7 Alternatives to MoneyGram Online Money Transfer

If you need to send money abroad, MoneyGram is one of the most popular options. It offers online transfers, has a huge network of physical locations around the world and you can also receive money.

But there are plenty of other options, too. Here are a some of them:

1. Remitly

Remitly has a broad range of services in addition to sending money overseas online. You can also use their mobile money service, send payments for cash collection at a local agent or even home delivery in some locations. The costs vary according to the service you select, with higher fees for express payments.

Key features and fees:

  • Range of ways to have your recipient get their money - and 2 different fee types based on how quickly you want the payment to arrive
  • Fees and rates vary depending on where you’re sending money to, the value and the payment/receipt method

 

Learn more about Remitly

2. Wise

Wise (formerly TransferWise) logo

Wise offers direct international bank payments, as well as multi-currency accounts to allow you to receive fee free payments in major currencies, hold foreign currency balances, and send money all over the world. All transfers use the real mid-market exchange rate with low, transparent fees - which can work out much cheaper than other alternatives.

Key features and fees:

  • The Wise multi-currency account is 3x cheaper than traditional banks, 5x cheaper than PayPal and 1.7x cheaper than Western Union
  • Model your payment instantly online to see the fees - no markup is ever used on the exchange rate

 

Learn more about Wise Money Transfers

3. OFX

As a global payment provider, you can send in over 50 currencies with OFX, to some 190+ countries. You can also access specialized FX services to lock in exchange rates and make and receive business payments. Create an account to see how much your specific transfer will cost you.

Key features and fees:

  • Create an account to get a payment quote from an OFX expert and learn more about the fees and exchange rates available
  • Business payments, and accounts for online sellers also available

Learn more about OFX

4. WorldRemit

WorldRemit logoWorldRemit services are flexible and include direct bank transfer, payment for cash collection, mobile money and airtime top up. The range of services available depends on the destination country - but with 130 countries available, the chances are that the one you want will be covered.

Key features and fees:

  • Model your payment online to get an instant quote for the fees and exchange rate available
  • Fees and rates vary depending on where you’re sending money to, the value and the payment/receipt method

Learn more about WorldRemit

5. TorFX

With offices around the world, TorFX processes over 7.5 billion GBP worth of transfers every year. Create an account and you’ll be assigned an account manager to get quotes for your payments over the phone or online. You can send both business and personal payments with TorFX.

Key features and fees:

  • Highly rated for customer service, with support both online and by phone, 24/7
  • Fees and rates vary - you’ll need to create an account to check the costs and exchange rate for your transfer

 

Learn more about TorFX

6. XE


Create an account with XE to send money by direct bank transfer to over 130 countries. Fees and rates vary depending on where you’re sending money to, so you’ll have to log into your account to get a quote for your specific transfer..

Key features and fees:

  • XE is a global currency service which offers data, insights and FX tools as well as currency exchange and international payments
  • Fees and rates vary - you’ll need to create an account to check the costs and exchange rate for your transfer

Learn more about XE

FAQs

MoneyGram is an international payment service allowing customers to send payments online and in person via agent locations, to over 200 countries.

 

While MoneyGram is reasonably safe, there are risks when sending money for cash collection. Because this service is almost instant it has at times been targeted by fraudsters and scammers. Payments can’t be reversed once collected, so if you fall victim, your money may not be returned to you. Only use MoneyGram to pay people you know and trust, to stay on the safe side.

Model your payment on the main MoneyGram webpage to see the fees and exchange rate for your specific transfer.
You can find your nearest MoneyGram agent using the Find a location tool on the MoneyGram website.
By Ileana Ionescu Updated September 7th, 2021