MoneyGram is one of the oldest and leading global money transfer services. It is also one of the most popular money transfer services to African countries. The company has a vast network of local agents in almost all African countries. It is the second largest money transfer company in the world after Western Union.
How MoneyGram Works
To send money via MoneyGram online or using MoneyGram app, you need to register with your basic personal details for identification. MoneyGram has Android app for Europe, Canada, and Australia, and US, and iOS for US and international. If you want to send money using MoneyGram agents, then you need to visit the agent with your ID, which can be your passport, driver’s license, national ID or any other official document. You also need to complete a money transfer form.
How to Pay for MoneyGram Transfers
MoneyGram accept cash for transfers to be paid at a MoneyGram agent location. You can also send money via MoneyGram app, Android and iOS, or website directly from your bank account, debit car or credit card. Unfortunately, not all payment options are available in all supported countries.
How to Receive MoneyGram Transfer?
MoneyGram transfers can be received via a bank account, mobile money wallet, debit card deposit, and cash. It is worthy noting that mobile money transfers are only available to M-Pesa mobile accounts in Kenya and Tanzania as well as Econet in Zimbabwe.
If if you have sent money for cash pick up, your recipient must have an official ID with the legal name you have used when making the transfer. In some instances, they may also be required to provide proof of address. They also need to have the reference number, which MoneyGram agent will give it to you after you make your transfer successfully.
How Long Does MoneyGram Transfer Take?
The time it takes for the funds to arrive vary based on the receiving method. Money sent for cash pick-up is usually available within minutes after the transfer has been made. Operating hours of the agent might affect the time it takes for your recipient to access the funds.
In February 2020, MoneyGram launched a new service called FastSend that allow customers to send money faster to recipient’s mobile phone number via the website and mobile app.
MoneyGram Fees and Exchange Rate
MoneyGram fees depend on the send and receive countries and the amount sent. You can use MoneyGran estimator tool to find out the cost of your transfer.For instance, if you send 200 USD to your loved one in Liberia for cash pickup, your fee will be 9.99 USD while ending the same amount to Senegal and South Africa, you will pay 7.99 USD and 6 USD respectively. FastSend service is the most affordable as it costs $1.99 per transfer from debit cards.
When estimating the cost of your transfer, you should try different receiving methods. Sending money for cash pick up is more expensive than sending to a bank account.
MoneyGram does not use real mid-market exchange rate because it makes a profit from the exchange rate. This means you are not getting the best exchange rate for your transfers when using their service. It is safe to say that MoneyGram is not one of the cheapest options for sending money to Africa.
MoneyGram Transfer Limits
MoneyGram transfer limits depends on many factors such as local laws of the receive country. If you are making your transfer at an agent location, the agent will be able to tell you the transfer limit to the country you are sending money to. When using the website or app, the system will notify you if you have exceeded the limit. The new service for fast transfers, FastSend, allows you to make a transfer up to $10,000 per transaction.
Where Can I Send Money Using MoneyGram?
MoneyGram operates in almost all African countries. Currently, you can send money via MoneyGram to Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Congo Brazzaville, Ivory Coast, Djibouti, Equatorial Guinea, Eritrea, Eswatini, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mayotte, Morocco, Mozambique, Namibia, Niger, Nigeria, Reunion, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia, and Zimbabwe.
Is MoneyGram Safe?
MoneyGram is one of safest and most secure money transfer services in in the world. The company has been around since 1940 and has served millions of customers. It is also listed on on the Nasdaq Stock Market. It is registered as a money transfer service and regulated in many countries in the world including the United States and the United Kingdom.