MoneyGram is one of the easiest, safest, and most efficient ways of sending money to another person living abroad. It has locations in about 195 countries all over the world from Afghanistan to Zimbabwe, so wherever you are and wherever the recipient is, in all likelihood you can transfer the money with no problems. Your recipient can even collect the money in just 10 minutes!
And here’s another thing that will surprise you about Moneygram—it’s absolutely affordable.
MoneyGram Transfer Costs
There are no set rates regarding the fees you have to pay when you use MoneyGram to transfer money abroad. The fees depend on several factors, including:
• The country where you’re sending the money from
• The country where you’re sending the money to
• Whether you are sending money via their website or a MoneyGram location
• Whether you are using the Same Day Service which makes the funds available in a matter of minutes, or if you are using the Economy Service through which the funds should be available in three days
• The amount you are sending
• The particular rates charged by specific MoneyGram locations
Using the Transfer Cost Estimator
While you may not be able to find out exactly how much transferring the funds will cost you unless you call a particular MoneyGram location and ask them about it, here’s a MoneyGram page that contains a convenient transfer cost estimator. Just click on the link and a popup window will appear.
This tool will ask you a series of questions in order to estimate just how much you’ll need to pay in transfer fees. The questions you’ll be asked include:
• Whether you’ll send the money by visiting a MoneyGram location or if you will be doing it online
• The country where the funds will originate
• The currency you want to use
• The country where the recipient will get the funds
• The service option you’ll use (Same Day Service or Economy Service)
• The amount of money you’ll be sending
Once you enter the required information, the page will tell you the amount the recipient will receive (in local currency and using the current exchange rate) and the transfer fee.
You can also use the estimator to calculate how much you can send when you want to include the fee. For example, if you want to send $500 from the US to your girlfriend in the UK, you’ll have to pay an estimated $35 so that’s a total of $535. But if you only want to spend $500 at the most, the estimator will tell you that you can send only about $465 to the recipient (after fees).
How to Get Lower Fees
The more money you send, the lower the rate you have to pay. While you have to pay $35 for sending $500, if you send $10,000 to the UK from the US, the total fee is only $397, or $19.85 per $500. So all in all, the more money you send through MoneyGram, the more you actually save in fees.