MoneyGram Neon Sign

What is MoneyGram?

MoneyGram International, Inc. is the second-largest money transfer provider company, based in the United States. It has its headquarters in Dallas, Texas, and an operation center in St. Louis Park, Minnesota. MoneyGram started as Travelers Express Co., Inc. in 1940 in Minneapolis. Now, it has its regional and local offices in over 200 countries and territories around the world. Moreover, it has a global network of about 347,000 agent offices.

The services that MoneyGram provides include money transfer, money orders, bill payment, mobile top-up, and prepaid card reload services. It is one of the best options for people who don’t have a bank account or want to use an alternative service.

The best thing about these payment service providers is that they have flexible payment methods that you can choose from according to your requirements and ease. For example, MoneyGram offers the following payment methods to complete your transactions:

  1. Cash
  2. Credit Card
  3. Debit Card
  4. Bank Account

In 1998, Viad Corp., Travelers Express’ parent company, bought an international money transfer company, MoneyGram Payment Systems, Inc. Both companies banded together and formed MoneyGram. Over the next years, the company was trusted and recognized worldwide due to its fast and reliable services.

In 2004, Viad Corp. sold MoneyGram, making it a standalone, publicly-traded company.

Advantages and Drawbacks of MoneyGram

Advantages

  • You can send money to more than 200 countries and territories, and that too, within minutes.
  • If you have opted for money transfers that are designated for pickup, they will be ready within minutes of sending.
  • You can also send money directly to someone’s bank account or mobile wallet via MoneyGram.

Drawbacks

  • There is a monthly cap on online transfers, which is $10,000.
  • Payout in specific currencies is only available in selected locations.
  • If you want to do in-person transfers, you will have to pay with cash.
  • The transfer fee depends on location, amount, payment method, and various other factors.

FAQs related to MoneyGram

What is MoneyGram’s Fee?

MoneyGram’s fees depend on various factors, such as location, amount, payment method, and others. If you have selected to pay with a US checking account, then it can result in lower fees. On the other hand, if you have opted for a credit card or debit card, then you can expect the fees to be a bit higher.

Why Opt for MoneyGram?

MoneyGram is the 2nd largest money transfer company, known for having about 350,000 agency locations in more than 200 countries. It is an ideal option for people who want rapid money transfers, either online or in-person, to domestic and international locations.

In addition to these benefits, MoneyGram also offers a MoneyGram Plus Rewards Program that provides personalized exclusive offers, faster transactions, and notifications when money has been picked up.

What Information is required to Send Money?

Whether you want to perform an in-person transaction or send money online, you will need the following information:

  • Recipient’s location.
  • Recipient’s full name that matches the name on the person’s ID.
  • Government-issued ID, such as a driver’s license.
  • If you are transferring money to a bank account, you will need the recipient’s bank name and account number.
  • If you are transferring money to a mobile wallet, you will need the recipient’s mobile number and, if applicable, international dial code.

What Information is required to Receive Money?

  • First, you need to find the closest MoneyGram location.
  • You will need to bring your reference number and ID.
  • You might have to fill a simple Receive Form entering the Reference Number provided to you by the sender. Provide that form to the person at the counter along with your valid photo ID to receive money.

Can I Trust MoneyGram Services?

The company has become much more trustworthy than it ever was, thanks to a $125 million penalty that the company was assessed by federal authorities in the year 2018. They were fined because, according to the Federal Trade Commission and Department of Justice, MoneyGram didn’t do much to prevent fraudulent transactions within its service.

The FTC also found out that almost half of the transactions performed at some MoneyGram locations were fraudulent. Now, MoneyGram has agreed to do the following:

  • The impostor will be blocked from using MoneyGram’s transfer services after two days of receiving a complaint (if identified).
  • Government-issued ID will be required by anyone sending or receiving money.
  • Money transfers being performed from the US will be monitored.
  • Agents that are connected to a high rate of fraudulent transactions will be restricted or terminated.

What can I Do to Prevent MoneyGram Phishing?

Phishing is a fraudulent practice that is carried out by email and is disguised to appear as a legitimate email from MoneyGram. The links in the email will redirect you to a fake website that looks just like MoneyGram’s. You should never click those links or enter any sensitive information.

The best way to avoid phishing is to review the email carefully. If the email is redirecting you to a website, never click on it. Instead, type the website address directly into your browser.

If you suspect being a victim of a phishing attack, contact MoneyGram immediately without second-guessing and report it.

Conclusion

MoneyGram is the world’s second-largest money transfer company, and that is for a reason. The company has improved its services a lot recently because of the rising competition. Therefore, if you want to send or receive money from any part of the world, you can rely on MoneyGram without having any doubts.

However, MoneyGram advises that you shouldn’t send money to someone you don’t know, to avoid money transfer fraud. Moreover, if you cannot identify the person, avoid sending the money at all. Once you have wire transferred the money, it is gone, and you will not get it back.