It shouldn’t be challenging sending money to relatives or friends who live in another country. However, deciding on the appropriate service for your overseas transfer might be difficult. There are several possibilities, and each service’s fees and features differ.
This comparison will look at MoneyGram vs. Western Union, the two largest money transfer providers worldwide. However, we’d also like to take a look at Wise (formerly Transferwise), and see what thye have to offer too.
So let’s run through the comparisons and find out how you can transfer money with ease.
Table of Contents
Moneygram vs. Western Union vs. Transferwise
Both MoneyGram and Western Union provide money transfers inside the United States and internationally. You have the option of doing a transfer online or if you walk into specific agent branches.
When you pay in person with one of these transfer providers, you often would use cash. If you want to do a transfer online, you need to use either wire transfer or card.
Your receiver will have the option of having the payment deposited straight into their account. Or, they can collect their money in cash at a nearby agent location. With Transferwise (or Wise now), you only have the option of online payments.
Western Union Fees vs. Moneygram Fees
With MoneyGram or Western Union, you can see what the transfer will look like before confirming it. This allows you to see the exchange rates and fees you’ll have to deal with.
If you want to pay in person, the agent will guide you through options and provide you with a quote. Also, most agents will have a back wall with their exchange rates listed for many major currencies.
Your exchange rates and fees will differ with both of these transfer services due to a few factors:
- How much you want to send
- Where you are sending the money
- The way you choose to fund payment
- How the reciever wants to collect their money
Often, it costs more to make payments with credit cards, but debit card payments can be cheaper.
A good way to check out your fees with Western is to use their Western Union fee calculator. The same goes for MoneyGram and Wise: both sites let you model a transfer to see what fees and exchanges rates you’ll get.
However, one of the quickest ways these days to compare fees and interest rates is to use transferly.com. On this site you can quickly compare different transfer companies, like the ones we are comparing, to get the best deal for you.
The Best Way To Send Your Cash
Everyone will find that one transfer service might work out better for them than another. For example, Wise is making waves in the online payment World. Yet, if you want to pay in person, it’s going to be Moneygram vs. Western Union decision for you.
Many thanks for checking out this post; we hope you find an easy way to transfer your money. Also, please take a look at our blog if you found this post helpful!