in this video we are going to talk about western union vs moneygram reviews
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although atms tap to pay checkouts and automated bank deposits are all commonplace in today's world
there are still occasions when actual cash must be given over or received from a location
consequently money transfer companies such as moneygram and western union have tens
of thousands of agents in cities and towns all over the world as a result of their global reach
money transfer services can be extremely advantageous in certain situations
despite your best efforts it is possible that you will find yourself broke and trapped at
the bangalore bus station requiring cash from your spouse stranger things have happened and
not just while traveling abroad what if your child is enrolled at a canadian institution
and the university needs you to make a rent deposit immediately upon enrollment
a growing number of financial services are being offered by money transfer companies to people who
do not have bank accounts these services include money transfers money orders and bill payments
new immigrants who send money to family members in their home countries on a regular basis
account for a large proportion of customers in the united states and canada finding a moneygram mgi
or western union wu agent or perhaps both outside of the united states is substantially easier
in many countries cash is still king and many individuals in developing countries do not have
access to banking services western union western union is the largest of the two corporations
and its one-time monopoly of the telegraph sector has given them instant global reputation
western union had moved on to new endeavors by the time telegrams were formally stopped in 2006.
it operates in over 200 countries and has over 500 000 locations customers can send money by
phone online or in person with western union fees vary widely based on a variety of circumstances
including the method of payment the speed with which the funds are delivered whether the funds
are paid in cash are wired to a bank where the funds are sent from and where they are delivered
the currency rate adds additional layer of unpredictability to the cost of foreign payments
the cost of a 200 domestic transfer is roughly 12.50 if you pay cash at a western union agent
and the recipient picks it up in cash it costs 11 to transmit cash in june 2021 if the money are
withdrawn from your online bank account transfers from one bank to another cost merely 99 cents
sending cash via a credit card or debit card is more expensive and depends on the amount
being transferred the international transfer costs charged by western union might vary significantly
if you live in the united states and wish to send 500 to someone in mexico in june 2021 you can
withdraw the funds from your online bank account and have the recipient pick it up in cash for five
dollars a cash to cash transaction costs eight dollars the identical transaction costs seven
dollars when paid with a debit card fees for using a credit card are greater a bank to bank transfer
costs nothing but paying money into a bank account using a debit card costs 2.99 and paying money
into a bank account with a credit card cost 17.49 prices for this transaction in ireland
range from five dollars to 21.50 while charges in china range from seven dollars to 102. moneygram
moneygram is the world's second largest provider of money transfers after western union and paypal
it is offered in 197 countries and is supported by a large network of agents which includes 711
and worldwide convenience stores moneygram can be used for international money transfers in two ways
online or through a moneygram representative moneygram as western union's most significant
competitor and its domestic transfer prices are comparable to those of its competitors it will
charge roughly 1.99 in june 2021 if you pay using an online bank account and 1.99 to 4.99 if you pay
with a debit or credit card for transfers of up to 300 within the united states in that month prices
for debit and credit cards increase by one dollar per 100 moved after the first 300 is transferred
moneygram's reputation was based on the ability to transfer money internationally by 2021 it
would have approximately 380 000 payment sites around the world western union is better option
even though both money transfer businesses are wonderful choices western union is the superior
choice in most cases because their costs are more competitive their services are simpler to
use they have more locations and they rank higher in terms of customer happiness and user experience
while western union is a better alternative than moneygram it's important to evaluate
services to see if there are any that are better than both for your unique needs
special considerations one disadvantage of sending cash using these services is that they are only
open or closed during the same hours as the stores perhaps you will have to wait until the
next morning at the bus station before your family is able to send you the emergency cash you require
a request for payment by cash transfer from an unknown source is almost always a scam due to the
fact that the recipient cannot be identified it is the modern equivalent of placing a wad of unmarked
cash inside an envelope and leaving it in a public area on the instructions of an unknown stranger
how western union works customers of western union have the choice of sending and receiving
money in cash receiving funds in a bank account receiving funds on a mobile wallet or receiving
funds on a prepaid card using your debit or credit card is always an option and from some locations
you can send money from our bank account via a local bank transfer or by making use of an online
payment system to complete your transaction such as sofort trustly or ideal also available online
is the western union mobile app which may be accessed by visiting western union's mobile app
bill payments and money orders are also available through this company how moneygram works moneygram
allows you to send money online in more than 20 countries through moneygram.com or using the
moneygram app on your smartphone available for both android and ios in some countries you can
use your debit card credit card or bank account to send money to a bank account mobile wallet
prepaid card or have money delivered in cash from your bank account us only or in canada via interac
online as a whole the customer experience with moni graham has not been very positive
a fact that was confirmed in our analysis on the user experience of sending money online
fees depending on how much money you send and from which countries it is being sent
as well as the payment options you choose western union fees can be quite expensive
it is possible that paying for your transfer with a credit or debit card and getting the money in
cash is the most expensive combination the overall cost of picking up money at an agent location is
typically more than the cost of sending money online moneygram fees vary widely as well
based on the amount transferred the sender and recipient countries as well as the payment and
receiving methods used to complete the transaction transferring money online using moneygram and
paying by bank transfer available only in the united states and canada results in the lowest
fees sending money to a bank account is usually less expensive than sending money for cash pickup
it is also possible that fees at agent locations will differ depending on the location you choose
exchange rates as well as a margin between the exchange rate they offer their customers
in the mid-market exchange rate western union charges a service fee overall we discovered
that western union can sometimes generate up to 20 percent of its profit from exchange rate margins
albeit this is not usual in our research it is important to note that currency rates fluctuate
depending on the mode of payment and withdrawal larger sums of money can occasionally result
in better exchange rates than smaller amounts moneygram earns a profit on the exchange rate it
offers its customers in other words the exchange rate offered to moneygram customers is not as good
as the real mid-market exchange rate and moneygram profits from the difference between the two
usually you pay a couple percentage points of the amount you're sending it is possible that
the amount you will pay beyond the mid-market exchange rate will surpass 5 on occasion which
is fairly significant when compared to other money transfer services what do you think of this video
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