Both companies specialize in offering money-transfer services to anyone around the world. However, which of these two is the perfect solution for you when there is a need to transfer money internationally?
This is one of the questions we’ve always been asked, hence the need for this article. While Western Union and MoneyGram are both popular options to transfer funds, they are quite different in at least four ways that are worth considering. Without further ado, let us evaluate key differences.
- Payment Options
Both give you the option to send money around the globe by telephone, online or at an international agent location. When you make payments in cash or with your credit or debit card, both companies can make the funds available on the same day.
With MoneyGram, you have the option of making use of your bank account if you want to send money using your smartphone or online. Nevertheless, when this option is used, the funds will be made available in 3 business working days rather than a few minutes. On the other hand, Western Union lets you send money with your bank account information but not with your phone. When sending funds, Western Union will require your bank’s bill-pay service and not your bank account and routing numbers.
- Delivery Options
Another notable difference between Western Union and MoneyGram is the different delivery options both companies have made available to their users. Both companies allow funds to be deposited in your bank account or mobile wallet, or to be picked up at agent locations. However, only MoneyGram provides the option of sending money to a PayPal account. Both companies also allow funds to be deposited into your prepaid cards. They allow third-party money transfer services that let you load money onto your prepaid cards.
Figuring out how much it will cost you to send money internationally? Well, regardless of the provider you choose, both have the same fee structure as it depends on how much money you want to send and which country you’re sending money from and to, plus your preferred method. In some countries, paying for your transfer with a credit or debit card for a cash pick up at an agent location can cost you more. It is more expensive than when you send money online. It is important to note that fees charged at agent locations vary, depending on which store location you choose. Interestingly, exchanging with KnightsbridgeFX could save you CAD $630.00.
Being the most popular and the largest one, Western Union has over 550,000 agent locations globally across 200 countries. Meanwhile, MoneyGram, being the second-largest money transfer company has 350,000 global agent locations over 200 countries.
All said and done, special considerations need to be given to one drawback of both Western Union and MoneyGram. Recipients of funds are untraceable, the reason both methods have been used by fraudsters and money launderers in recent times. There is no guarantee of protection for consumers against fraudulent activities.