MoneyGram international money transfer: Fees, limits and rates

The days when sending money abroad meant filling out an old-fashioned postal money order are gone. There are now plenty of other ways to get funds to someone in another country, including a MoneyGram international money transfer.

So, how does sending a MoneyGram international money order work? Keep reading to learn everything you need to know.

If you're sending money overseas, use Wise for an easy money order alternative. Send money to 160+ countries, all at the mid-market rate with no hidden fees.

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Table of contents
Is MoneyGram a money order? How to make a MoneyGram international money transfer MoneyGram international fees How long do MoneyGram transfers take? How do I track a MoneyGram money order? MoneyGram international transfer limits Alternatives to MoneyGram

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Is MoneyGram a money order?

MoneyGram isn’t a money order but a money transfer service. It works similarly, but there are a few differences.

MoneyGram money transfer	Traditional money order
You can complete a MoneyGram money transfer entirely online	You typically have to get a money order in person, such as at your local post office or convenience store
You can send money with MoneyGram to 200+ countries and territories¹	You can send international money orders. For example, you can send money to 13 countries with a USPS money order²
Transfers can take between a few minutes to a few days³	Money order processing times vary — can be days or weeks
For most countries, you can send up to 10,000 USD per online transfer⁴	You can typically send no more than 1,000 USD with a money order
MoneyGram typically has higher fees than a traditional money order	Money orders normally cost only a few dollars

How to make a MoneyGram international money transfer

It’s pretty straightforward to send money with MoneyGram, but there are a few things you need to be aware of before you start.

The steps you’ll need are different depending on how you’re sending the money. Some options you have are:

• Online
• App
• In-person

If you’re sending money online:

1. Set up a MoneyGram account or log into your profile
2. Enter the country you’re sending to and the amount you want to send
3. Provide the receiver’s details, including their full legal name
4. Indicate whether the receiver wants to receive their money through their bank account, mobile wallet, or in cash
5. Pay with your bank account or with a credit or debit card
6. Enter your details, including your date of birth and email address
7. Check the information you’ve given is correct and send

If MoneyGram needs further information, you’ll be contacted via the email address you provided.

If you’re sending money using the app:

The process of sending a MoneyGram international money transfer using the app is pretty similar to doing it through their website.

The only difference is that you’d be using your mobile device, which can be more convenient for some people. The steps remain the same.

If you’re sending money in person:

1. Head to a MoneyGram location with a photo ID
2. Provide the recipient’s full legal name and location
3. Indicate the amount you want to send
4. Pay for the money transfer, including the additional transfer fee

Moneygram will provide you with an eight-digit reference number. Let your recipient know this as soon as possible, as they’ll need it when picking up the money.

Note that you can only send money in cash using this method, not with a credit or debit card.

MoneyGram international fees

MoneyGram international transfer fees depend on a few factors, including the country you’re sending to and the amount you’re sending. For some destinations, there’s also a difference depending on whether you’re sending money to a bank account or for cash pickup.

Here’s a quick guide to how much you’ll pay in total — including the fees — for some popular destinations when paying cash at a CVS MoneyGram location.⁵

Destination country	Sending 200 USD	500 USD	1,000 USD
Canada	213 USD	537 USD	1061 USD
Mexico	210 USD	510 USD	1,010 USD
Germany	206 USD	508 USD	1,010 USD
China	213 USD	513 USD	1,013 USD
Australia	214 USD	520 USD	1,032 USD

Note: Fees correct at time of writing - 07.31.2024

For an in-depth look, read our full guide on MoneyGram fees here

MoneyGram exchange rates

When sending money internationally, you also want to look out for the exchange rate. This is the rate you’ll see if you check rates on Google.

What you want is the rate that banks use between themselves. This is simply called the interbank rate or mid-market rate.

The trouble is, it’s not usually the one you’ll get. When you buy foreign currency, the bank or exchange provider will nearly always add a markup on top. This isn’t usually called a fee, but it’ll have the same effect on your funds.

Moneygram does not use the mid-market rate as they make money from currency exchange. This means that, depending on the exchange rate, a MoneyGram international money transfer may end up costing more.

💡 Sending money abroad? Check out how Wise compares and make a fast, cheap and secure international transfer:

How long do MoneyGram transfers take?

MoneyGram transfers are generally fast, with many transactions completing in just a few minutes. International transfers typically take longer than domestic ones, but most recipients can still access their money within a few hours or a couple of days.

The exact timing of a MoneyGram international money transfer depends on the payment option and receive method. For faster transfers, MoneyGram recommends using a debit card as your payment option.³

How do I track a MoneyGram money order?

You can track a MoneyGram transaction in two ways:

• Check tracking details by logging in to your MoneyGram online account
• Use the Track a Transfer tool on the MoneyGram website

If you use Track a Transfer, you’ll need to supply two things:

• Your last name
• The REF/AUTH number

You should have all of the information you need to track a MoneyGram order in your transfer confirmation.

MoneyGram international transfer limits

For most countries, you can send up to 10,000 USD per online transfer and up to 10,000 USD every 30 calendar days. Your bank account, credit card, or debit card provider may have additional transfer limits.⁴

The easiest way to see if there are any limits for the transfer you want to send is to log into your MoneyGram account and see what limits apply to your particular case.

Alternatives to MoneyGram

MoneyGram isn’t the only way to send an international money transfer. Western Union, PayPal, and Wise are all great alternatives you can consider.

Western Union

Western Union offers a wide range of transfer options, including cash pickups, bank deposits, and mobile wallet transfers. You can send money online, using the app, or in-person.

The transfer fees depend on where you’re sending money and how. Keep in mind that Western Union also makes money from currency exchange, meaning your cost may be higher for international money orders.⁶

PayPal

You can send money internationally from your PayPal account to another PayPal account as well as by using a linked bank account or credit card. PayPal is convenient and secure, but it can be more expensive due to fees and exchange rates.

For international transfers, PayPal charges two fees. First, you’re charged a domestic transfer fee, which can be as high as 2.9% when using cards. Then, you also have to pay a 5% international transfer fee.⁷

Wise

Wise is a money service business (MSB) that processes payments through its own network, meaning you pay locally, using local bank systems, like an ACH or wire, and the funds are then paid out locally in the recipient’s location too — which avoids those nasty international transfer fees.

To send money online with Wise, you will pay a small, flat fee and a percentage of the amount that’s converted.

All you’ll need is the local bank details of where you’re sending money to. Wise uses the mid-market exchange rate — the same one you see on Google — and simply charges a low, upfront fee. No hidden charges.* No unwelcome surprises.

If you regularly send money across borders, consider signing up for a Wise Account. You can store your money in dozens of different currencies and pay or get paid with local bank details in regions including the US, the UK, the EU, and Australia.

Get started with Wise

💡 Did you know that Wise also offers a business account?

Some key features of Wise Business include:

Better visibility and organization of business finances. This is helpful for account reconciliations and audits. Major local account details for a simple one-off fee to receive international payments with ease No monthly account fees or minimum balance requirements Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the free Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection Batch payment options. Fast payment of up to 1,000 people.

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Wise Business vs Personal

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MoneyGram is a flexible option for sending money internationally. It offers several different ways you can send funds and allows your recipients to pick them up in a way that’s convenient to them.

However, it’s important to be aware of the fees that’ll be charged on top of the amount you send. Make sure you get the best deal out there by comparing costs and exchange rates with alternatives such as Wise.

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Sources:

1. MoneyGram - About MoneyGram
2. USPS - International money transfer services
3. MoneyGram - How long will an international money transfer take using the MoneyGram Money Transfers app?
4. MoneyGram - How much money can I send online?
5. MoneyGram - In-app cost estimator
6. Western Union
7. PayPal - PayPal consumer fees

Sources checked on 07.31.2024