MoneyGram money transfer in the UK: fees, rates, limits and features

Wanting to send money to family or friends overseas? Or perhaps you’re purchasing property abroad and need to transfer money for the sale?

Whatever your reason for wanting to move money internationally, you’ll need to choose the best way of doing it. You can use your bank (although this can mean high fees) or a specialist international transfer service.

To help you find the best option for you, we’ve put together a review of specialist MoneyGram. Here, we’ll take a close look at MoneyGram’s money transfer service, including how it works and all the key features. Plus the fees, exchange rates and everything else you need to know.

To give you a comparison with MoneyGram, we’ll also look briefly at Wise’s international money transfer option. This provides you a low-cost alternative, with a fair exchange rate. On top of this, Wise even offers a multi-currency account, giving you the added benefit of being able to manage your money in multiple currencies.

Key facts about MoneyGram money transfer

What is MoneyGram money transfer?

First, you’ll want to know exactly what MoneyGram is, and how it works. It’s an international transfer service, allowing individuals and businesses to send and receive money around the globe. They offer a very flexible service, having a range of methods by which you can send money:¹

• Online via the MoneyGram website
• Through the MoneyGram money transfer app
• Through an agent at a location convenient to you.

The service allows you to send to more than 200 countries and territories. It’s known for being fast with some transfers taking only minutes to complete.¹

What currencies MoneyGram supports?

MoneyGram supports 58 currencies for international transfers.² In the UK, you can use the cost calculation tool on the MoneyGram homepage to see the currencies available for countries you can transfer to.

How to send money with MoneyGram from the UK?

The steps to send money vary according to your selected method. Bear in mind that you’ll need your recipient’s bank details to hand for all methods.

You can choose to send money with MoneyGram from the UK in different ways:

Sending money online³

1. Sign up for an account with MoneyGram and log in to your account.
2. Specify who you want to pay, how they want to receive their money and how much you want to send.
3. Choose to carry out your transfer using funds from your debit/credit card or directly from your bank account.

Sending money via the app⁴

1. Download the MoneyGram app from the App Store or Google Play.
2. Create an online profile.
3. Specify who you want to pay and how much you want to send.
4. Choose to carry out your transfer using funds from your debit/credit card, directly from your bank account or with cash at a location through an agent.
5. Complete the transaction.

Sending money through an agent⁵

1. Find a location convenient to you.
2. Bring ID, receiver information and the money (in cash) you wish to send.
3. Send the money (plus fees) with the MoneyGram agent.

What are the transfer limits when sending money with MoneyGram?⁶

If you’re sending money online with MoneyGram, there are transfer limits to be aware of.

For most countries, you can send up to £7,600 per online transfer, and up to £7,600 every 30 calendar days. However, when sending from the UK, it’s possible to send up to £40,000 per online transfer to 42 of the available countries.

Is MoneyGram safe?

You’ll also be keen to know if MoneyGram takes security seriously. You can rest assured that the company is safe to use, provided you follow their fraud awareness guidance.

They monitor transactions and provide detailed information on fraud prevention on their website to help customers protect themselves from scams. MoneyGram also carries out identity verification checks for customer accounts, which keeps your money and your data more secure.⁷

MoneyGram send money fees in the UK

While MoneyGram offers flexible and fast transfers, you also need to consider its fees, rates and overall value for money.

Variable exchange rates, as well as MoneyGram’s fees and markups, can potentially make your transfer more expensive than it needs to be. You’ll want to calculate the costs beforehand and compare them with other services too.

One of the alternatives, Wise’s money transfer service, is a low-cost option to consider. Sending money with Wise always gives you the mid-market exchange rate. This means there is no markup added to the exchange rate, only a low-cost, transparent transfer fee*.

Learn more about Wise

MoneyGram transfer fees

There is no set charge per transaction with MoneyGram. Instead, it charges varied fees according to the method of transfer used and the amount being transferred.

Make sure you review the fees before committing to a transfer, so you can see exactly what you’re being charged. Transferring directly from your bank is usually cheaper than by credit card or in cash through an agent.⁹

MoneyGram exchange rate

MoneyGram sets the exchange rates for each transfer and adds a margin to this rate.¹⁰ You’ll need to pay close attention to the exchange rate before you commit to the transfer.

One way of avoiding being caught out by unfavourable exchange rates is by comparing the cost of MoneyGram with Wise. Wise always charges the mid-market exchange rate and never adds a markup.

Sign up with Wise

How to contact MoneyGram in the UK?

Although there is no direct MoneyGram UK contact number, you can contact them by filling out their online form for help with general queries, complaints or reporting fraud. MoneyGram also offers a live chat service via its website for immediate support.

So, now you should have a better idea of what MoneyGram money transfer is and what it offers. We’ve covered currencies, transfer methods, how you go about setting up a transfer, what fees to expect, as well as transfer limits, security measures and contact details.

Hopefully now you’re feeling more informed in your search for a reliable, convenient and good value money transfer service.

Sources used:

Sources last checked on date: 16-Mar-2023