MoneyGram: Overview

MoneyGram is a company which offers money transfer facilities from one country to the other. The company is based out of the United States of America and has its headquarters in Dallas, Texas. The company offers its services to both individuals and businesses around the world. Currently, the company’s services are spread across more than 200 countries with approximately 350,000 branches worldwide that serve tens of millions of customers internationally. Using their service, individuals can send and receive money from any country where MoneyGram’s agent location is present. The MoneyGram process provides a simple, fast, reliable and safe way to send money across international borders.

Online Tools and Services

MoneyGram offers various services and facilities online as the world is rapidly moving towards the use of online transaction processes. The following services are offered by the company through its online portal:

  • Locator tool – this tool helps an individual find the location of a MoneyGram agent in the user’s vicinity. Since MoneyGram is present all across the globe, individuals can simply use this tool to find their nearest agent who can be approached for sending or receiving money instantly. Individuals have to enter their location (address or city or PIN Code) and the tool identifies all the available agent locations nearby.
  • Fee estimation tool – the website offers another service using which individuals can assess the fee payable when remitting money from one country to another. The ‘Estimate Fees’ tool can be used for this purpose. When selected, the tool opens a new page wherein the relevant details are to be furnished such as origin and destination of funds, based on which the fees are estimated. These details that need to be provided to receive the estimate include the country where the money is being sent from, the country where the money is to be received and the amount of money to be sent.

Sending Money to a Country

Sending money to any location in the world is easy and fast through MoneyGram. One simply has to follow some simple steps to successfully send money to another location. Money can either be collected by the receiver physically or the sender can choose to credit the money into the receiver’s bank account. Here are the steps of sending money to any country:

  • The individual should firstly locate the nearest MoneyGram agent.
  • Then he is required to visit the agent’s office premises. The individual should have a valid photo identity proof with him when he visits the agent with the intention of sending/receiving money.
  • There is a MoneyGram form that needs to be filled out when requesting the money transfer. This form, along with the money which is to be sent and the applicable fees is to be handed over to the agent.
  • The agent accepts and processes the form and provides a reference number to the individual who sent the money.
  • The receiver needs to furnish the details of this reference number in order to successfully receive the money at a MoneyGram agent’s location overseas.

This simple process enables an individual to send money anywhere MoneyGram has an agent location. There are some points which should be noted when sending money which are as follows:

  • A maximum of $10, 000 can be sent as a single transaction from any MoneyGram agent location.
  • MoneyGram agents would only accept cash for transfer and as the relevant fees. Any other mode of making payments at agent locations is not available.
  • The sender has to select the currency in which money would be received by the receiver.
  • Acceptable identity proof which a sender/receiver can furnish includes passport, driving license, national identity card or other Government-issued identification.
  • A proof of address might also be required in some instances.

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Receiving Money

The receiver of money also has to follow some basic and simple steps to receive the money sent to him. Such steps are as follows:

  • Avail of the reference number of the transaction allotted to the sender when he sent the money.
  • Locate the nearest MoneyGram agent location in his locality.
  • Visit the agent’s location with the reference number and a valid photo identification proof.
  • There is a receiver form available with the agent that needs to be filled out and submitted along with a copy of the identity proof and reference number.
  • The agent would verify the information furnished in the form and then pay the money to the receiver.

So, the steps to avail the money which has been sent are also simple and straightforward. Here too, there are some points which should be remembered by the receiver. Those points include the following:

  • The reference number and a valid identity proof are mandatory requirements without which money cannot be availed.
  • A valid identity proof can be driving license, passport, national identity card or any other Government-issued identity card.
  • Money is usually available for receipt overseas within 10 minutes of being sent. However, this time period might increase depending on the sending and/or receiving country.

MoneyGram, thus, enables individuals to send and receive money to/from their loved ones no matter in which part of the world they reside.

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