MoneyGram Money Transfer Review: Is MoneyGram Safe

MoneyGram Money Transfer Review: Is MoneyGram Safe

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 NameMoneyGram International, Inc
HeadquartersDallas, Texas, United States
IndustryFinancial Services
Company TypePublic
Revenues$1,284 Million
Market Value ($B)$1.00 Billion

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.

Details about MoneyGram Exchange Rates and Fees

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)

YearMillions of US $

Complete Financial Statements of MoneyGram (2019 – 2021)

Data Type (Millions of US $)202120202019
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
Basic Shares Outstanding
Shares Outstanding
Basic EPS
EPS – Earnings Per Share











Last Updated on December 25, 2023 by Magalie D.

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