Wise vs MoneyGram 2024

Wise is a digital provider of international transfers, supporting millions of customers to move money to 160+ countries globally, in 40+ currencies. Wise also offers business payments, and multi-currency accounts and cards to both personal and business customers. MoneyGram is a very well known international transfer provider, operating both online, in app and through agents globally for cash payments.

If you’re not sure which of Wise vs MoneyGram is right for your next payment, this guide is for you. Read on as we cover all you need to know about both providers’ international transfers: fees, exchange rates and more.

Summary: Wise lets you send money to 160+ countries for deposit to a bank account, or to a mobile money wallet in select countries. Payments are made online or in app and use the mid-market rate with low fees. MoneyGram transfers can be made online, in app and in person, and sent to bank or mobile money accounts, or for cash collection. MoneyGram exchange rates may include a markup.

Wise Vs MoneyGram: side by side

Let’s walk through some of the features of both Wise and MoneyGram side by side.

This guide focuses on the international transfer options with each of these providers - but it’s good to know that Wise also offers the Wise account for business or personal customers which can hold CAD and 40+ other currencies, and which comes with local account details for receiving select foreign currencies You can also get a Wise card for international spending.

Let’s start with a side by side comparison of your options for money transfers with Wise and MoneyGram:

So, to summarise:

• Wise and MoneyGram both offer services to personal and business customers

• Wise and MoneyGram both let you send money online and in-app; MoneyGram also lets you pay in person at an agent location

• Wise lets you pay from your bank or with a card; MoneyGram payments are usually made by card or in cash at an agent

• Wise and MoneyGram both let you receive money  to a bank or mobile money account; MoneyGram also lets you collect cash at an agent location, while Wise supports receiving select currency to its own Wise Account

• Wise has a multi-currency account to support 40+ currencies - MoneyGram does not offer this service

• Both providers are fully regulated and safe to use

 The important bits

Here are some factors you may want to compare if you're deciding between Wise and MoneyGram.

*Speed: The speed of transaction claim depends on individual circumstances and may not be available for all transactions

Rates: Wise uses the mid-market rate, MoneyGram exchange rates may include a variable markup

Fees: Wise transfer fees vary, and start from 0.33%; MoneyGram has variable fees depending on the details of the payment

Speed: Wise payments can be instant, with 90% arriving in 24 hours. MoneyGram payments often arrive in minutes but bank deposits may take up to 1 working day

Service: Wise offers service online, in-app and by phone; MoneyGram service is mainly online, in app or in person at agent locations

Safety: Both providers are fully licensed and regulated

Reviews: Wise has an Excellent rating with over 234k reviews, MoneyGram has an Excellent rating, from 43k+ reviews

Pros and cons

The verdict: Which is better, Wise or MoneyGram?

Wise and MoneyGram are both great services for sending money overseas, with broad reach and reliable transfer times. Which is best for you might come down to how you want your money to be received, and where the payment is heading.

Wise payments are all sent online or in app, and received to bank or mobile money accounts. Transfers can be quick and services cover 160+ countries with the mid-market exchange rate.

MoneyGram offers payments digitally and in cash through its agent network and serves almost every country in the world. Exchange rates can include a markup - which is a fee - and overall in the example transfers we compared, standard MoneyGram payments to banks were slightly more expensive than Wise.

If you’re sending a digital payment, you can easily compare the costs of Wise vs MoneyGram online. If you’d prefer to send cash, MoneyGram may be the better choice. This guide can help you learn more about each and decide if either is the best option for you and your money.

About Wise and MoneyGram

Wise was founded in 2011, and offers personal and business customers easy ways to send money to 160+ countries, for deposit to bank and mobile money accounts. Wise transfers are arranged online or in app and use the mid-market exchange rate and low, transparent fees. Wise also has multi-currency accounts which can hold and manage 40+ currencies.

MoneyGram has been in business for over 80 years and sends money online, in app and through agents to over 200 countries and territories. The MoneyGram agent network stretches over 430,000 locations, with transfers available to banks, mobile money accounts or for cash collection more or less anywhere in the world.

How do they work?

Wise international transfers use the mid-market rate and low fees from 0.33%. All Wise payments are sent online or in app, and deposited to bank and mobile money accounts in 160+ countries. 40+ currencies are supported for transfers. If you want to you can also open a Wise account to hold and exchange foreign currencies, and receive international payments like a local in 8+ currencies. Learn more: How to receive money internationally with Wise

MoneyGram transfers can be made online or in app - or you can visit an agent local to you if you want to pay in cash instead. You can send money to a bank or mobile money account, or opt to have your recipient visit an agent location close to them to pick up their money in cash.

Wise Vs MoneyGram: fees

Let’s look at Wise vs MoneyGram on fees.

*Information taken on 1st of October 2024

Wise Vs MoneyGram: which is cheaper? 

If you need to send a payment for deposit to a bank, a digital service provider can be a cheap and reliable option. That’s because digital services have lower overheads than banks, and have invested in new ways to move money which can be cheaper to operate.

That said, there are different fees for every payment, so comparing a few digital providers is a good way to get a feel for which might be cheaper in your specific situation. Here we looked at a few example payments to see what the recipient would get when sending CAD on different payment routes. We’ve imagined you’re arranging your transfer digitally and sending for deposit in a bank:

*Information taken on 1st of October 2024, comparing standard Wise and MoneyGram payments with no promotional offers included

It’s important to check the costs of different providers in your specific case. Here Wise had lower overall costs when compared with the MoneyGram standard fees.

However, MoneyGram may offer a more favourable exchange rate for new customers on some payment routes for their first transfers which means you’ll need to compare the details for your transfer before you can decide which is cheapest for you.

Wise Vs MoneyGram exchange rates

Wise uses the mid-market exchange rate with a low conversion fee from 0.33% when you send money to someone abroad. The fee is split out separately to the rate offered, for transparency, and to make it easier to compare your options.

MoneyGram uses variable exchange rate markups which depend on the currency you’re sending, the value of the payment and the way you want to pay. You might find that the rate you’re offered online is different to the rate at an agent location.

Wise Vs MoneyGram: Which is faster for international wire transfers?

Wise international transfers can be instant, and 90% arrive in 24 hours. However, the delivery time does depend a lot on where you’re sending money to, the transfer value and the currency.

MoneyGram payments made in cash and collected in cash are usually more or less instant. When sending to a bank, many transfers arrive in just an hour or so, but some routes offer only next day delivery services.

With both providers you can see a delivery estimate before you transfer, and you can track your payment online easily.

Wise Vs MoneyGram: International transfer limits

Wise international transfer limits tend to be fairly high to allow customers to complete high value payments conveniently. However, they do vary depending on the details of the payment. Usually you can send around 1 million GBP or the currency equivalent per transaction.

MoneyGram limits can vary and are not publicly available. If you hit a limit when sending money you’ll be informed so you can decide your best course of action.

Wise Vs MoneyGram: Payment methods

With Wise Canada you can use the following payment methods:

• direct debit (EFT)

• online bill payment

• debit/credit card

• wire transfer

• Interac e-Transfer

• Wise account balance

MoneyGram payment funding method can include:

• Debit or credit card when paying online or in app

• Cash when paying at an agent location

Wise Vs MoneyGram for international business payments

Wise offers business payments to customers in Canada, including one time, recurring and batch transfers. Payments use the mid-market exchange rate and low fees, and can be quickly deposited to recipient’s local bank accounts in 160+ countries. You can also open a Wise Business account to send payments conveniently from your account balance, and receive international payments in 20+ currencies.

MoneyGram offers business services in some global markets, but the availability might depend on the type of business you have and where you’re based. If you want to learn more you can get in touch with Moneygram business services directly to check the details for your business entity type.

Ease of use

Creating an account:

Wise accounts are opened and operated online or using the Wise app.

MoneyGram accounts can also be opened online or in app, or in person at an agent location

Making a transfer:

Wise international payments can be made online or in-app.

MoneyGram overseas payments can be made online or in-app, or in person at an agent location

Ways to send money:

Wise transfers can be funded by direct debit (EFT), online bill payment, debit/credit card, wire transfer, Interac e-Transfer and Wise account balance.

MoneyGram overseas payments are available using credit or debit card, or cash at an agent location

Languages:

Wise has multi-lingual support online, using the app, and by phone.

MoneyGram services are available online or by visiting an agent location - language availability can vary depending on where you are

Minimum & maximum amounts:

Wise limits depend on which currencies you send to and from, and how you pay - typically where limits apply they’re set at around the equivalent of 1 million GBP per transfer.

MoneyGram overseas payments have variable limits which are not disclosed publicly

Supported currencies

Wise payments can be made in 40+ currencies to 160+ counties. MoneyGram transfers to 200+ countries and territories in a very broad selection of currencies.

Safety

In Canada, Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and uses strong digital security measures on all accounts and transfers. You can learn more about them on Is Wise safe?

MoneyGram is a large global business which is safe to use and licensed for its services. As global companies, both are also overseen by a selection of bodies all around the world.

Wise Vs MoneyGram: Customer service

With Wise the easiest option to access service is to log into your account and open a chat. You’ll be connected to an agent to get advice, and can be passed contact details or phone numbers if you need to speak to a specific department about your query.

MoneyGram offers service online using email forms, and in person at an agent location. You can also learn more in the MoneyGram app if you have it.

Conclusion: Comparing Wise and MoneyGram

Wise and MoneyGram both offer secure, fast and convenient ways to send money to others abroad. However, the exact services, features and fees do vary so it’s worth comparing the options before you pick one.

Wise has digital transfers to 160+ countries, which can be cheap and fast. There’s no exchange rate markup and you can send higher value payments if you need to. However, Wise does not support payments in cash or offer cash collection services.

In our comparison MoneyGram was a little more expensive than Wise on select payment routes, but it does cover more countries and also offers cash services.

Which is right for you might simply depend on where you’re sending money to and how you want to pay for your transfer. This guide should help you compare and pick.

Moneygram vs Wise FAQs

What is the difference between Wise and MoneyGram?

Wise is a digital provider which lets you send money to 160+ countries with the mid-market rate and low, transparent fees. MoneyGram offers a hybrid on and offline service, with payments to almost anywhere in the world. Exchange rates can include a markup, and fees vary. Both are great providers - which world best for you is likely to come down to the details of your payment.

Which is better: Wise or MoneyGram?

Neither Wise or MoneyGram is better - but some services do vary. Wise does not offer cash transfers, but can be fast and cheap. In our comparison we found MoneyGram to be a little more expensive - but it does serve more destinations and offer cash services. Compare both before you decide.

Is Wise or MoneyGram cheaper?

Whether Wise or MoneyGram is cheaper depends on your payment. In our comparison, MoneyGram’s standard costs for bank deposits were higher than Wise. However, fees vary by payment route, and MoneyGram may also offer promotional fees and rates.

Is Wise or MoneyGram faster?

Wise transfers can be instant, and most arrive in 24 hours. Learn more here How long Wise money transfers take?

Moneygram payments made in cash and collected in cash are usually more or less instant. When sending to a bank, many transfers arrive in just an hour or so, but some routes offer only next day delivery services.

How many currencies do Wise and MoneyGram support? 

Wise payments can be made in 40+ currencies to 160+ counties. MoneyGram transfers to 200+ countries and territories in a very broad selection of currencies.