MoneyGram vs Western Union

MoneyGram and Western Union are the popular money transfer companies used for transfer money overseas. They both work in a similar way; the user sends an amount and the receiver picks it up from a convenient location which has been already selected by the sender at the beginning of the transfer.

But, how do you decide which one is better? Let us see the similarities and then compare the various factors to decide the same.

The MG/WU Similarities

Both the companies offer similar kind of Cash Transfer Services. They both collect money from sender using cash / credit card cna cheques.

With these services the sender can send money worldwide and the recipient picks it up from a convenient Agent Location. Now when we compare other stats, we will see that Western Union is a better option.

Western Union / MoneyGram Comparison

Agent Locations

• Western Union has over 300,000 agent locations worldwide.
• MoneyGram has only over 100,00 agent locations worldwide.

Limit for Money Transfer

• There is no limit on the amount sent with Western Union.
• MoneyGram allows you to send only $899 at a time.

The Location for sending Money

• Western Union allows the user to send money from many countries.
• With MoneyGram the user can send only from the United States.

Time taken for the transfer

• MoneyGram has two sending options – Same Day service and the Economy service. With the Same Day service, money is available for pickup within hours. With the Economy service, money takes about a couple of days for pick up. The cost is less for this service.
• With Western Union, money is transferred the same day itself.

The Charges

The charges for the transfer depend on the destination and from where it is sent. Both MoneyGran and Western Union charge a similar amount for a transfer within the United States.

The charges for MoneyGram are lower when money is transferred from US to Africa. On the other hand, the charges for sending money from the US to Philippines are lower with Western Union. The charge to send money to India is more or less the same with both the companies.

Pickup Locations

Even though Western Union has more agent locations it is quite possible that a MoneyGram location may be more convenient for you. The best way is to go to Western Union Locations and MoneyGram Locations at the respective websites to find out more.

Considering the above factors, it is very clear that Western Union is way ahead compared to MoneyGram.

That said, the charges and the exchange rates undoubtedly impact the choice between the two. Keeping in mind also where you are sending money and how much you are sending, you can work out a suitable option for you.