new customers⁹
• Choice of delivery methods, including cash pickup (depending on destination)
• User-friendly Ria Money Transfer mobile app available

Cons:

• Likely to add a markup to mid-market exchange rate¹⁰
• Transfer fees apply, and may not be the most competitive⁹

📚 Read more: Best Money Transfer Apps For UK

6: Xoom

Owned by PayPal, Xoom is specially designed for making online money transfers. You can either fund them with your PayPal account, or another payment method.

With Xoom, you can make online transfers to bank accounts, mobile wallets and debit cards. You can send to over 160 countries.¹¹

In a number of locations, you can also request cash collection and even delivery right to your recipient’s door.

Pros:

• Money-back guarantee if anything goes wrong¹²
• Transfer fees available upfront
• Xoom app available
• Backed by PayPal and all of its customer protections

Cons:

• Transfer fees can be quite high for some transactions, such as those involving cash pickup¹³
• Exchange rates include a margin on the mid-market rate¹⁴

7: WorldRemit

Money transfer provider WorldRemit offers fast, secure online transfers to 130+ countries and in 70+ currencies.¹⁵ It offers a choice of flexible payment options. You can send to mobile money accounts, mobile airtime top-ups or arrange cash pickup.

Pros:

• Promotional offers for new customers¹⁶
• Track payments via the WorldRemit mobile app
• Wide choice of payment and delivery methods, including cash pickup
• WorldRemit mobile app

Cons:

• Exchange rates include a margin on the mid-market rate¹⁷

8: TorFX

Based in the UK, money transfer specialist TorFX offers 24/7 online transfers for no upfront fees. You can send money in 40 currencies.¹⁸

Pros:

• No transfer fees¹⁸
• TorFX mobile app available
• Free account registration
• Fast, secure transfers

Cons:

• Fees and rates aren’t available upfront - you need to register to get quotes for your transfer
• Exchange rates include a margin on the mid-market rate¹⁸
• No cash pickup available

9: Xe

Currency specialist Xe is a trusted and established name in the international transfer market.

And like other alternatives to MoneyGram, it has a range of funding and collection methods to choose from. This includes cash pickup and mobile wallets, although it depends which destination you’re sending to.

Xe lets you send money to 200 countries in 100 currencies.¹⁹

Pros:

• XE mobile app
• Cash pickup available (depending on destination)
• Fully secure transfers
• Live tracking and notifications
• Free sign-up

Cons:

• Exchange rates include a margin on the mid-market rate²⁰
• Need to register/sign-in to see the full range of fees - only estimated fees for certain transfer types are available on the Xe website

10: OFX

Australian transfer company OFX offers fast, secure transfers from the UK to over 170 countries in 50 currencies.²¹ You can make a single payment or set up recurring transfers, benefiting from locked-in exchange rates.

Pros:

• Promotional offers for new customers²²
• Make payments online or via the OFX app
• 24/7 customer support

Cons:

• Difficult to find fees and rates without registering
• Exchange rates include a margin on the mid-market rate²³

📚 Read more: The best UK banks for sending money abroad

11: Skrill

Owned by global payments platform Paysafe Limited, Skrill is a digital wallet. It has been around for a while, as it first launched back in 2001.

With the Skrill app on your phone, you can send money within the UK and to 40+ countries worldwide.²⁴ You can also use the digital wallet to pay online (including on betting and gaming) and to trade cryptocurrency. There’s even a Skrill Prepaid Mastercard for real-world spending.

Pros:

• Offers both personal and business accounts
• Safe and secure transfers
• Optional prepaid card available
• User-friendly Skrill mobile app
• No fees for bank-to-bank international transfers²⁵

Cons:

• No options for cash payment or pickup
• Up to 4.99% markup on the exchange rate for international transfers²⁵

12: Currencies Direct

With a headquarters in London, Currencies Direct was one of the first money transfer providers in Europe when it launched in 1996. It provides online and app-based money transfer services to both personal and business customers. It’s FCA-authorised as an Electronic Money Institution (EMI).²⁶

You can send money to 120 countries in 40+ currencies, and pay no transfer fees.²⁶ Payment for transfers can be made by bank transfer or debit card.

Pros:

• Free account
• No upfront transfer fees²⁶
• Make transfers online, via mobile app or over the phone

Cons:

• Adds a markup to the mid-market exchange rate²⁷
• Fees can apply to some corporate transactions²⁸
• No cash pickup

Wise – Money for here, there and everywhere

Want low fees, great rates and an easy way to send money worldwide? Open a Wise account online in just a few clicks, and you can start managing your money in 40+ currencies (including in British pounds).

You can send payments worldwide for low fees and mid-market exchange rates. There’s even a Wise card for spending in over 150 countries, where your pounds are automatically converted to the local currency at a great rate.

There aren’t any monthly fees with Wise, and you can open an account for free.

Sign up with Wise today 🚀

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. Eligibility is subject to verification of customers' identity.

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After reading this, you should have a better idea of the MoneyGram alternatives out there. There are a lot of them, so make sure you compare fees, exchange rates and features carefully so you get the best deal.

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Sources used:

1. MoneyGram - Sending money
2. MoneyGram - Home
3. MoneyGram - How to send money online
4. Western Union Corporate - About Us
5. Western Union - Send Money
6. Remitly - Home
7. Remitly - Vietnam - Pricing
8. Remitly - User Agreement
9. Ria Money Transfer - Home
10. Ria Money Transfer - FAQs on fees and exchange rates
11. Xoom - About
12. Xoom - Austria - Send Money
13. Xoom - Australia - Send Money
14. Xoom Help - How much does it cost to send with Xoom?
15. WorldRemit - About Us
16. WorldRemit - International Money Transfer
17. WorldRemit - FAQ
18. TorFX - FAQs
19. Xe - Send money
20. Xe - Home
21. OFX - Send money to friends and family
22. OFX - Personal
23. OFX - Exchange Rates
24. Skrill - International Money Transfers
25. Skrill - Fees
26. Currencies Direct - Home
27. Currencies Direct - Terms and Conditions UK
28. Currencies Direct - FAQ
29. Western Union - Terms and Conditions
30. Revolut - Our Pricing Plans
31. Revolut - Money Transfer
32. Revolut - Standard Fees

Sources last checked on date: 21-Sep-2023