Receiving inheritance from abroad: What you need to know
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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.
💰 Supported currencies: | 58 |
---|---|
💸 Transfer fee: | variable fee |
💱 Exchange rate: | includes a mark-up |
⏱️ Transfer time: | 10 minutes - few days |
🚦 Online transfer limit: | £40,000 |
📅 Service availability: | 24/7 |
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
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
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.
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:
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.
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
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*.
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 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.
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
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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