A review by Danny Wirken

About MoneyGram

MoneyGram International Inc, is a financial service company whose main office is based in Minneapolis, Minnesota. MoneyGram is Western Union’s largest competitor, also providing money order services.� MoneyGram International Inc was originally called MoneyGram Payment Systems, Inc. It was acquired by Travelers Express Company, Inc, otherwise known as Travelex in 1998 and they have been using MoneyGram International Inc since 2004.

Moneygram is another financial service company specializing in online money transfers either for bill pay needs or to do global money transfers. They offer express payment, utility bill payment, money orders, gift certificates, and official checks. They have 92000 agent locations worldwide (170 countries). You can check out their website at Moneygram.com for details on fees and services.

How Does It Work?

The standard online MoneyGram eMoney Transfer service allows consumers in the U.S. to send a money transfer simply by logging on to www.moneygram.com on their personal computers. Money can be sent from a bank account or the transaction can be charged to a credit card in just minutes. This summer, MoneyGram reduced fees by as much as $10 on this same-day, online service. If you are not in the US, however, you will have to send money through one of MoneyGram’s agents rather than online.

To use the online service, all you have to do is set up an “online profile” through MoneyGram’s eMoney Transfer service, log on to www.moneygram.com, click on the “Send Money Online” icon.

These are the steps:

Step 1 : Set Up a Profile or Sign In to an Existing Profile

If you are a first-time user, you must set up a new profile to perform a Transfer. If you are a current customer, and want to send money, enter your MoneyGramID and Password.

Step 2 : Click on “Send Same Day Service Now”

Send money almost anywhere in the world with MoneyGram. Click on the “Send Same Day Service Now” button below.

Step 3 : Enter the Receiver Information

Fill in the Receiver’s name, the amount and intended country. You may send up to $899.99 online per Transfer. Use our Locator to find a location convenient to your Receiver. Your receiver must have ID to pick up the money. You may also use the message field to send a personal message to the receiver. Money will be available to your receiver usually within minutes.

Step 4 : Choose Payment Method

You can send money and charge it to your Visa Card or MasterCard credit card or send money right from your bank account. There is a $500 per transfer limit on credit card payments. Select your payment option and click Verify to confirm.

Step 5 : Review Transfer Details

If you need to make a change click the Edit button. Once everything is correct click Send Now. Your money will usually be available for pick up within 10 minutes at any MoneyGram Location. (Subject to agent hours of MoneyGram operation and availability)

Step 6 : Get a Transfer Confirmation

On your receipt there will be a Reference Number and other Transfer information. You can communicate the Reference Number to the Receiver to facilitate the transaction. Print this screen and keep it for your records.

The Pros and Cons of Money Gram

Being the main competitor of Western Union, MoneyGram’s main attraction is its fees, which are considerably lower than Western Union. In fact, the company recently lowered fees for its standard same-day eMoney Transfer service, as well as streamlined its Web site design making it easier to navigate, and introduced its new online economy service.

MoneyGram also recently introduced an even lower-cost online option with its new economy service. The economy service generally takes up to three business days for the money to be available for the receiver, but fees run as low as $10 to $25. For this economy option, customers must send the money from their bank accounts; credit cards are not accepted for this service.

The company also has upgraded the MoneyGram eMoney Transfer web pages, giving consumers a very user-friendly site with a streamlined, contemporary design that’s easier to navigate.

The funds sent via the Internet can be picked up at any of MoneyGram’s 81,000 agent locations around the world. No intrusive questions were asked. There was no suggestion of 30-day sending limits, and no “security concerns” raised. Best of all, the transfer fee was 2/3rds of what Western Union had charged to send a smaller amount.

After disappointing experiences with Western Union (whose brand name is more recognizable) many people often go to MoneyGram and are pleasantly surprised with the results.� The only hitch was that the online services were only available for US residents.�

The Lowdown

Good Points

A lower-cost option, 2/3 less than that of competitor Western Union

Services include a wide range:� online, global money transfers, express payment, utility bill payment, money orders, gift certificates, and official checks.

Low-cost online option through the new “Economy Service”

Easy Online forms, simple steps

New web design for easy navigation

Helpful customer service who do indeed try to help rather than make things more complicated by asking for more documents for “security” reasons.

Bad Points

• Nearly all of MoneyGram’s services are only available in the USA (such as the online eMoney Transfer, bill payments, official checks and so on.), so in actuality, it is just the MoneyGram global Money Transfer available to people who live outside the USA.

Verdict: Great services, reliable and reasonably priced - only if you are in the USA.

www.moneygram.com