Monday, November 28, 2022

Western Union vs MoneyGram: Which is better

Must Read
Adetunji Matthew
Adetunji Matthew
I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. I’m popularly known as “Matt” As an artist and designer, I aim to create something brilliant daily. Eager to learn more, I use my free time to get better at w hat interests me, whether it's researching, teaching, or even something entirely new.
- Advertisement -

Both Western Union and MoneyGram are known to be among the first and largest international money transfer services. In this article, we will have an interesting discussion as to which one is better between Western Union and MoneyGram.

MoneyGram and Western Union are leading providers of domestic and international money transfer services. So instead of racking your brain to make a choice, why not just settle and let AidTheStudent help you decide. This will be very interesting.

Western Union

Western Union is the larger of these two financial services providers. Plus, it has more instant name recognition in many countries of the world.

Western Union has around 500,000 agent outlets in over 200 countries.

Users can send and receive money on their phones, through their website, or by physically appearing in an agent outlet and performing the transaction in cash.

Also Read: How to Get Paid on the Internet (Payoneer Vs PayPal)


MoneyGram is what everyone knows as Western Union’s biggest competitor.

Unlike Western Union which got popular through its now-defunct telegraph business, MoneyGram built its reputation from scratch as an international financial services provider.

MoneyGram offers almost all the services that Western Union does, so we will have to base our verdict on other factors. 

Which one is better between Western Union and MoneyGram

As we said earlier on, the two international financial services provider offers almost the same services. Users can go to their websites, input the amount they want to transfer and select a destination for the recipient.

These two international financial services providers also offer the option to call, visit a physical outlet or their mobile apps.

We will compare Western Union and MoneyGram based on the following performance metrics.

  1. Location and Coverage
  2. Transfer Speed
  3. Transaction Fees
  4. Exchange Rates
  5. Payment Options
  6. Transfer Options

Also Read: How to Transfer Money from PayPal to Payoneer? [100% Working]

Western Union vs MoneyGram: Location and Coverage

Western Union

Western Union has more than 500,000 agent locations in over 200 countries of the world.


MoneyGram has about 350,000 agent locations in more than 200 countries and territories of the world.


Both Western Union and MoneyGram have a presence in more than 200 countries and territories. That’s a lot, to be honest.

But as you can see, Western Union is a little bit ahead of MoneyGram when it comes to physical outlets and agents. There’s a difference of 150,000 locations, and that, my friend, is a very huge difference.

Western Union vs MoneyGram: Transfer Speed

Western Union

Generally, Western Union is very fast. But it’s up to the sender to choose how fast he/she wants it to be. The delivery speed of Western Union varies, depending on how much you want to pay for the transaction fee.

The cheapest option can take five days or longer, depending on the country where the recipient is residing.


MoneyGram’s transfer speed is almost the same as that of Western Union. It also varies by transfer option. Faster delivery means higher transaction fees. The cheapest option on Western Union takes 2 to 4 working days to get to the beneficiary.

But again, remember that the transfer speed also depends on the location.


In terms of transfer speed, these two giants are already doing the best anyone can do. So for now, let’s call it a draw.

Western Union vs MoneyGram: Transaction Fees

Western Union

Most of the time, Western Union transaction fees start at $5. However, they can be as high as $100 when sent from a credit or debit card to be received physically (in some countries).

If the sender is transferring money to highly populated countries like Mexico or India, Western Union gives a free transfer option.


Although there are few differences in the transaction fees, they both follow similar rules.

The fees depend on your payment option, the transfer amount and the country where you’re sending it.


Note that the two international financial services providers deliver to over 200 countries. So definitely, the transaction fees will be different from country to country while also fluctuating.

Also, there are other factors at play, for example, the payment method with which you’re funding the transfer.

So, it’s a draw!

Recommended: How To Create A Paypal Account That Sends And Receives Money In Nigeria

Western Union vs MoneyGram: Exchange Rates

Before you can understand which party offer better exchange rates, you need to glance through the current mid-market rate. This is the true global exchange rate. It’s also the standard that banks use to determine theirs as well.

Western Union

Western Union exchange rate markup range between 2% to 4%.


Western Union exchange rate is usually 5% or more above the mid-market rate.


They both have similar exchange rates, but Western Union seems to be lower. In this case, Western Union wins, but only with a narrow distance. 

Mind you, the difference is negligible and a wise person will not choose Western Union over MoneyGram solely based on this small difference.

Western Union vs MoneyGram: Payment Options

Western Union

The sender can pay with a credit or debit card, or bank account, by visiting an agent outlet or with a wire transfer.


MoneyGram has the same payment options as Western Union. The sender can pay with a credit or debit card, or bank account, by visiting an agent outlet or with a wire transfer.


It’s a draw since they both have the same payment methods.

Western Union vs MoneyGram: Transfer Options

Western Union

Here are the various transfer options available on Western Union:

  • Bank account
  • Mobile wallet
  • Prepaid card
  • Pay your bills
  • Cash (visit the nearest agent outlet)
  • Send money to an inmate in a correctional facility


Here are the various transfer options available on MoneyGram:

  • Bank account
  • Debit card
  • Mobile wallet
  • Doorstep delivery
  • Pay your bills
  • Cash (visit the nearest agent outlet)
  • Send money to an inmate in a correctional facility


The two international financial services provider have the best transfer option that any service can offer. However, MoneyGram has more transfer options, which gives it an advantage over Western Union in this case. 

Final Verdict

Location and Coverage:Western Union
Transfer Speed:Draw
Transaction Fees:Draw
Exchange Rates:Western Union
Payment Options:Draw
Transfer Options:MoneyGram

Both Western Union and MoneyGram provide secure and reliable ways for users to send money to other people.

Over the years, each party has closely watched its competitor’s strengths and weaknesses. Today, both of them are close to perfect and are already doing the best any financial service provider can do.

As for which one is better between Western Union and MoneyGram, you can make your choice based on our comparison. Selecting the best as a user will be determined by your needs and personal preferences.

Note: is a very transparent and informational website. We are not paid by anyone to write this, so all verdicts on this webpage are solely based on merit.


Please enter your comment!
Please enter your name here

- Advertisement -
- Advertisement -spot_img

Follow us


Find a domain starting at $0.88

powered by Namecheap

- Advertisement -
Latest News

Naira redesign: Purpose, Implications, and consequences

The 200, 500, and 1000 Naira notes will be redesigned by December 15, 2022, according to the Central Bank...


Akin Alabi – How To Sell To Nigerians

How To Sell To Nigerians: Sell More Of Your Products In The Next 30 Days Than You Did In The Last 300 Days Download...
- Advertisement -

More Articles Like This

- Advertisement -

Pin It on Pinterest

Share This