If you’re not a teenager, then you probably know what a telegram is. It’s now considered an outdated service, but in its heyday it was the quickest way of sending a short message overseas. MoneyGram is similar in how it works, except you don’t just send a message. With MoneyGram, you send money.
Sending Money through MoneyGram
While MoneyGram offers a variety of services for its customers, it is much more known as a very easy and convenient way of transferring money abroad. In the old days this was usually done through banks. With MoneyGram, neither the sender nor the recipient of the funds needs to go through banks for this transaction.
The process of sending a moneygram is easy. First you need to find a MoneyGram location. That’s not too difficult, since it has almost 320,000 locations in almost 200 countries all over the world. You go in, and then you have an agent there who helps you through the process. In general you are asked to fill out a form with the names and addresses of both the sender (you!) and the recipient. As the sender, you’ll probably be asked to show a valid ID such as a passport or driver’s license. You then indicate how much you are sending and to where. Once you’ve done this, in a few days—or even in just 10 minutes—the recipient halfway around the world can collect the money from another MoneyGram location.
As the sender, you’ll be given a transaction reference number which you’ll share with the recipient. The recipient will then show a valid ID at their end and also disclose the transaction number to prove that they’re the rightful recipient. Sometimes additional safety verification questions are used to really make sure of the recipient’s identity.
Payment varies from one MoneyGram location to another, and generally it depends on where the money is coming from and where it is going. The amount of the money being sent also affects the final transaction price. As the sender, you can pay through cash or through a debit card.
Other MoneyGram Services
While the money transfer service is undoubtedly MoneyGram’s most popular offering, the company also offers several other services for its customers. For example, an increasing number of people are now using MoneyGram as a convenient way to pay their bills. MoneyGram can easily make sure that you pay your mortgage, your credit card bills, and your utility bills on time.
Another service that’s also gaining popularity is their money order service. It has become all the rage for online sellers and buyers, especially for those who don’t use PayPal. Money orders through MoneyGram are easy to do and are safe, as the cash can be traced in case it is stolen or lost.