Verdict: Moneygram Has More Favourable Rates For Smaller Transfers While Western Union Is Best For Larger Sums
From Western Union vs MoneyGram case studies, we can see that MoneyGram has a more favourable exchange rate margin and fees for a smaller transfer of $200. However, this then changes in Western Unions favour for a large fee of $1,000, while MoneyGram is unable to actually support a transfer over $10,000 at all, making Western Union the obvious choice out of the two.
The Fastest Way To Send Money From The Usa To Jamaica
If you need your money to get to the desired destination faster than the average time, then the best alternative is online money transfer services. It will take roughly a few minutes to transfer money from the USA to Jamaica through online transfer companies.
The cost for these instant services can range anything between a reasonable fee to free depending on your service provider of choice. If you want a good alternative for the fastest way to send money from USA to Jamaica then you can consider Western Union.
Sign Up To Send Money To Jamaica Today
Register nowTrack money transfers to Jamaica
Use the Money Transfer Control Number on your receipt or email confirmation to track your transfer online or via the app.
Pay the way that suits you
Cover the costs of sending money to Jamaica from the UK by paying with a credit or debit card3, bank transfer or in cash.
Find convenient locations
Send money in person to Jamaica from your local Western Union agent location and arrange pickup at one of more than 200 locations2 in Jamaica.
Quick and easy registration
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Which Brand Offers Better Exchange Rates
Similarly to fees, the exchange rate margins MoneyGram charges really depends on the currency pair you are transferring between, as well as other variables such as the amount you are sending.
Typically, the provider charges relatively high exchange rate margins compared to other money transfer providers. If you were sending from GBP to EUR, for example, you could expect to be charged around 5.05% above the mid-market rate, while sending to AUD would have margins about 4.23% above the mid-market rate.
Western Unions exchange rate margin can also vary depending on the currency pair and whether you are making an online or agent transfer.
Typically, the provider is also known for charging relatively high margins compared to other providers. Sending money as a cash pickup can have far higher margins than a bank transfer, for example, while a larger sum can have a higher rate than smaller amounts.
How Long Does An International Transfer With Western Union Take
Send your transfer a few different ways, which will determine how quickly your transfer is sent and how much it will cost.
If you pay for your transfer with a credit or debit card and have it sent for cash pickup youll typically pay a higher fee but your money can arrive in as little as 10 minutes. However, your credit card may charge a cash advance fee, further increasing the cost of your total transfer.
The cheaper, but slower option, would be to make a bank transfer. This can take up to five business days. Depending on verification needs, you may have to wait longer while Western Union confirms you own the registered bank account.
Transfers typically take
1 day
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Moneygram Vs Western Union
The main difference between Western Union and Moneygram is that Western Union has 500,000 agent locations worldwide while MoneyGram has around 350,000 agent locations worldwide.
When sending money abroad, two of the most important factors to consider are the fees associated with your transfer, and the time it will take for your recipient to receive the funds. One of the best ways to make sure youre getting the best deal regarding both of these factors is to compare providers.
In this comparison, well be taking a side-by-side look at two money transfer giants, Western Union vs MoneyGram, to help you decide which one is most suited to your transfer needs.
MoneyGram is a Texas-based money transfer company that was first founded in 1988. It covers over 200 countries and has more than 350,000 agent locations across the world.
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.
Western Union is the longest-running money transfer provider still operating today, and one of the largest. 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 also has a large and loyal customer base, with a number of different payment and payout options including bank deposits and cash pickups.
How Fast Is A Moneygram Transfer
The speed of MoneyGram transfers depends on the methods you have chosen. For example, Bank transfers take around 3-5 business days to process and are considered a slow form of money transfer. However, when using cash pick-up transfers, the funds are usually ready for collection within just a few minutes.
To enjoy instant fee-free balance transfers, consider using Wise. In most cases, transfers between 2 Wise users are processed within just a few seconds. Also, they match the mid-market rate and have a simple user interface, which is perfect for new users.
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Do Money Transfer Companies Provide Different Deals
Yes, the variety of deals offered by money transfer companies is extensive. Therefore, you need to research the marketplace to get the best value for your transfers. For example, Wise matches the mid-market rate for most transactions. This will save you large sums of money compared to banks that charge up to a 4% markup for currency conversions.
Some companies remove the transfer fee when you send over a minimum threshold. This is great for customers that want to send large amounts of money and reduce the transfer cost.
Case Study: Sending A Variety Of Amounts
In this case study of Western Union vs MoneyGram, well look at the fees, rates, and transfer times of both providers when sending a variety of amounts between the US and Singapore.
Sending $200
At the time of writing, sending this sum to Singapore would have an exchange rate of 1.0000 USD = 1.3350 SGD with MoneyGram. The transfer would incur a fee of $4.99 whether you were paying by card or bank account, with the delivery method as a cash pickup. Transfer times would be minutes with a card payment, or up to 3 4 working days with a bank transfer. The total amount received would be 267.01 SGD.
Sending $1,000
Sending this sum would have the same exchange rate as listed above, but the fees change slightly. You would still incur a $4.99 fee when paying by bank account, whereas a credit or debit card payment would be $14.99 for a cash pickup within minutes. Total received would be 1335.05 SGD.
Sending $20,000
The provider has a limit of $10,000 USD for online transactions within a 30 day period, so you would not be able to send this amount using the website or app. You might, however, be able to send additional funds if you visited a MoneyGram agent location directly.
Sending $200
Sending $1,000
This sum would have fees between $0 up to $34.00 when paying by credit card for a cash pickup. The minimum transfer time would be 3 working days, up to 7 working days when paying by bank transfers. Total received would be 1345.00 SGD.
Sending $20,000
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Is Western Union Safe To Use
Western Union uses policies and procedures like photo identification and tracking number verification to help make sure your money is sent to the right person. It also educates its agents and customers on how to protect themselves from fraud and scams.
Typical scams through Western Union include:
- Payment requests. Someone online offers to sell you something and asks that you pay through Western Union. They pick up the cash that you sent to a Western Union agent location, and you never hear from them again.
- Overpayment scam. You receive a check that appears to be valid for a new job, a service or a product you are offering. The check amount is more than you earned, so the sender requests you return the extra amount by money transfer. After sending the money transfer, youll learn that the check bounced, and there is no way to reverse the money transfer.
- Tax scam. You are contacted by someone claiming to be from a government agency, stating that you owe taxes and they must be paid immediately. They will claim the fastest way to send money and avoid penalties is through a money transfer.
To combat these types of scams, Western Union provides clear warnings on their website before a user sends a money transfer. This popup warning requires users to choose Accept before sending their transfers.
Can I trust Western Union?
Convenient Ways To Send And Receive Money
Ways to send money to Jamaica
Ways to receive money in Jamaica
Transfer money any time you need to with Western Union. There are convenient ways to send money to Jamaica from the USA.
- Send in person
Transfer money to your loved ones in Jamaica from more than 61,000 agent locations1 across the US.
Whether youâre in Kingston or Montego Bay, there are multiple ways to receive money from the US in Jamaica.
- Bank account
Send money directly to major banks in Jamaica, so your loved ones can enjoy the convenience of receiving money at home.
- Cash pickup
We have more than 200 agent locations1 from Kingston to Montego Bay for your loved ones to pick up cash in person.
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Which Is Better Moneygram Or Western Union
MoneyGram and Western Union have similar business models that offer fast transfers to many countries. However, MoneyGram edges out the win because their transfer speeds are faster, and you can send large amounts of money.
However, both companies are not the best choice for business transfer because of the poor FX rates and lack of advanced features. Instead, consider the business advantages of TorFX, which provides a dedicated account manager and offers features like forward contracts. This will save you money by getting FX rates that match your requirements.
Which Brand Offers More Transfer & Payment Options
MoneyGram allows you to pay for online transfers using a bank account or with a credit or debit card. You can also pay for your transfer by cash if visiting an agent location directly.
Transfer options are dependent on the country you are sending to. Where allowed, you can decide to transfer the funds to your recipients bank account, mobile wallet, prepaid card, or organise a cash pickup.
Western Union allows you to pay for online transfers using your bank account, credit or debit card, or with a cash payment at an agent location.
Transfer options include bank transfers, cash pickups, and mobile wallet deposits.
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How Much Are Western Unions Transfer Fees
Western Union has different fees for nearly every country it sends to, and weve seen fees range from as low as $3.50 up to $100 or more. These fees depend on how you are paying for the transfer and how the transfer will be collected. Agent location fees arent typically posted online, but Western Unions online fees are based on:
- Location. The fees you pay will be different when sending to different countries around the world.
- Payment. Paying with a credit card versus a debit card or a bank account will have different fees. Keep in mind that if you choose to pay with a credit card, you may be charged fees by your credit card provider too.
- Receiving method. Picking up cash is typically more expensive than having money sent straight to a bank account.
When sending money to China from the US for cash pickup, here are the fees we encountered using Western Unions price estimator tool on January 31, 2022:
| Sending $1,000 to |
|---|
Fees for money transfers within the US
The cost to send money within the US via Western Union depends on the amount you are sending, your payment method and how your recipient would like to receive their cash. To send $100 from your bank account to their bank account still carries a significant fee of $14.00.
Sending the same amount from your credit card as a cash pickup will cost you $20.50. The maximum you can send in one day is $5,000, and the highest fee weve seen is $243.
Reasons To Choose Western Union
Pay the way you like
Youâve got the choice of sending money to Jamaica however you like. Visit an agent location in person, download the Western Union® app or transfer online.
Confident money transfers
We are committed to protecting your money with our encryption and fraud prevention efforts. Register for free online and start your money transfer in confidence.
Convenient agent locations
Money can be picked up at more than 200 agent locations across Jamaica, and there are more than 61,0001 across the US.
Earn rewards with the My WUSM program
Become a My WU SM member to start earning points which you can redeem for exclusive deals and transfer fee discounts2.
Quick and easy
Register for free and youâll be able to transfer money to Jamaica speedily using our easy-to-use app or website.
Track your transfer
Use our helpful tracking tool to easily track your transfer in real time.
Save time by scheduling transfers
Choose the day youâd like to send money to Jamaica and schedule your transfer in advance.
Save receiversâ details
No need to enter the same details twice. Save your receiversâ information to enable âQuick Resendâ transfers.
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Final Verdict: Moneygram Or Western Union
Comparing MoneyGram vs Western Union, both providers are very similar in terms of the way they operate. Both are two of the most long-standing names in the money transfers space, and as such, offer secure and convenient ways to send your money to a wide range of destinations across the globe.
MoneyGram is perhaps the better option when it comweses to fast transfers, while Western Union takes the win for larger sums. However, these two operators aside, you will often find more favourable fees and exchange rates with a newer money transfer provider. For this reason, wed highly recommend comparing all providers with our comparison tool which you can find at the top of this page to make sure youre getting the best option for you.
Are There Different Money Transfer Providers By Country
Every country has a unique selection of money transfer companies that operate there. This might be based on the market size, local regulations, and properties for different money transfer services. Therefore, you need to check what providers are available in the country where you are located and where you want to send money.
An easy route would be to choose a service that covers most of the globe. Xe is an example of a company that provides transfers to over 130 countries in nearly 100 currencies. In addition, they offer the mid-market rate for most transactions, and you can receive updates via Rate Alerts.
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Verdict: It Averages Out To Be A Tie
While MoneyGram has more favourable fees when we look specifically at credit card payments, between Western Union vs MoneyGram, the two operators fee structure balances out when we look at the overall picture. Western Union has cheaper fees for debit cards and bank transfers and also provides the option for the recipient to receive their payment either as cash or as a bank deposit, something that the MoneyGram website doesnt always provide.
Western Union Just Works
I have a fiancé that lives in Colombia I have spent months trying to figure out how to send money to her without getting slapped with not only exchange rate fees, but processing fees, transfer fees and since we are taking fees, fees. When you think Western Union stores you initially think expensive, which is why I avoided it. I highly doubt walking into an actual store or any other app on the planet would charge less than the $3, I spent on fees. This rate is less than most ATM fees and it gives me leverage as to what I can send and the frequency. I couldnt believe it, they also throw in customized e-cards and you can earn unlocks as you go. This gives the process warmth. Last thought on this. I think Western Union should offer point to point virtual and physical debit cards prepaid, checking or otherwise similar to CashApp but with International support. This would change the game and the world as WISE to my knowledge is the only one in the game. As far as this app? It just works and thats all I want and you do too.
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What Are The Ways I Can Send Money Abroad With Western Union
Western Union has a diverse range of transfer options. Well go through the most used options and what the steps look like:
How to send money transfer online with Western Union
To send your first money transfer with Western Union, you will need to create a profile online:
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Step 1: Create a profile
Visit Western Unions website and create a profile. Your My WU account will be activated after your first transfer.
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Step 2: Click Send Money
Select Send Money and select the destination, transfer amount and currency.
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Step 3: Pick receiving method
Choose how you want your recipient to get the money. Just keep in mind that service availability may vary depending on which country you are transferring funds to.
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Step 4: Choose payment method
The next step is to choose how you would like to pay. Options include credit or debit card, bank account or cash at an agent location.
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Step 5: Review and confirm
Check the details on your transfer summary, and if you are happy, submit.
How to send money transfer via the Western Union app
With the Western Union app you can send money, transfer transfers, review exchange rates and find agent locations. Sending a transfer is simple:
Send money in person at Western Union locations
If you prefer to send your money transfer in person, then complete the following steps:
Send money by phone
Send money online and pay in cash
If you want to pay in cash, then you can start your money transfer online and opt for Pay in-store.