How To Track Money On Western Union

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MoneyGram leans slightly cheaper and averages faster transfer speeds than Western Union — but your experience may vary depending on your specific transfer. Because there are so many variables, you'll want to compare Western Union and MoneyGram against one another to see which is best for you.

Quick verdict

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Exchange rates:
MoneyGram

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Fast transfers:
It depends

The process to transfer money over Western Union is nearly the same with MoneyGram. So much so, we can describe them both in one shot: You go to their sites, enter the amount you're transferring, its destination and see how much you'll pay for the exchange.

Both services also give the option to call, visit an office or use a mobile app to transfer money. After the transaction is complete, it converts and delivers your money to a bank account or makes it available for cash pickup at any location worldwide.

Western Union

Figuring out how much you'll pay to transfer money internationally is tricky. Although most fees start at US$5, they can be as much as US$45 when paying by credit or debit card for cash pickup in certain countries. But when sending money to high-traffic countries such as Mexico or India, agents offer free transfer options.

MoneyGram

Fees vary depending on how much money you're transferring, how you're sending it and the country you're sending it to. Unless you actually initiate a transfer, it's challenging to find out up front how much you'll pay.

For example, to send US$1,000 to India, you'll pay US$6 in fees for a bank transfer or US$13 for a cash pickup. To compare, sending US$1,000 to Brazil, it's US$9.99 for either a bank transfer or a cash pickup.

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Winner: Tie

Whether MoneyGram or Western Union offers lower fees may depend on where you're sending the money, how you choose to pay and how your recipient chooses to receive the cash.

Let's crunch the numbers: Sending US$1,000 to Mexico

Let's say you want to send US$1,000 to Mexico, but you're not sure which of these major companies is the right choice. Here are the fees and exchange rates offered by MoneyGram and Western Union when sending money for cash pickup and paying by bank transfer.

	Western Union	MoneyGram
Transfer fee	US$5	US$9.99
Exchange rate	1 USD = 19.803 MXN	1 USD = 19.921 MXN
Transfer speed	0-4 business days	0-5 business days
Total received	19,803 MXN	19,922 MXN

Based on rates when we checked, your recipient would receive about 119 pesos more if you sent your transfer through Western Union.

To understand who offers better exchange rates, you'll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

Western Union

Depending on the country you're sending money to, a typical exchange rate at Western Union could be up to 6% above the mid-market rate. If you're sending a large amount overseas, this means hundreds of dollars straight into Western Union's coffers.

We'll use the example of a transfer to euros (EUR):

If the mid-market rate is 1 USD = 0.94 EUR
Western Union's exchange rate might be 1 USD = 0.86 EUR

MoneyGram

MoneyGram also skews exchange rates for a profit. Depending on where you're sending your money, the exchange rate could be 5% or more above the mid-market rate. Like Western Union, this means hundreds of dollars on a large transfer diverted to MoneyGram's pockets.

So if you're sending money to Europe:

If the mid-market rate is 1 USD = 0.94 EUR
MoneyGram's exchange rate may be 1 USD = 0.91 EUR

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Winner: MoneyGram

Sending US$1,000 to Europe with MoneyGram could result in about 50 more euros to your recipient over Western Union.

Western Union

Delivery speeds vary with transfer options. At an agent location or by phone, your transfer could be delivered in minutes — at higher costs. Your cheapest options could take five days or longer, depending on the country.

MoneyGram

Like Western Union, delivery speed with MoneyGram also varies by transfer option, with cash transfers in person or by phone delivered in minutes, again with higher costs. MoneyGram's cheaper options take two to four business days for receipt.

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Winner: It depends

These services are similar enough that the time it takes to deliver your cash will depend on the country, your payment method and how your recipient chooses to receive the transfer.

	Payment Methods	Minimum and maximum transfers	Delivery methods	Transfer speeds	Countries and currencies
Western Union	Cash	Minimum and maximum varies by country	Bank transfer, cash pickup, e-wallet	Varies from minutes to 5+ days	200+ countries
MoneyGram	Cash	Minimum and maximum varies by country	Bank transfer, cash pickup, other options by location	Varies from minutes to 4+ days	190+ countries and 45+ currencies

While Western Union and MoneyGram can appear similar, you may get a stronger exchange rate with MoneyGram — which is especially important for larger transfers. But if your recipient needs to pick up your transfer as cash, Western Union's 500,000 agent locations worldwide beats MoneyGram's 350,000.

These two services aside, you could almost always do better with another money transfer specialist. Be sure to compare your options to find a provider that's perfect for your situation.

Looking for more options?

Input the details of your transaction into the calculator below to compare fees and exchange rates across a range of money transfer services.

Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.

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