Although these day the use of electronic payment systems is increasing sharply and users are just a tap away from their desired transactions there are still times when it’s necessary to hand over, or collect, hard cash considering the disadvantages of electronic payment systems or due any other reason. By this there are tens of thousands of MoneyGram and Western Union have tens of thousands of agents in cities and towns around the world that provides users with payment services. Both MoneyGram and Western Union enable you to send money to anyone just about anywhere in the world, but what if you want to choose the best service and you get to pick one of them. Here is a detailed comparison of MoneyGram vs Western Union.
MoneyGram vs Western Union: company size
Western Union is larger than MoneyGram with 500,000 locations in over 200 countries around the world. The company enables customers to send money by phone, through the Western Union website, or in person. However MoneyGram is Western Union’s biggest rival. Both company has domestic transfer fees closely match to each other and it is vary depend to the type of transfer and locations.
MoneyGram vs Western Union: transferring fees
MoneyGram is best known for international transfers and also Western union rates of international transfers seems to be same as the competitor. In case your situation is not an emergency, you better check the fee calculators on Western Union and MoneyGram and find out which service is better for your based on your current location where you want to make the transaction you also would be able to choose one of them considering the location you are sending money, the amount of funds is sending, what form of payment you choose to use, how you want it delivered, and how quickly you need the process be. You can also review the exchange rate of each day to check it before decision.
MoneyGram vs Western Union: functionality
The way Western Union and MoneyGram work to transfer money almost contain the same process. In case you want a brief description of both you go to each company’s website first. Then you will have to enter how much you wish to transfer and the destination and see how much you must pay for the exchange rates. Using both MoneyGram and Western Union you have the option of visiting an office, calling or using a mobile app in order to make a transfer. As soon as the transferring is finished by any of the mentioned methods your money is going to be transferred to a bank account or for cash pickup at particular locations all around the world. However you should consider that Western Union provides a few more ways to pay but MoneyGram is more straightforward when it gets to calculating fees.
MoneyGram vs Western Union: exchange rates
Exchange rates in Western Union depends on the country that you want to send money there however the typical exchange rate is estimated to be up to 6% more than the market rate. By the mean if you want to send a large amount of money to another country then hundreds of dollars would go to the company’s pocket.
The process is almost the same using MoneyGram. As well depending on where your transfer destination is the exchange rate is estimated to be 5% or more above the market rate.
MoneyGram vs Western Union: transfer speed
Depend on variety of transfer options provided by each of the Western Union or MoneyGram speed of transferring differs. Going through cash transfers in person or by phone takes only minutes to complete the transaction, of course with high costs. So for sure these services are similar. Only in cheaper transferring option which takes business days to be done MoneyGram with 2 to 4 days period is faster than Western Union with more than 5 days transaction period.
MoneyGram vs Western Union: amount of money limitation
Using Western Union you can be sure that there are no limits to the amount of money you can send at any one time while MoneyGram limits how much a sender can send at any one time. This can be considered as one of the disadvantages of MoneyGram service.
MoneyGram vs Western Union: currencies
A full and complete list of currencies available for transfer with Western Union and Moneygram on their website. Western Union supports more than 200 types of countries while MoneyGram supports more than 45 types. You can check the available currencies on each company’s website.
MoneyGram vs Western Union: delivery options
Using each of the MoneyGram and Western Union, you have a variety of delivery options available.
You are able to go through in-person cash pick up at a store location.
You are able to deposit to a cell phone or bank account.
You are able to deposit funds onto your own proprietary prepaid cards.
You are able to load money onto third party prepaid cards.
In both services funds must be picked up in person, they will not automatically transfer to a bank account or credit card.
Remember that only MoneyGram gives you the option of sending money to a PayPal account.
MoneyGram vs Western Union: mobile app
Western Union and MoneyGram both offer Android and iPhone users an app to track payments and pick ups and go through variety of other features and options that are designed to increase users accessibility.
If you go through the review above you would get to the point that Western Union and MoneyGram can appear similar while it comes to transferring your money. However you may get a stronger exchange rate with MoneyGram that can be considerable especially for large amount of funds transfers. Western Union and Moneygram are both popular in currency world and they share so much features and option similarly. Both of them provide vast global networks of agents and banks with lots of payment options like cash pick up or bank transfer. They both calculate fees in complicated structure however their exchange rates is uncompetitive. Even if you compare the cost to send cash overseas using MoneyGram vs Western union, there is no clear cheaper or better company to be chosen. All the consideration and comparing only comes down to the country you are sending the cash there.