Remitly vs moneygram

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MoneyGram vs. WorldRemit

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Though you have many options for international money transfers, MoneyGram is among the best known. However, newer online startups like WorldRemit could offer a competitive edge of lower fees and stronger rates.

Data updated regularly

MoneyGram and WorldRemit: How they work

MoneyGram

You can transfer money through MoneyGram either in person, online, using an app or over the phone. MoneyGram will convert and deliver your money to a bank account or for cash pickup at locations worldwide.

Read review: MoneyGram

WorldRemit

WorldRemit conducts its business online. To open a free WorldRemit account, you’ll need to provide mobile number for both you and your recipient, as well as a copy of your government-issued ID. Once approved, WorldRemit converts your currency and sends it to your recipient, who can pick it up through a bank transfer, cash pickup or Mobile Money.

Read review: WorldRemit

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MoneyGram

A number of factors that influence fees when you use MoneyGram: the country receiving the transfer, how you’re sending it and how your recipient will receive your funds. For example, if you send $500 to Mexico using a credit or debit card for cash pickup, you’d pay a $7 transfer fee, while sending $500 to Belgium using a credit or debit card for cash pickup would cost $31.

WorldRemit

Transfer fees for WorldRemit also vary depending on where you’re sending money, but the fee for most countries is $3.99. The method you can use to send money will depend on the country to which you’re sending it.

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Winner: WorldRemit

Although for both companies, what you’ll pay depends on the options you choose and your recipient’s country, WorldRemit’s fee structure is simple and transparent. For most transfers, WorldRemit’s flat $3.99 rate will be cheaper than your fee with MoneyGram.

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To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

We’ll look at the rates that MoneyGram and WorldRemit offer compared to the mid-market rate.

MoneyGram

Depending on where you’re sending money, the exchange rate with MoneyGram could be 5% or more above the mid-market rate. This translates to big profits for MoneyGram — at your expense.

Let’s look at the example of a transfer to Australian dollars (AUD):

  • If the mid-market rate is 1 USD = 1.30 AUD
  • MoneyGram’s exchange rate could be 1 USD = 1.24 AUD

WorldRemit

WorldRemit takes a smaller margin than MoneyGram — sometimes less than 1% above the mid-market rate.

Using the same example of a transfer to AUD:

  • If the mid-market rate is 1 USD = 1.30 AUD
  • WorldRemit’s exchange rate might be 1 USD = 1.29 AUD

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Winner: WorldRemit

Competitive exchange rates make WorldRemit the clear winner here, putting money more money into your recipient’s pocket.

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MoneyGram

Delivery speeds with MoneyGram vary by transfer option. In-person and phone transfers can be delivered in minutes, although at higher costs. MoneyGram’s cheaper options take two to four business days.

WorldRemit

Sending money by bank transfer typically takes one to three business days, although a few banks offer instant transfers. Sending money via Mobile Money or airtime top-up is available immediately.

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Winner: Tie

If you need to get your money there in a hurry, you might not mind the higher fees for MoneyGram to get it there instantly. However, WorldRemit’s Mobile Money and airtime top-up options won’t cost you an arm and a leg — and even its slower option could save you a day.

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MoneyGramBank account, credit or debit card, cashVaries by countryBank transfer, cash pickup, other options by location2–4 business days190+ countries and 45+ currencies
WorldRemitBank account, credit or debit card$1 minimum; maximum varies by countryBank transfer, cash pickup, Mobile Money, airtime top-upVaries from minutes to 3 days100+ countries
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Case study:$2,000 to Greece

Neal and his wife, Lydia, are moving to Greece. Neal wants to send $2,000 to Lydia, who’s already relaxing in Kelafonia, for a down payment on an apartment. Here’s what an online bank-to-bank transfer would like for this transaction with MoneyGram and WorldRemit.

Transfer fee$25$4.99
Exchange rate1 USD = 0.90 EUR1 USD = 0.93 EUR
Transfer speed2–4 business daysWithin an hour
Total received1,777 EUR1,855 EUR

With WorldRemit, Neal saves $20 on transfer fees, and Lydia gets more than 50 extra euros in her pocket — in much less time.

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MoneyGram offers more flexibility in terms of transfer methods, but WorldRemit comes out on top when it comes to exchange rates, transfer fees and low-cost delivery speeds.

Ultimately, you’ll want to compare your options to find the service that best fits your specific needs.

Looking for more options?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.

Data updated regularly

Sours: https://www.finder.com/moneygram-vs-worldremit

MoneyGram Vs Remitly Vs WorldRemit (Compare MoneyGram and Remitly and WorldRemit)

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MoneyGram Vs Remitly (Compare MoneyGram and Remitly)

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Sours: https://exchangerateiq.com/money-transfer-companies/compare-moneygram-vs-remitly
💰 How to Use REMITLY to SEND MONEY/RECEIVE MONEY ✅ LEARN to Create Account (How does Remitly Work)

MoneyGram vs. Remitly Comparison Chart

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Vs moneygram remitly

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Now discussing:

Remitly vs Western Union: Is one better than the other?

Like banks, money transfer providers usually make their money in two main ways: Firstly, the margin from which they purchase currency at a wholesale rate and the cost of currency sold on to customers. Secondly, an additional transaction fee.

In Western Union’s case, the exchange rate can be widely varied, depending on the currency, country, and method of payment. The company has a price estimator on its website that allows you to look up its exchange rates.

Similarly, Remitly's exchange rate varies depending on the currency, and method of delivery.

Before making a decision, it is important to compare live exchange rates offered by each provider.

Here are three ways to compare the rates offered by Western Union, Remitly, and other providers:

  1. View live rates online at Western Union or Remitly
  2. Use Remitly's or Western Union's currency calculator
  3. Compare exchange rates of up to 8 different providers at once with our comparison engine
Sours: https://www.exiap.com/reviews/remitly-vs-western-union


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