MoneyGram is a very trusted and completely safe platform to transfer money worldwide. MoneyGram is in the business for more than 40 years and it is verified by Entrust Inc. So, you can transfer money with MoneyGram without having to worry about security and other fraudulent activities.
Key Takeaways
- MoneyGram has a business operation in more than 200 countries around the world
- MoneyGram has more than 350000 agent locations around the world
- MoneyGram uses Entrust security software to prevent fraudulent activities
- MoneyGram offers a cross-border P2P payment service
Company Overview: MoneyGram
Established in 1980, MoneyGram is the world’s second-largest money transfer service company. MoneyGram is available in more than 200 countries around the world. It has more than 350,000 MoneyGram locations across the world. It offers cross-border P2P payment service and its is headquarters in Dallas, Texas. With the MoneyGram, you can send money online, to a bank account, person, mobile wallet, inmate, and many more. Usually, MoneyGram offers its service through a global network of about 347,000 agent offices.
Key Information of MoneyGram
| Company Name | MoneyGram International, Inc |
| Country | USA |
| Headquarters | Dallas, Texas, United States |
| Industry | Financial Services |
| Company Type | Public |
| Ticker | MGI |
| Revenues | $1,284 Million |
| Market Value ($B) | $1.00 Billion |
| Employees | 3072 |
How does MoneyGram Work?
MoneyGram offers various types of money transferring services including international money transfers. There are more than 350000 MoneyGram agents around the world to whom you can send money. You can send cash collection to these agents. If you are living in the USA, then you can also use MoneyGram to pay bills and send money to an inmate. You can send money using MoneyGram’s online and in-app services. Follow the below steps –
- First, log in to your MoneyGram account
- If you don’t have a MoneyGram account then register an account first
- Now click on the Profile icon and a dropdown menu will appear
- From the available options, select money transfer
- Then you have to provide the details of the recipient
- If it is a repeat payment then you can use the previously used details
- Next, you have to enter the amount that you want to send to the recipient
- Then you have to select the payment method
- After that, you have to specify, how the recipient will collect the money
- Then you have to check the exchange rate and fees which are shown on the screen
- Finally, you have to make the payment to complete the process
If you send money to a bank account or mobile wallet then the recipient won’t have to do anything to collect the money. The funds will be automatically transferred to the recipient’s account. If you select a collection from the MoneyGram agent then you have to provide the transaction number to withdraw the money. Then the recipient has to visit the nearest MoneyGram center with a valid photo ID to collect the money.
Details about MoneyGram Exchange Rates and Fees
If you want to send money via MoneyGram, then you have to keep in mind that MoneyGram charges both exchange rate margins and transfer fees along with other fees. However, MoneyGram charges a lower transfer fee compared to other service providers in this sector. The transaction fees of MoneyGram vary depending on quite a few factors like –
- Total transfer amount
- Destination
- Payment method
- Payout option, etc.
For example, if you want to send 500 GBP to the US then it will cost you 3.99 GBP. On the other hand, if you choose cash pickup then it will also cost 3.99GBP.
On the other hand, the exchange rates that MoneyGram charges depend on the currency pair. For example, if you exchange from GBP to EUR then you’ll be charged about 5.05% above the mid-market rate. But if you want to exchange from GBP to AUD then you’ll be charged about 4.23% above the mid-market rate. You might have to pay some 3rd party fees depending on how the recipient will collect the money. For example, if you make the payment using a credit card then you have to pay an extra interest rate.
Is MoneyGram a Safe Option to Send Money?
MoneyGram is a multinational company and it is publically traded on the Nasdaq Stock Market with a US$268 million market capitalization. So, there is no question about the legitimacy of this money-transferring platform. The company is in the business for 42 years and it has a business operation in more than 200 countries around the world. The official website of MoneyGram is verified by Entrust Inc. Entrust is very renowned security software and it is used by almost every big financial institution around the world. MoneyGram uses all the latest security measures to keep all transactions secure. In fact, MoneyGram ensures a convenient and safe way to send money worldwide.
MoneyGram Annual Revenue (2009 – 2021)
| Year | Millions of US $ |
| 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 | $1,284 $1,217 $1,285 $1,448 $1,602 $1,630 $1,539 $1,550 $1,474 $1,341 $1,248 $1,167 $1,162 |
Complete Financial Statements of MoneyGram (2019 – 2021)
| Data Type (Millions of US $) | 2021 | 2020 | 2019 |
| Revenue Cost Of Goods Sold Gross Profit Research And Development Expenses SG&A Expenses Other Operating Income Or Expenses Operating Expenses Operating Income Total Non-Operating Income/Expense Pre-Tax Income Income Taxes Income After Taxes Other Income Income From Continuous Operations Income From Discontinued Operations Net Income EBITDA EBIT Basic Shares Outstanding Shares Outstanding Basic EPS EPS – Earnings Per Share | $1,284 $684 $600 – $289.70 -$179.10 $1,209.90 $73.70 -$117.30 -$43.60 -$5.70 -$37.90 – -$37.90 – -$37.90 $194.60 $73.70 90 90 -$0.42 -$0.42 | $1,217 $653 $564 – $285.20 -$111.60 $1,114.20 $103 -$96.90 $6.10 $14 -$7.90 – -$7.90 – -$7.90 $233.60 $103 78 78 -$0.10 -$0.10 | $1,285 $662 $623 – $289.30 -$207.80 $1,233.10 $52 -$116.30 -$64.30 -$4 -$60.30 – -$60.30 – -$60.30 $179.50 $52 71 71 -$0.85 -$0.85 |
References:
https://www.quora.com/Is-Moneygram-safe-to-use
https://www.macrotrends.net/stocks/charts/MGI/moneygram/revenue
Last Updated on December 25, 2023 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
