Whether you have family members or friends overseas or you have to transfer money for anyone else internationally you might have faced times that you have to send money immediately while you cannot wait 3 to 5 for bank transfers, especially if you need to send money overseas in a hurry. In these cases you have the option to use MoneyGram. MoneyGram is one of the oldest and most popular money transferring systems that has a long history is found transfers and acceptable popularity in more than 200 countries all around the world. Here is a list of MoneyGram advantages and disadvantages you need to be aware of them before you decide to use the service for funds transferring.
Advantages of MoneyGram
In reviewing MoneyGram advantages and disadvantages let us start with advantages and good points of using the service. Here is the list of benefits that using MoneyGram would cause you.
MoneyGram has over 100,000 agent locations in almost 200 countries all around the world while many of these agents already are placed in local retailer locations. So it is easy to find MoneyGram branches where ever you are in different countries and on the other hand the person you send money to him would be able to reach agents easily as well.
One of the most important MoneyGram advantages is that you are able to send money online through your bank account to a recipient at any time of the day and any place on the universe. By this you can benefit the advantages of electronic payment system as well.
Instant and fast transfers
MoneyGram offers instant transfer of funds to the recipient. By the mean the person you have sent the money to him through MoneyGram would be able to reach it instantly within even minutes.
Easy to transact
You will only need an ID, passport or proof of you true identity to transact funds.
Bill Pay options
Money Gram offers its users all around the world with bill pay service to which connect you with retailers and banks.
In case you use MoneyGram often you would be considered a frequent user and MoneyGram offers transfer fee discounts for you.
Variety of transfers
MoneyGram enables you to use a debit card, MoneyGram credit card, and bank account transfers and if your current country would not accept these you can always gain access to the money either in cash withdrawal, account deposit or home delivery.
Used by everyone
MoneyGram is there for everyone you don’t need to create a bank account or hold a credit card to make a transaction with MoneyGram you can always do it without any of them fast and easy.
You can easily install MoneyGram mobile app on your Android or iOS device and use the variety of features and options. The app designed in high security status in order to increase users convenient and safety.
MoneyGram has over 70 years of experience in money transfer business and has a good rate by customers while the company has increased the users satisfaction through the years.
Disadvantages of MoneyGram
Using different services for different purposes comes with a tradeoff between advantages and disadvantages it is right about MoneyGram services as well. Here is a list of MoneyGram disadvantages you need to be aware of.
In case you want to send a huge amount of money you might face some limitations since MoneyGram limits how much a sender can send to anybody at one time.
No payment tracking
You make a payment using the MoneyGram and no one would know since you cannot track your payment. This is the reason that many people use it for money laundering and internet scamming.
MoneyGram is considered as one of the most expensive payment services while transfer fees are upwards of $10 for every $100 you send and it is of course a lot.
Currency exchange fees
The company could have a hidden MoneyGram transfer fee when you want to exchange money from one currency to another this can consider as one of the biggest MoneyGram disadvantages.
Funds Pick up
In most of the cases the only way to pick up money is physically at a location in MoneyGram agents, by the mean you cannot transfer the Money that you have received through MoneyGram to a bankcard or account.