Western Union vs. MoneyGram: What is the Difference?

Western Union vs. MoneyGram: An Overview

There are still instances when it is important to give over or collect physical cash in this age of iconic ATM, tap-to-pay checkout, and automatic bank deposits. There are, therefore, tens of thousands of agents in cities and cities all over the world in money transfer services like MoneyGram and Western Unión.

Services with money may be a lifeline. You may find it improbable that you would ever have to send cash in your wife and be stuck at the bus stop in Bengaluru, but foreign matters have happened—not just while you’re out there. When do you need to give a rental deposit to your children who attend a Canadian university – soon? More frequently, cash transfer firms are providing bank services to people without bank accounts, such as money transfers, money orders, and bill payments. Many new immigrants send money to families in their home countries on a regular basis in the United States and Canada. A local agent for MoneyGram (MGI) or Western Union (WU) (or both) is significantly more easily found outside the United States. In many developing countries, cash remains king, and many individuals have no bank accounts in developing countries.

Key Points

  • Both Moneygram and Western Union are worldwide popular money wiring services.
  • The various price variables prevent the determination of the best or even least cheap service offered from Western Union or MoneyGram.
  • To calculate the precise cost based on where you send the money and what the medium and if exchange rates apply, use the charge calculators accessible on both company’s websites.

Western Union

Western Union, with its formerly monopoly on the telegraph company, is the bigger of the two corporations and has instant recognition all over the world. Telegrams were only formally stopped in 2006, although Western Union had moved on to new enterprises by then. In more than 200 countries, it has about 500,000 sites worldwide. Customers may send money by telephone, internet, or in-person on the Western Union website.

Fee can be high or inexpensive, depending on a broad range of criteria, including how much the money is paid, when the money is paid in cash or wired from and delivered to the bank. The currency rate adds a further element of unpredictability to the costs for overseas transfers.

When you pay cash to a Western Union agent for domestic transfers and a receiver collects it with cash, the cost to send 200 dollars is about 12.50 dollars. In June of 2021, it costs $11.00 to transfer cash when monies are taken from your online bank account. Transfers from bank to bank cost only $0.99. Cash fees differ further and rely on the amount being dispatched by using a credit card or debit card.

The international transfer costs of the Western Union might vary significantly. You are in the United States for example, and you wish to send $500 in June 2021 to someone in Mexico. The money you have removed from your online bank account is collected in cash by the receiver, which costs $5.00. (The transfers from cash to cash cost $8.00.) The transaction costs $7.00 when using a debit. Fees are greater for credit cards. The identical transaction is free of charge for a bank-to-bank transfer, or $2,99 for a debit card, or $17,49 to pay money to a bank account using a credit card. Fees range from $5.00 to $21.50 for this transaction in Ireland and from $7.00 to $102.00 for China.


MoneyGram is the largest rival of Western Union and their domestic charges match their competitors closely. The fees for payments from an online bank account in June 2021, about $1.99, and for payments by debit or credit card of up to $300 in the United States, are roughly $4.99. Prices climb from $300 to a supplement of $1 for every $100 deposited for debit and credit cards.

MoneyGram’s reputation is founded on the transmission of foreign money. It has had about 380,000 places of payment globally since 2021.

Special Considerations

One of the drawbacks is that they open or close business hours for the shops. You may have to put the money on the bus stop before your family can give you the emergency cash the next morning.

Important: The greatest disadvantage of any money transfer business is its clients’ vulnerability to fraud.

A foreigner’s request for payment in cash is generally fraudulent. Since it is impossible to find the receiver, it is the current equivalent of placing in a package a variety of unmarked banknotes and giving them to the public at the directions of a stranger.