MoneyGram Singapore: Fees and exchange rates

Elle Kasser

If you need to send money abroad to a loved one, to cover an international invoice, or to pay for planned travel, you’ll need a safe and convenient way to do so. MoneyGram Singapore offers several different types of remittance service to help you get your payment where it needs to be fast.

This guide explores how to send money with MoneyGram online Singapore, how to arrange payments in person, and the fees and MoneyGram rate you’ll get when you do.

It makes sense to compare a few international payment providers before you get started sending money abroad - so this guide also introduces Wise as a cheap, secure and fast option for international payments all over the globe.

📝Table of contents:

MoneyGram fees for an international money transfer

The full cost of sending money overseas with MoneyGram in Singapore¹ will depend on a few factors, including²:

  • Where you’re sending a payment to
  • How much you’re sending
  • How you want to pay
  • How you want the recipient to get the money in the end

To check the cost of your transfer you can model the payment on the rates and fees section of the MoneyGram Singapore website.

It’s important to know that there could be a couple of different costs which impact the overall price of sending money internationally with MoneyGram. These include:

  • The upfront transfer fee MoneyGram charge, which can vary by payment and delivery method
  • The exchange rate MoneyGram offers you, which can include a fee in the form of a markup
  • Third party costs applied by your own bank or card issuer, intermediary banks or the recipient’s own bank

MoneyGram international payment - transfer fees

MoneyGram transfer fees start at** 3 SGD** for transfers funded by debit card and delivered into a recipient’s bank. However, the costs for paying using your credit card or cash can be significantly higher. It’s also worth noting that the fee MoneyGram charges you is added onto the total cost of your transfer.

MoneyGram international payment - exchange rate markups

Exchange rate costs can add quite a significant amount to the overall cost of sending international payments - and they’re not always easy fees to spot. We’ll look at ways to check and compare exchange rates - and the exchange rate costs which may be wrapped into the MoneyGram exchange rate - in just a moment.

MoneyGram international payment - third party costs

Finally, third party fees. Third party costs may creep in if you’re sending money using your credit card, for example, as you may find you have to pay a cash advance fee. Or, if you’re sending a payment direct to a recipient’s bank account, their own bank may impose a fee when it arrives. Generally these costs are outside of the control of MoneyGram.

Are there any limits for sending money with MoneyGram?

There are limits to how much money you can send overseas with MoneyGram, per day, week, month and year. However, as these limits depend on a broad range of circumstances, the full listing of restrictions is not available to customers. Instead, you’ll be notified within your account if a transfer you're trying to make would cause you to exceed the relevant limit for your account³.

If you get an account limitation warning when you’re setting up a transfer, you’re advised to contact the MoneyGram Singapore customer service support team. Details on how to do that coming up later.


A cheap, fast and transparent alternative: Wise

Before you click confirm on your MoneyGram transfer, compare the costs of your payment with an alternative like Wise to see if you’re getting the best available deal.

Using MoneyGram may mean paying both an upfront transfer fee and a markup on the exchange rate. Wise prefers to use a simple, low cost and transparent charge per transaction, with no extra fee added into the exchange rate. That means you get the real mid-market exchange rate every time - the one you’ll find on Google. Arrange your payment online, have the money deposited right into your recipient’s bank account for convenience, and you’re done.

If you need to manage multiple currencies, send and receive frequent international payments, or love to shop with ecommerce stores based abroad, you could save even more with the Wise multi-currency account. Open a free online Wise account, hold 50+ currencies, make payments to 80 countries and use your international debit card to spend and make withdrawals in 200+ countries around the world.

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MoneyGram exchange rate: What rate is used?

We mentioned earlier that MoneyGram may add an extra fee into the exchange rate used for your transfer. Here’s the small print from the MoneyGram website:

“In addition to the fee, a currency exchange rate may also apply. MoneyGram also makes money from currency exchange”

So what does that really mean?

To understand how MoneyGram makes money on the exchange rate they offer customers, you need to know about the mid-market exchange rate. That’s the rate that banks, currency exchange services and international payment providers get when they buy currency themselves on global markets. It’s also the rate you’ll usually find on Google - but it’s seldom the rate that’s passed on to retail customers.

Instead providers may add a markup - and extra fee - to the mid-market exchange rate to calculate the rate they use for regular transactions. This is hard to spot and can mean you’re spending more than you expect when you send money with a provider like MoneyGram Singapore.

Look carefully at the MoneyGram exchange rate being offered to you. Compare it against the mid-market rate you can get from Google, and check if there are better deals out there before you complete your transfer.


How can I send money with MoneyGram Singapore?

Create an account with MoneyGram Singapore to send payments online or using the MoneyGram app - or head to a local MoneyGram agent to arrange your transfer in person. Fees and exchange rates may vary depending on the way you set up your transfer and the payment method you choose.

MoneyGram Singapore locations

There are plenty of MoneyGram locations in Singapore, including in central mall locations such as Far East Plaza, Lucky Plaza and Dhoby Ghaut. You can easily search for the closest agent to you, using the MoneyGram location finder tool⁴.


How will my recipient get their money?

When you model your payment on the MoneyGram website you can see the receive options available to you. These do vary a little by location, so you’ll need to double check what your choices are based on your destination country. You’ll usually be able to find you can send a payment direct to your recipient’s bank account, for cash collection, or to a mobile wallet.

Payment direct to bank account

Sending a transfer to your recipient’s bank account is convenient. The money will simply land in the account you nominate when the payment has been processed. This is not as quick as some other methods of transfer, but it is usually the cheapest option, and can be convenient as your recipient won’t need to go out to collect their money.

Before you can send a payment to a bank account you will need to get your recipient’s full legal name as shown on their account, their bank account number and any other relevant bank details based on their location. This may include a SWIFT/BIC code, IBAN or routing number for example. The exact details needed can vary by destination country, so you’ll need to confirm what’s required when you enter your transfer details.

You can send a MoneyGram Singapore payment to over 50 countries - setting the transfer up online is the easiest option. Here’s how⁵:

  • Log into your MoneyGram account, or create an account if it’s your first transfer
  • If you’ve sent money to the recipient before you can simply select their details from your transaction history - if not you’ll need to enter their name and location
  • Confirm how much you want to send
  • Click on the method you want to use to fund the payment - fees do vary based on how you pay, so check this out before deciding
  • Select Direct to bank account or Account Deposit as the receiving method
  • Enter your recipient’s name and bank account details
  • Check everything over and confirm the transfer

Payment to mobile wallet

It’s possible to send payments to a mobile wallet to some destination countries. This can be a simple option as all you need is your recipient’s name and phone number to make the payment. The transfer can usually arrive in just a few minutes, too.

Here’s how to send a MoneyGram payment to a mobile wallet⁶:

  • Check that mobile wallet payments are available in your destination country, and model the costs using the online fee estimator tool
  • Pay for your transfer online, in app, or by visiting an agent and paying in cash
  • Give your recipient’s details including full name and phone number, which must also show any international dialling code needed
  • Your money will be sent straight away and can often arrive very quickly indeed

Payment for cash collection at an agent location

MoneyGram also allows customers to send payments for cash collection at an agent near the recipient. Cash collection transfers can be the most expensive option, but are also very fast. Once your transfer is set up, your recipient can find a MoneyGram agent using the handy location finder tool available on the MoneyGram Singapore website.

You can set up a payment for cash collection online or using the MoneyGram app if the service is available in your destination country, simply by following the onscreen prompts. You can also send a transfer in person by visiting an agent yourself. In this case you’ll need to take the following steps⁷:

  • Visit a convenient MoneyGram agent location
  • Present your government issued identification document, and give the agent your recipient’s details
  • Pay for the transfer, and the fees, in cash
  • You’ll be given a transfer reference number - pass this on to the recipient so they can collect their cash
  • Your payment will be sent right away

When your recipient goes to collect their payment, they will need the reference number, their government issued ID document and in some cases a proof of address[8]. Make sure that you give the agent the recipient’s name as shown on their preferred ID document to avoid confusion.


MoneyGram Singapore contact

If you need help with a MoneyGram payment you have a few options:

  • Visit a MoneyGram agent to get help face to face
  • Use social media to get in touch with the MoneyGram team
  • Complete the contact us form which is available on the MoneyGram website⁹

Now you know all there is to know about MoneyGram in Singapore. Before you make your payment, remember to compare the costs of your transfer with other providers like Wise to see if you could save.


Sources:
  1. MoneyGram Singapore
  2. MoneyGram Singapore FAQ
  3. MoneyGram Singapore FAQ
  4. MoneyGram Singapore - Locations
  5. MoneyGram Singapore - How to Send Wire Transfer to a Bank Account
  6. MoneyGram Singapore - How to Send International Money Transfers to a Mobile Wallet
  7. MoneyGram Singapore - How to Send Money in Person
  8. MoneyGram Singapore FAQ
  9. MoneyGram Singapore - Contact Us

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.

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