Many people are looking for alternatives to MoneyGram for sending money abroad. MoneyGram can send money in over fifty currencies to more than 200 countries. It has about 150 million users worldwide. But, other apps are also becoming popular.
Zelle is a favorite, working with over 1,800 US banks and credit unions. It lets users send up to $500 and get up to $5,000 daily. CashApp charges a 3% fee for credit card transactions but is free for other funding methods. Venmo is also popular, with free transfers for most transactions. It even lets users buy cryptocurrencies through Coinbase and Kraken.
Apps like Wise, Remitly, XE Money Transfer are also gaining fans. They offer low fees, support many currencies, and fast transfers. Wise, for example, uses the mid-market rate and charges a small fee, making it great for international money moves.
When looking for MoneyGram alternatives, consider fees, exchange rates, speed, and user feedback. Each app has its own strengths. By comparing them, you can find the best app for your needs.
Why You Should Consider MoneyGram Alternatives
MoneyGram is known for its wide reach, covering over 200 countries and territories. Yet, there are downsides to using MoneyGram. One big issue is the cost of sending money internationally. Banks often charge nearly 13.40% of the amount sent, and MoneyGram’s fees can add up quickly.
Digital services like Wise and Xoom offer better rates. Wise, for example, charges less than 1% of the amount sent. This is because Wise uses local bank accounts, avoiding the high costs of international transfers. MoneyGram has a limit of $5,000 for online transfers, which might not be enough for everyone.
Fintech startups offer more flexibility than MoneyGram. They often include crypto solutions, making money transfers more accessible. For instance, SoFi Checking and Savings offers a 4.00% APY with Direct Deposit or a minimum balance. BMO Alto Online Savings Account gives a 4.30% APY with no minimum balance needed.
When comparing MoneyGram to Western Union, the cost can vary. Western Union offers same-day delivery for cash pickups but may take longer for cheaper transfers. Xoom, which covers nearly 160 countries, is also a cost-effective and reliable choice. The best option depends on your specific needs and what each service offers.
Here’s a comparative look at some key features:
| Service | Coverage | Cost | Transfer Limit | APY (if applicable) |
|---|---|---|---|---|
| MoneyGram | 200+ countries | Variable, high | $5,000 max online | N/A |
| Wise | 80+ countries | <1% | No set limit | N/A |
| Xoom | 160 countries | Moderate | $50,000/day | N/A |
| SoFi Checking | U.S. | N/A | N/A | 4.00% |
| BMO Alto Online Savings | U.S. | N/A | N/A | 4.30% |
Looking into alternatives to MoneyGram can lead to finding better deals. You might find services with lower rates, higher transfer limits, and more financial benefits.
Guide to Apps Like MoneyGram
Finding ways to send money across borders can be tough. Luckily, there are many great apps like MoneyGram. These apps offer fast, affordable, and global services.
Wise is a top choice. It’s known for clear exchange rates and low fees. You can send money in over 50 currencies, making it very flexible.
PayPal and Venmo are also good options. PayPal is easy to use and accepted widely. But, it charges a 2.9% fee plus 30 cents for credit card payments. Venmo is popular with the young crowd and doesn’t charge monthly fees. Yet, it has a 3% fee for credit card transactions.
Western Union has been around for a long time. It serves over 200 countries and offers many ways to send money. This makes it a top choice for global transfers.
WorldRemit is great for sending money to over 150 countries. It’s perfect for those who need to send to many places.
Highlights of MoneyGram Alternatives:
- Wise: Offers clear exchange rates, supports over 50 currencies, and has business plans.
- PayPal: Reliable but charges more for credit card use.
- Venmo: Good for person-to-person transfers, no monthly fees, but charges for credit card use.
- Western Union: Wide global network and many payment options.
- WorldRemit: Sends to over 150 countries, flexible for many destinations.
PayPal and Venmo charge similar fees for credit card use, at 2.9% and 3% respectively. Cash App is a good choice for debit card users, with fees from 0.5% to 1.75% for instant cash-outs. But, Google Pay will stop in the U.S. on June 4, 2024.
How to Choose the Best Money Transfer App
Choosing the right international money transfer app is key. Look at fees, how fast it is, exchange rates, and how easy it is to use. With billions sent abroad from the U.S. each year, picking wisely can save you money and time.
When picking money transfer apps, fees are a big deal. PayPal, with over 400 million users, charges different fees for different places. Wise, on the other hand, moves over US$70 billion a year with clear, low fees, making it popular.
How fast you can send money is also important. Banks can take up to five days, but apps like PayPal or Xoom are quicker. Western Union and MoneyGram have lots of locations worldwide, making it easy to get cash fast.
Exchange rates matter a lot, too, for big transfers. Many apps offer good rates, but it’s smart to compare money transfer apps to get the best deal. TransferGo and Wise are known for their good rates.
Security and trust are critical. Remitly is trusted by Monito with an 8.9/10 rating. OFX works in over 190 countries and handles 55 currencies, showing it’s safe and reliable.
In short, to pick the best money transfer app, consider fees, speed, rates, and trust. Use tools to compare apps and find the one that fits your needs best.
Benefits of Using Multi-Currency Accounts
In today’s global economy, multi-currency accounts offer big advantages. They let people and businesses manage money in many currencies easily. This is great for those who travel a lot or run online businesses worldwide.
It means no more high fees for currency changes. Traditional banks charge up to 17% for international transfers. But, accounts like Wise only charge 0.35% for money conversions within the account.
Wise, Revolut, and Currencies Direct have low fees and flexible options. They make multi-currency banking a smart choice for managing money globally.
These accounts also come with cool features. Wise lets you access 10 local accounts and supports over 50 currencies. Revolut lets you hold up to 36 currencies and send money to 160+ countries.
They offer plans from free to premium. This shows how multi-currency financial management can be both smart and affordable. By comparing Wise, Revolut, and Currencies Direct, you can find the best account for your needs.
