Nov 132014
 

By Mohammed Waseem

Small and medium sized financial businesses, who don’t have their own resources to facilitate international money transfer, use the network of leading money transfer services. This gives them access to the entire world, while not having any operation in most of the countries. This gives them an opportunity to expand their businesses and gain a lot of experience.

American financing company, ACE Cash Express offers money transfer services to 197 countries worldwide. The service is advertised as MoneyGram, but they are provided by ACE Cash Express. So, necessarily, it is the advertisement of agency. And apart from all the locations MoneyGram has, ACE Cash Express adds to these. They do not mention the other MoneyGram offices locally, but allow collection of cash at any location in the world.

ACEACE Cash Express has 1500 offices in the USA and they enable their customers to access immediate money transfer to over 125000 locations worldwide and also support local money transfer within the US.

Senders can also use their services to send money online. But this, they do by redirecting to MoneyGram website. They do not have a webpage of their own to facilitate online transfer.

ACE also offers loans and prepaid card solutions; and this service becomes an add-on to their customers and may also bring new customers.

Nov 122014
 

Question From Earl Griffin:

Can you transfer money to Ghana? If so, how much and what is the transfer fee?

Answer:

You have not mentioned where you want to send money from; I am assuming it is the USA. Unless you have a family back there that you want to support, or there is a clear purpose, I suggest you not to send money to Ghana. In general, the West African region is where scams and fraud are very common. Many people in different parts of the world have received emails, SMSs or phone calls from scammers in this regard.

In case you have a purpose and you decide to send money to Ghana, you can read further. There are a lot of ways to send money to Ghana. The most effective and fast way is through Western Union, world’s leading money transfer operator, having operations in almost every country in the world. They allow $3000 to be sent anywhere from the US and the fee starts at $4.99.

Ghana Money TransferFor amounts over $3000, their foreign exchange solution may have to be used, which allows senders to send up to $10000. It has to do more with currency trading in case of the latter.

According to a report published by The World Bank, Ria Money Transfer offers you the least total cost, compared to MoneyGram and Western Union. They charge $5 per transfer if the sender pays using bank account; otherwise it is over $10. Ria allows transfers up to $2999.

Even MoneyGram allows transfers of up to $2999, but divert the sender to an exchange house – USFOREX, in case they need to send over $2999. Some operators may charge lower fees, but the exchange rate margin would cover the cost entirely. All of these services can either be accessed online on their websites and by visiting a branch.

If you want to use a bank’s framework and do not want to use a money transfer operator, you could make a Bank Wire Transfer. I hope you have got the best options to select from.

Aug 062014
 

By Mohammed Waseem

Exchange houses and other companies dealing with money start money transfer services as a part of their expansion plans and in order to reach different markets and different segments. And this is expected to be the next step because it is easy for them to start such a service. But how about a retail chain starting a money transfer service?

US retail giant, Walmart has a money transfer service powered by MoneyGram, which allows senders to transfer money around the globe for being collected in just 10 minutes. Walmart has a dedicated page on MoneyGram’s website, from which, senders can directly send money without leaving the website. Senders can also visit a Walmart store in the US or Puerto Rico to transfer money from there. When I checked the fee charged by Walmart and MoneyGram, I was surprised to find that for most transfers were cheaper from Walmart, than MoneyGram, though the provider is the latter.

Walmart to Walmart Money TransferTo quote an example, I checked the transfer fees for transferring USD 2000 to the UK. The fee charged by Walmart is $96.90, while MoneyGram charges $100. The exchange rate is the same. However, when I checked the same amount of transfer to India, I saw a difference of $4 due to the exchange rate, though the fee displayed was $1 lesser than what MoneyGram charged. So, for transfers to a few countries, they deduct fees from the amount of transfer, thus charging it to the recipient. Senders can pay in cash or by debit card, credit card or Walmart MoneyCard.

Walmart also has a store to store money transfer service called ‘Walmart-to-Walmart Money Transfer’, which is powered by Ria. The service allows senders to transfer money from one city in the US or Puerto Rico to another; all stores in the US and Puerto Rico provide this service and it can’t be accessed online. Fees start at $4.5 and senders can choose to pay in cash, with a debit card or Walmart MoneyCard. Even this service makes the money available within 10 minutes. This service, they claim, saves the senders up to 50% on transfer fees.

I won’t be surprised to see a money transfer service owned by Walmart after a few years. They have stores in many countries across the globe; they could use this network to act as a money transfer operator.

Sep 302011
 
Indian post office at the top of Chamundi Hill, Mysore. Indian post offices will begin offering MoneyGram services.

Indian post office at the top of Chamundi Hill, Mysore. Indian post offices will begin offering MoneyGram services.

By W.H.A.| SpeedyPay.info

East Indians living abroad now have a new and convenient way to send money to relatives at home – MoneyGram.

India has one of the largest networks of post offices in the world – not surprising for the world’s second most populous country. In a real coup for MoneyGram, Indian post offices will begin offering MoneyGram services.

This will be a huge boon to the thirty million Indians who live abroad and send remittances home. Much of India’s population lives in rural towns and villages, where banks have only a 5% presence. In the past it has been difficult for Indians abroad to send money to relatives in small villages.

Not that MoneyGram has yet penetrated that market. While India has over 150,000 post offices – ! – the MoneyGram alliance will initially be rolled out in 100 post offices only, in the Indian regions of Delhi, Punjab and Tamil Nadu. If successful, the alliance will be extended to 5,000 post offices in the next three years.

India’s minister of communications and information technology, Shri Kapil Sibal, commenced the start of the agreement by making the first money transfer, from the UAE to Delhi. Sibal noted that 50% of Indians do not have a bank account.

Harsh Lambah, MoneyGram senior regional director for South Asia, said: “MoneyGram’s teaming with India Post reaffirms the company’s commitment to serving its hundreds of thousands of customers in the world’s largest remittance market, and the value MoneyGram brings India Post’s business and customers. Bringing India Post, one of the world’s largest postal services, to our network is very exciting.”

MoneyGram has over 200,000 agent locations all in more than 190 nations. To find a MoneyGram location, use their agent finder here.

MoneyGram Location Finder

May 152007
 

MoneyGram International

MoneyGram Services, MoneyGram Locations, and MoneyGram for Travelers

Which is the Best Money Transfer Service?

Our Long-Time Favorite: MoneyGram

We like MoneyGram for a number of reasons, including price (cheaper than Western Union), the breadth of their global money transfer network, ease of use (does not require complicated verification like Paypal), and their involvement in local communities.

What Services Does MoneyGram Offer?

MoneyGram International provides money transfer services, money orders, and bill payment services to consumers. Another segment of MoneyGram International provides financial institutions with payment processing services, primarily of official check outsourcing services and money orders for sale to their customers.

The major corporate competitor of MoneyGram is Western Union, which is considerably larger than MoneyGram.

MoneyGram Money Transfer Network Locations

Through the MoneyGram international money transfer network of approximately 100,000 agent locations worldwide, customers can wire cash quickly (usually within 10 minutes), reliably, conveniently and at attractive prices to recipients in 170 countries. Customers in U.S. can also use the Internet to send money using MoneyGram eMoney Transfers.

MoneyGram Versus Western Union

MoneyGram usually costs less than Western Union and offers consumers additional value by giving them a complimentary 3-minute phone call to tell the receiver the money is available. Moneygram also includes a ten-word message to accompany the funds, the offer of a free MoneySaver Card discount and 100% guaranteed service (Note: service offerings may vary by geographic region).

Who Uses MoneyGram Money Transfers?

MoneyGram money transfers are used by people without traditional banking relationships, people who send money to their home country, traditional bank customers in need of emergency money transfer services, tourists without local bank accounts, and businesses in the United States that need rapid and economical wire transfer services.

MoneyGram is one of the fastest ways available to send funds. MoneyGram funds are sent electronically, and can be collected by the recipient from any MoneyGram agency. This makes MoneyGram an ideal option for those without access to a bank account, or for countries where it takes time and money to carry out your banking.

MoneyGram ExpressPayment

MoneyGram Payment Systems also offers ExpressPayment, an economical bill payment service, that allows consumers to pay their auto, mortgage, credit card and other bills fast. Consumers who use MoneyGram’s ExpressPayment get guaranteed delivery of their payment. ExpressPayment is currently available at MoneyGram agents within the United States and via the Internet.

MoneyGram’s Charitable Activities

MoneyGram gives back and invests in the communities where they do business by sponsoring and participating at local community events. MoneyGram has also donated its services for humanitarian causes. For example, for 30 days after Hurricane Katrina, MoneyGram International waived its fees for sending contributions to the Red Cross disaster relief fund.

Advice for Travelers: Use MoneyGram

If you are travelling and find yourself out of money, a wire transfer service provided by American Express can help you tap friends and family for emergency funds. Through MoneyGram (tel. 800/926-9400; moneygram.com), money can be sent around the world in less than ten minutes.

Senders should call Amex to learn the address of the closest outlet that handles MoneyGrams. Cash and credit/charge cards are acceptable forms of payment.

MoneyGram’s fee for the cash transfer service is $19 for the first $50, with a sliding scale for larger sums. The MoneyGram service includes a short telex message and a 3-minute phone call from sender to recipient. You must present a photo ID at the MoneyGram outlet where the money is received when you pick it up.