HOW DOES MONEYGRAM WORK
How does Moneygram work – Are you looking to send money home using the Moneygram international money transfer service?
MoneyGram is a global money transfer service that allows you to send and receive money quickly and easily. With over 350,000 agent locations in over 200 countries and territories, MoneyGram is a convenient and affordable way to send money to loved ones around the world.
If this feels like you, the content you are about to read will walk you into a few details to answer the following questions;
- How does Moneygram work
- How does MoneyGram work internationally
- Where can I pick up money from MoneyGram
- How long does MoneyGram transfer to a bank account take
- How to receive money from MoneyGram to a bank account
- How does MoneyGram work at Walmart
- How do we send money through MoneyGram
- How does MoneyGram work in Nigeria
- How much does MoneyGram charge to send $100, etc..
First of all, MoneyGram is a cross-border money transfer solution through which you can send money to your loved ones for several reasons which include, but are not limited to;
Medical, family upkeep, education, savings, etc.
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How does MoneyGram work?
MoneyGram is a global money transfer service that allows individuals and businesses to send and receive money internationally.
Here’s how MoneyGram works:
Initiating the Transfer:
Sender: To initiate a MoneyGram transfer, the sender must visit a MoneyGram agent location, which can include banks, retail stores, post offices, or dedicated MoneyGram outlets.
In some regions, online and mobile app options are also available.
Provide Information:
Sender: The sender will need to provide specific information to the MoneyGram agent.
This typically includes:
- The recipient’s name and location.
- The amount of money to be sent.
- Personal identification and contact information.
Payment:
Sender: The sender pays the transfer amount along with a fee to the MoneyGram agent.
Payment can be made in cash, by debit/credit card, or via other methods accepted by the specific agent.
Transaction Code:
Sender: Upon completing the payment, the sender will receive a reference number or transaction code.
This code is essential for tracking and confirming the transfer.
Receiver Information:
Sender: The sender should share the transaction code and other relevant details with the recipient securely.
The recipient will need these details to pick up the money.
Recipient Collection:
Recipient: The recipient can visit a MoneyGram agent location in their area and provide the transaction code and personal identification to collect the money.
Notification and Confirmation:
Sender and Recipient: MoneyGram may send notifications to both the sender and the recipient confirming the successful transfer and pickup of the funds.
Funds Availability:
Recipient: Depending on the destination and the specific MoneyGram agent, the recipient can usually receive the funds in cash or have the money deposited into a bank account or mobile wallet.
MoneyGram’s service is widely used for international remittances and money transfers due to its extensive global network of agent locations.
However, it’s important to note that fees and exchange rates can vary, so it’s advisable to compare the costs and terms associated with a MoneyGram transfer before proceeding.
Additionally, MoneyGram has expanded its digital services, allowing customers in some regions to initiate transfers online or through a mobile app, making the process more convenient for some users.
These digital services may have slightly different procedures but still follow the basic principles of a MoneyGram transfer.
How does MoneyGram work internationally?
MoneyGram works internationally in the sense that it’s a cross-border money transfer platform through which money can be sent and received across countries.
MoneyGram transfer is usually initiated by the sender from an agent location or through the app.
Once completed with a few details provided by the sender, as well as the payment completed, the sender receives a detail he/she is expected to share discretely with the receiver.
The receiver visits a MoneyGram payout location in their resident country for a payout. Where account services are enabled, such transfers are cashed out from the bank, etc.
Where can I pick up money from MoneyGram?
Your loved ones have sent you money, what next?
Money could be sent to your bank account, or mobile wallet, in this case, you’ll need to visit your bank or the mobile network provider outlet/agent location for cash out.
However, if the money was sent as cash pick-up, you’ll need to visit an agent location in your locality or a bank that offers MoneyGram transfer services.
You are most times required to complete a MoneyGram transfer form with accurate details as shared discreetly with the sender, after which your payout is been processed.
How long does MoneyGram transfer to a bank account take
So you are looking to receive money into your bank account using the MoneyGram International service, how long does it take?
It usually takes around 10 minutes for MoneyGram transfers to be available if routed as cash pick-up, however, routing through the bank account will depend on the availability of your bank network to process and accept such transfers within the allotted service level agreement.
Note: Payouts in Nigeria as at the time of writing this guide are strictly in dollars.
How to receive MoneyGram transfers to a bank account
There’s no hassle trying to receive a transfer into your bank account, all you are required to do is to send your preferred bank account to the sender so they can route such funds into such an account at the point of initiating the transfer.
Kindly visit your bank to cash out the money on the notification of such a deposit.
How does MoneyGram work at Walmart?
Walmart offers convenient money transfer options, you can easily send money online for cash pick up or direct to a bank account outside the United States.
You are required to provide a few details which include but are not limited to;
- A personal photo ID
- The amount you are looking to send, and
- The receiver’s details.
Your transfer is processed and the reference details are communicated so the receiver can proceed to cash out within 10 minutes for a cash pick.
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How much does MoneyGram charge to send $100?
MoneyGram bases fees on the amount you are sending;
Paying via bank transfer and having the money delivered to a bank account is often the cheapest way to send money through MoneyGram.
Paying by credit card and having the money available for cash pick up is often the most expensive way to transfer money using MoneyGram.
A $100 transfer could go for a transfer fee of $1.99.
How does MoneyGram work in Nigeria?
You want to receive money in Nigeria, what next?
The sender must have completed the transfer and sent you the transaction details;
- The sent amount
- 8-digit reference number
- The sender’s detail; complete name on the transaction, and
- Possibly security question and answer
The payout method in Nigeria is usually cash pick up in any MoneyGram affiliated bank, except where stated otherwise, if routed via the account, such transfers are strictly paid out in dollars.
More so, be sure to provide the sender with your correct details as seen on your preferred ID card, this is to avoid a correction of receiver’s name on MoneyGram transfer afterwards
Visit any bank that offers the MoneyGram transfer service;
- Polaris bank
- First Bank of Nigeria
- UBA
- Union bank
- Access bank, etc.
Request to cash out a transfer, you are required to complete a MoneyGram transfer form, complete such form with your correct details, thereafter your transaction is processed and cash paid out.
Conclusion
MoneyGram has expanded its digital services, allowing customers in some regions to initiate transfers online or through a mobile app, making the process more convenient for some users.
These digital services may have slightly different procedures but still follow the basic principles of a MoneyGram transfer.
