MoneyGram offers fast money transfers to over 200 countries and territories worldwide.
With over 350,000 agents around the world, MoneyGram has multiple payment options that come at a cost, exchange rates that are deemed unfavorable by some people, and high transfer fees.
The guide below should give you an idea of the minimum and maximum amount you can transfer using MoneyGram;
Minimum MoneyGram transfer amount – 1 USD
Maximum MoneyGram transfer amount – 10000 USD
Transfer speed – same day delivery
Why Sending Money through Moneygram is Important
Business solutions – MoneyGram is a payment and financial service establishment trusted by businesses, financial institutions, and thousands of agents around the world. MoneyGram work with these enterprises providing them with various option to receive and make payment effortlessly in record time.
Consumer services – With MoneyGram, sending money – to Family and friends – and paying off bills is affordable and reliable. MoneyGram connects customers whenever and, wherever either online, in-app, at a kiosk, or through one of their 380,000 locations. They also provide more than just bill payments and transfers. They provide official check processing in select markets and money orders.
Wider reach – there are over 380,000 MoneyGram agents worldwide ready to help you transfer or pay in money.
Speed – MoneyGram offers the fastest money transfer service. The recipient is sure to receive their money in as little as 10 minutes after the sender sends the money.
Multiple transfer options – the sender has multiple transfer options to send cash. You can decide to either send the money in-app, online, or through one of the MoneyGram agents near you. You can choose cash pickup, mobile wallet, bank account or directly to a visa debit card.
Different currency options – with the availability of MoneyGram in over 200 countries, you can choose to send money in almost 50 currencies.
Moneygram Exchange Rate Dollar to Naira Today in Nigeria
MoneyGram transfer fee varies from online to agent locations, but the cost of online money transfer depends on the following factors;
Amount – be sure to check the transfer fee before sending it because MoneyGram uses a tiered system for sending cash. The transfer fee differs for an amount between $1 – $50 and $51 – $1001.
Location – transfer fee depends on the location of the sender and the location of the recipient.
Payment –when transferring money via MoneyGram always pay attention to the exchange rate as the exchange rate may change based on the method you’re paying with. Paying by a bank is the cheapest method and paying by credit card attracts the highest fee.
Receiving method –receiving money in the bank attracts a cheaper fee when compared to receiving cash.
Currency exchange rate
Currency exchange rates in NGN on October 23, 2020
Calculate how much your transfer with MoneyGram could cost
Disclaimer: Exchange rates changes often. Confirm the total cost of transferring money with MoneyGram before sending money.
To calculate how much your transfer with MoneyGram could cost, use our currency converter and follow the steps below;
- choose your desired currency and transfer amount (maximum transfer amount on MoneyGram is $10,000).
- Click on the drop-down and select MoneyGram
What to know about Moneygram
- High fees. As it is with other financial solutions, MoneyGram charges a fee on both international and local transactions. As a rule, the transfer fee when sending from a bank account to another bank account is cheaper when compared to sending via a credit or debit card.
- Maximum limits. There is a transfer limit of $10,000 per transaction and a monthly transfer limit when sending money online. In a situation where you have to send a larger sum, visiting the MoneyGram agent in-person is a better option as it will allow you to send more money.
- No hedging options. Hedging tools when used in the right way can be used to save money by locking in an exchange rate for future transfers. MoneyGram doesn’t offer any hedging tools to help you save exchange rates.
- Inconsistent exchange rates. Ensure you pay attention to the exchange rate when sending money via MoneyGram because the exchange rates vary depending on your payment method and your recipient’s receiving method.