I caught myself thinking very recently, “does MoneyGram accept American Express?” and because I wasn’t sure I had the right answer to this question, I decided to do a little research to provide me best answers.
Though, MoneyGram presumably offers clients a reliable and competitive means for abroad-money-transfers, however; we always want to be certain that we have all our answers about all cards the platform accepts.
Nobody wants to be caught asking these questions at the point of transfer, which may cause a panic hemorrhage.
Anyways, I am here to share all answers I got from my little research with you, right now.
All I ask is that you meticulously go through this read, to get best answers on whether or not Moneygram accepts American Express.
Also, the post answers other basic questions you may have about MoneyGram. Enjoy the read Fam.
What Should I know about Moneygram?
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience, MoneyGram is leading the evolution of digital P2P payments.
According to Laurent Oberholzer, MoneyGram International is the second-largest money transfer company in the world after Western Union, offering a long and well-established record of service. Insofar as its all-round service goes, the company offers not only some of the lowest rates for certain currencies, but also a long-established record of service and extensive coverage.
Nonetheless, savvy users need to be careful of the hidden costs attached with sending money to certain countries with MoneyGram. Alternatively, you can use other low-cost providers if price is a turn off for you.
Further more, Moneygram’s extensive online service allows you to send and receive money in over 20 countries through their mobile app using a debit card, credit card, or bank account (only in the US and Canada). In certain countries, your money transfer can be deposited to your recipient’s bank account, mobile wallet, or prepaid card; or even delivered in cash directly to your recipient’s home!
Moneygram Fees & Exchange Rates
1. Base Fees
MoneyGram fees generally vary depending on the amount sent, the send and receive countries, as well as the payment and receive methods. Here how you can save on fees with MoneyGram:
When sending money online with MoneyGram, it’s best to pay by bank transfer if this is available.
Sending to a bank account is usually less expensive than sending money for cash pick-up.
If you are sending money to a bank account, it is often cheaper to send at an agent location than online, regardless of the payment method used. Still, fees at agent locations can also vary depending on which location you choose.
If you are sending money for cash pick-up, the online service will generally be cheaper than sending money at an agent location, but only if you pay by bank transfer.
2. Exchange Rate Margins
MoneyGram applies the standard practice of taking a margin on the exchange rate. What that means is that the exchange rate offered to MoneyGram customers is not as good as the real mid-market exchange rate, and MoneyGram profits from this difference, known as an exchange rate margin.
While this generally costs you a couple of percentage points of the amount you are sending, the amount you will pay above the mid-market exchange rate can occasionally exceed 5%.
Since some money transfer services are able to offer exchange rates without any margin and save you plenty of money, it’s very important to always compare all available money transfer services before sending money abroad.
All in all, MoneyGram’s fees and exchange rates leave the service only rarely the cheapest provider between countries.
According to our analysis, MoneyGram was the cheapest provider only 1.85% of the time across over half a million searches on our comparison engine from around the world in September 2020.
The three cheapest providers over that same period, TransferWise, Skrill, and WorldRemit — who were the cheapest providers globally around 53% of the time — all offer lower exchange rates and fees than does MoneyGram on most corridors.
For example, if you were to send USD 2,500 from the United States to the Philippines, you would pay USD 58.57 in total fees and your beneficiary would receive PHP 118,290 if you chose to send the money with WorldRemit. If you chose to make the same transfer with MoneyGram, on the other hand, you’d pay a considerably higher USD 79.55 in total fees and your beneficiary would receive only PHP 117,274. That’s more than a thousand pesos fewer than they’d receive if you’d sent with WorldRemit!
Is It Easy to Transfer Abroad With MoneyGram?
Previously, setting up your money transfer with MoneyGram was quite complicated, however, in the contemporary, the service has recently laudable progress!
These days, you can send a money transfer with ease over their website, with MoneyGram’s online interface having become highly navigable and user-friendly. The web design is simple and uncluttered, for example, and includes a succinct and relatively transparent breakdown of the fees you can expect to pay.
Over and above this, MoneyGram US’s website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you’d like to keep an eye on your transfer.
Signing up to MoneyGram US’s online service is also straightforward, with clear and easy to understand instructions and explanations. However, it’s worth noting that you’ll be required to fill out a number of fields in order to sign up successfully, including your cellphone number, your home/billing address, and your date of birth.
How does Moneygram work?
MoneyGram is similar to Western Union. It provides services such as money transfers, money orders and bill payment to people who don’t have bank accounts or don’t want to use their normal bank account.
Also, its services are available in many pharmacies and supermarkets as well as small local businesses, bus stations and check-cashing outlets which makes it very convenient if your stuck in a jam. They claim to have 350,000 locations around the world for pickup, but transactions can be initiated only in the United States and a handful of other countries.
This is how it works:
- If you’re sending from a branch office you fill out some paperwork which can also be done online. Then, you use cash, credit or debit card, or a bank account to give MoneyGram the money. There are also fees added on depending on the method of transaction and also the location of the money’s destination.
- Since MoneyGram works as a bank, they don’t actually have to bring the money to your destination. All they have to do is wait for the money to come through and notify the destination branch that you’ve submitted money.
- MoneyGram gives you a number when you submit the money which you then tell to the recipient. After a few hours or days, the recipient can go to their local branch and retrieve the money using that number as well as some form of identification matching the original paperwork.
MoneyGram works similarly like your own bank because you deposit money in one location which can be retrieved at another location (such as an ATM or a different branch). The only difference is that it’s not you retrieving the money, it’s a designated recipient.
How much money can I send with MoneyGram?
The total amount you can send depends on if you’re transferring funds through MoneyGram’s website or from a its agent location. For most countries, you can send up to USD 10,000 or equivalent in a single online transfer.
MoneyGram also limits the amount you can send every thirty days to a total of USD 10,000 or equivalent. If you want to transfer money over this amount, you will normally need to visit a MoneyGram agent location and may need to provide certain identity documents.
How do I fill out a MoneyGram money order?
MoneyGram money orders give people without a checking account the convenience of a check. To fill one out you will need to:
- Find a MoneyGram location that offers money orders and pay for the transfer.
- Confirm that the amount you’ve paid and the amount printed on the money order are identical. If they’re not, speak to your local agent or MoneyGram.
- Put the beneficiary’s name in the “pay-to-order” line. Make sure you spell it completely and correctly, as this is the only person who will be authorized to use, deposit, or cash out the money order.
- Sign the money order on the “Purchaser, Signer for Drawer” line.
- Fill out the address clearly and correctly.
- You may also need to provide your date of birth for security, and an email address, so you can get status updates.
- Separate the money order and keep the receipt until you know the beneficiary has received the money.
MoneyGram recommends using black ink and printing clearly so the money order is easy to read and follow. To keep your money order safe, remember to fill it out immediately and completely. Never leave anything blank. MoneyGram money orders can be delivered in person or sent by mail.
Do I do a MoneyGram transfer to send money abroad?
There are two main ways to send money overseas with MoneyGram: Online, or at an agent location. You can send money online through MoneyGram’s website and you can pay for your transfer with a debit card, credit card or directly from your bank account. You can also choose to send money from over 350,000 MoneyGram agent locations worldwide and can also fund your transfer with cash or a check.
Sending money online with MoneyGram
- Go to the MoneyGram website
- If you have a MoneyGram account you can log in, otherwise you will need to create a new account.
- Decide how much you’d like to send and where you want to send it to.
- Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
- Tell MoneyGram how the beneficiary wants to get their money—through a bank transfer, cash pickup, or via some other means.
- Agree to the MoneyGram exchange rate and any fees.
- Pay for your transfer.
- Enter your information to verify your identity.
Sending money from a MoneyGram Agent location?
You can achieve this via these simply steps;
- Find a location
- Prepare for your agent visit
- Bring the following information:
- For all sends:
- Your I.D. where applicable
- Your recipient’s full name matching their I.D. and their location
- The amount you wish to send, plus fees
- If sending to a bank account, you also need your recipient’s bank name and account number
- If sending to a mobile wallet, you also need your recipient’s mobile number with international dial code
- For all sends:
- Complete your transaction
- Notify your recipient
How do I find a MoneyGram agent location?
MoneyGram is available at agent locations worldwide. For an agent location near you, use our MoneyGram agent locator tool.
How much does it cost to transfer money with MoneyGram?
The fees vary based on the send and receive countries and the amount sent. Use the Moneygram estimator tool to estimate the cost of your transaction.
How much money can I transfer?
The limits depend on the applicable legal requirements and circumstances of each transaction (such as receive country). For further information please contact the Moneygram agents or customer service. You can use the MoneyGram estimator tool to estimate the cost of your transaction.
Kindly note that requirements vary by country and maximum send or receive limits may also apply.
How can I pay for a money transfer?
Most MoneyGram agents accept cash only for transactions at agent locations. Contact your agent prior to your visit to find out what method of payment they accept.
When will the money be available to my receiver?
Money is typically ready for cash pickup within minutes after the transfer has been sent successfully. However, this is subject to agent operating hours and compliance with regulatory requirements
What are my currency options?
MoneyGram offers a choice of currencies for sending or receiving money in select countries. You can view currency options when using the Moneygram cost estimator tool.
Ask your MoneyGram agent for full details on the currency options available for your transaction.
Can the person I’m sending money to choose the currency to receive the money transfer?
No, please. If the country to which you’re sending money allows money to be received in more than one currency, as the sender you will select the currency in which the money will be received.
How do I know what currencies are available for payout in the country I am sending to?
Use the platform’s cost estimator to verify the country you’re sending money to allow money to be received in more than one currency.
What should I do if the person to whom I am transferring money is having trouble picking up the transaction?
1. Make sure they have the correct Reference/Confirmation Number.
2. Verify your Receiver has a valid photo identification (ID), and that the name on the ID matches the name you provided when sending the money.
Please note that your name on the transfer record must exactly match your name as it appears on your official ID.
Also, remember that requirements may vary by country and agent. Thus, ensure you ask your local MoneyGram agent for details about their process and procedures.
You can find our more details directly from Moneygram by contacting them.
Can I access Online Money Transfers on Moneygram?
To access easy-to-use online money transfers from the comfort of your home, Moneygram mentions that you can pay with debit or credit card, inter alia.
- Register or log in; Enter your information so that we can verify your identity.
- Select a receiver or send money to someone new; Tell us who you are sending to, how they want to receive the money and how much you want to send.
- Choose how to pay and send; You can either pay with your credit or debit card, or directly from your bank account.
You may be tempted to assume that the use of credit cards automatically answers the question, “Does Moneygram accept American express?” in the positive. Not yet. We will soon discover the actual answer to this question.
Note that card issuer cash advance fee and associated interest charges may apply. Also, fees vary based on transaction details such as transfer amount, payment type, delivery method, and pickup location. A currency exchange rate may also apply. MoneyGram makes money from currency exchange.
Timing of funds availability depends on destination country and is subject to banking hours and compliance with regulatory requirements.
Does Moneygram accept American express?
Unfortunately, there has been no express statement from Moneygram on whether or not it accepts American Express. However, they clearly mention that you can use debit or credit card on the platform.
From my research, it is certain that American Express (AMEX) appears resolute about not identifying with Moneygram or Western Union even.
- First of all, there is the issue of merchant fees. AmEx is more expensive for Moneygram or Western Union to accept and AmEx is not willing to reduce its fees for them.
- Secondly, there is the issue of charge backs. Fraud is rampant on both Moneygram or Western Union and, unlike many banks, AmEx is aggressive in favoring the consumer in charge backs.
- Third, AmEx pointed out on an earnings call that they feel it tarnishes their image when affiliated with companies / merchants that have high fraud rates.
- Fourthly, MoneyGram transfers can only be paid with cash or a pin based debit cards. American Express cards are credit cards. Even their new chip and pin cards are considered credit cards and therefore can not be used to purchase money transfers.
Finally, it is very important for us to mention unequivocally that MoneyGram is quite often used for fraud because of its lack of a requirement for both users to show proper identification.
Thus, it is advisable that you are careful when using the international money-transfer platform.
In the meantime, it is our hope that we have satisfies all questions on whether Moneygram accepts American express or not.