Western Union vs MoneyGram | Which is The Best? - YouTube

in this video we are going to talk  about western union vs moneygram reviews  

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although atms tap to pay checkouts and automated  bank deposits are all commonplace in today's world  

there are still occasions when actual cash  must be given over or received from a location  

consequently money transfer companies such  as moneygram and western union have tens  

of thousands of agents in cities and towns all  over the world as a result of their global reach  

money transfer services can be extremely  advantageous in certain situations  

despite your best efforts it is possible that  you will find yourself broke and trapped at  

the bangalore bus station requiring cash from  your spouse stranger things have happened and  

not just while traveling abroad what if your  child is enrolled at a canadian institution  

and the university needs you to make a  rent deposit immediately upon enrollment  

a growing number of financial services are being  offered by money transfer companies to people who  

do not have bank accounts these services include  money transfers money orders and bill payments  

new immigrants who send money to family members  in their home countries on a regular basis  

account for a large proportion of customers in the  united states and canada finding a moneygram mgi  

or western union wu agent or perhaps both outside  of the united states is substantially easier  

in many countries cash is still king and many  individuals in developing countries do not have  

access to banking services western union western  union is the largest of the two corporations  

and its one-time monopoly of the telegraph  sector has given them instant global reputation  

western union had moved on to new endeavors by  the time telegrams were formally stopped in 2006.  

it operates in over 200 countries and has over  500 000 locations customers can send money by  

phone online or in person with western union fees  vary widely based on a variety of circumstances  

including the method of payment the speed with  which the funds are delivered whether the funds  

are paid in cash are wired to a bank where the  funds are sent from and where they are delivered  

the currency rate adds additional layer of  unpredictability to the cost of foreign payments  

the cost of a 200 domestic transfer is roughly  12.50 if you pay cash at a western union agent  

and the recipient picks it up in cash it costs  11 to transmit cash in june 2021 if the money are  

withdrawn from your online bank account transfers  from one bank to another cost merely 99 cents  

sending cash via a credit card or debit card  is more expensive and depends on the amount  

being transferred the international transfer costs  charged by western union might vary significantly  

if you live in the united states and wish to send  500 to someone in mexico in june 2021 you can  

withdraw the funds from your online bank account  and have the recipient pick it up in cash for five  

dollars a cash to cash transaction costs eight  dollars the identical transaction costs seven  

dollars when paid with a debit card fees for using  a credit card are greater a bank to bank transfer  

costs nothing but paying money into a bank account  using a debit card costs 2.99 and paying money  

into a bank account with a credit card cost  17.49 prices for this transaction in ireland  

range from five dollars to 21.50 while charges in  china range from seven dollars to 102. moneygram  

moneygram is the world's second largest provider  of money transfers after western union and paypal  

it is offered in 197 countries and is supported  by a large network of agents which includes 711  

and worldwide convenience stores moneygram can be  used for international money transfers in two ways  

online or through a moneygram representative  moneygram as western union's most significant  

competitor and its domestic transfer prices are  comparable to those of its competitors it will  

charge roughly 1.99 in june 2021 if you pay using  an online bank account and 1.99 to 4.99 if you pay  

with a debit or credit card for transfers of up to  300 within the united states in that month prices  

for debit and credit cards increase by one dollar  per 100 moved after the first 300 is transferred  

moneygram's reputation was based on the ability  to transfer money internationally by 2021 it  

would have approximately 380 000 payment sites  around the world western union is better option  

even though both money transfer businesses are  wonderful choices western union is the superior  

choice in most cases because their costs are  more competitive their services are simpler to  

use they have more locations and they rank higher  in terms of customer happiness and user experience  

while western union is a better alternative  than moneygram it's important to evaluate  

services to see if there are any that are  better than both for your unique needs  

special considerations one disadvantage of sending  cash using these services is that they are only  

open or closed during the same hours as the  stores perhaps you will have to wait until the  

next morning at the bus station before your family  is able to send you the emergency cash you require  

a request for payment by cash transfer from an  unknown source is almost always a scam due to the  

fact that the recipient cannot be identified it is  the modern equivalent of placing a wad of unmarked  

cash inside an envelope and leaving it in a public  area on the instructions of an unknown stranger  

how western union works customers of western  union have the choice of sending and receiving  

money in cash receiving funds in a bank account  receiving funds on a mobile wallet or receiving  

funds on a prepaid card using your debit or credit  card is always an option and from some locations  

you can send money from our bank account via a  local bank transfer or by making use of an online  

payment system to complete your transaction such  as sofort trustly or ideal also available online  

is the western union mobile app which may be  accessed by visiting western union's mobile app  

bill payments and money orders are also available  through this company how moneygram works moneygram  

allows you to send money online in more than  20 countries through moneygram.com or using the  

moneygram app on your smartphone available for  both android and ios in some countries you can  

use your debit card credit card or bank account  to send money to a bank account mobile wallet  

prepaid card or have money delivered in cash from  your bank account us only or in canada via interac  

online as a whole the customer experience  with moni graham has not been very positive  

a fact that was confirmed in our analysis on  the user experience of sending money online  

fees depending on how much money you send  and from which countries it is being sent  

as well as the payment options you choose  western union fees can be quite expensive  

it is possible that paying for your transfer with  a credit or debit card and getting the money in  

cash is the most expensive combination the overall  cost of picking up money at an agent location is  

typically more than the cost of sending money  online moneygram fees vary widely as well  

based on the amount transferred the sender and  recipient countries as well as the payment and  

receiving methods used to complete the transaction  transferring money online using moneygram and  

paying by bank transfer available only in the  united states and canada results in the lowest  

fees sending money to a bank account is usually  less expensive than sending money for cash pickup  

it is also possible that fees at agent locations  will differ depending on the location you choose  

exchange rates as well as a margin between  the exchange rate they offer their customers  

in the mid-market exchange rate western union  charges a service fee overall we discovered  

that western union can sometimes generate up to 20  percent of its profit from exchange rate margins  

albeit this is not usual in our research it is  important to note that currency rates fluctuate  

depending on the mode of payment and withdrawal  larger sums of money can occasionally result  

in better exchange rates than smaller amounts  moneygram earns a profit on the exchange rate it  

offers its customers in other words the exchange  rate offered to moneygram customers is not as good  

as the real mid-market exchange rate and moneygram  profits from the difference between the two  

usually you pay a couple percentage points of  the amount you're sending it is possible that  

the amount you will pay beyond the mid-market  exchange rate will surpass 5 on occasion which  

is fairly significant when compared to other money  transfer services what do you think of this video  

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