A MoneyGram is an electronic money transfer sent from one party to another through the MoneyGram network. The sending party can initiate a money transfer online or in person at any MoneyGram location. The receiving party collects the transfer as cash at any other MoneyGram location.Know More
To fund a MoneyGram in person, the sending party must visit a local MoneyGram agent and pay in cash. When funding a money transfer online, the sending party can either set up an ACH debit from a bank account or use a Visa or Mastercard debit card or credit card. After the MoneyGram has been funded, the sending party is given an official Reference Number to pass on to the receiving party. Money is typically available for pickup by the receiving party within 10 minutes.
To collect a MoneyGram, the receiving party must take the official Reference Number and an acceptable form of personal identification to a local MoneyGram location. Identification requirements vary from country to country, but most require a government-issued driver’s license, passport or national identity card. The money transfer is typically paid out to the receiving party in the form of local currency. Depending on the transfer amount and local legal requirements, the transfer may be paid out in the form of a check or money order.Learn more about Personal Banking
MoneyGram describes itself as an international company whose main service is money transfers. MoneyGram services also include money orders, prepaid cards, bill payment services, money transfers to inmates and government payments.Full Answer >
Individuals can wire money in one hour or less by using MoneyGram or Western Union, according to the companies' websites. As of 2015, customers can send money either in person at participating locations or online through both MoneyGram and Western Union.Full Answer >
Use a black gel pen to fill in the details of the purchaser, payee and address as soon as you purchase the money order, recommends MoneyGram. These steps will deter anyone from misusing the money order.Full Answer >
Moneygram fees to transfer money vary widely depending on where the individual is sending and receiving the money and how much money is being transferred. For example, to transfer $100.00 within the United States, it costs about $11.50; whereas, transferring $1000.00 from Argentina to Belgium costs approximately $50.00.Full Answer >