Between Western Union vs MoneyGram, both operate in a wide range of countries worldwide with hundreds of thousands of agent locations to make transfers more convenient (although MoneyGram’s 350,000 locations is a little less wide-spread as Western Union’s 500,000 locations), and both operators have made steps to modernise their services with apps in recent years. The two operators are very similar in many ways. MoneyGram and Western Union are two of the biggest money transfer providers operating today, with decades of experience to back up their services. Quick Summary: Western Union has a bigger coverage, but both are fairly equal Western Union also has a large and loyal customer base, with a number of different payment and payout options including bank deposits and cash pickups. It covers international transfers to over 200 locations globally and has over 500,000 agent locations to make sending money more convenient and accessible for more people. Western Union is the longest-running money transfer provider still operating today, and one of the largest. MoneyGram is one of the largest money transfer companies in the world, with a large customer base and a wide range of payout options including mobile e-wallets, cash pickups, and bank transfers. It covers over 200 countries and has more than 350,000 agent locations across the world. It can be an affordable way for people working in the United States to send money back home to relatives who don’t have access to a bank.MoneyGram is a Texas-based money transfer company that was first founded in 1988. For instance, if you wanted to sent $500 to Nicaragua, you’d likely only pay around $10 to do so. With the international transfers, you’ll pay a lower fee because Western Union also makes money on the currency exchange. Western Union does apply a bit more scrutiny to these transfers, however, as they are required under federal law to take measures that ensure their customers are not using the service for fraud or money laundering. It can be quicker than doing an international bank wire, and you won’t have to deal with bankers to make it happen. Many people use Western Union to make international money transfers. Sending money overseas with Western Union This can all happen within a matter of minutes if you select the “Money in Minutes” option at the Western Union location. The agents there will pay out the money transfer, giving your friend or loved one the cash amount you sent. They can then take the number and their identification card to a separate Western Union location. You will then have to give the number to the person who will receive the cash on the other end. Once you give Western Union the money and its fee, the clerk will provide you with a control number. It will get progressively smaller as a percentage, though. The more you send, the higher the fee will be. That fee can be as much as 10% if you’re sending a smaller amount of money. You go into the location, write down the name and location of the person you want to send money to and choose how much you want to send. Fees may be higher when using a debit card over the Internet, though. Those locations are typically located within grocery stores and cash advance shops. This means that if a parent wants to get money to their child in a hurry but they can’t use a bank transfer for some reason, they can visit a Western Union location and send the money. The most popular way to use Western Union is for domestic money transfers. With this in mind, it pays to investigate how Western Union truly works. While it has limited use from a commercial standpoint, it is an viable tool for personal use. With this in mind, it is an often expensive option that can still be helpful for people who need to transfer money in a hurry. As one of the leading money transfer companies, it has a significant amount of market share, allowing it to dictate to customers on things like transfer fees and terms. Western Union provides a means of moving money from person to person and place to place for people who may not have options in the traditional financial world.
0 Comments
Leave a Reply. |