Find fast and cheap alternatives to MoneyGram for your money transfers. Read more!
When you need to send money to friends, family or business partners abroad, you need options. MoneyGram has been a popular choice for international money transfers for years, but the market now offers many alternatives that might be better for you. Whether you’re looking for lower fees, better exchange rates or more convenient delivery methods, exploring these MoneyGram alternatives can save you time and money.
Today we’ll go through the best alternatives to MoneyGram, their history, pros and cons and ideal use cases. By the end of this article you’ll know which one is best for you.
What is MoneyGram
Before we dive into alternatives, let’s understand what MoneyGram is and why people have used its services for so long. MoneyGram started in 1940 with the establishment of Travelers Express Company, which was primarily a money order and payment service. The company we know today was formed in 1998 when Travelers Express merged with MoneyGram Payment Systems, creating a global money transfer network that would become the second largest in the world.
Headquartered in Dallas, Texas, MoneyGram built its reputation on accessibility and reliability, especially in areas where banking infrastructure is limited. With around 350,000 agent locations in 200 countries and territories, its physical presence is one of its greatest strengths. This network is particularly useful for sending money to people without bank accounts or in underserved financial areas of Africa, Latin America and South Asia.
While MoneyGram is convenient and has wide reach, its service comes with higher fees than many digital-first competitors and its exchange rates have significant markups from the mid-market rate. The cost structure is complex and varies greatly depending on the transfer corridor, amount, payment method and receiving option. This has opened the door for many alternatives that might be better for specific customer needs, especially those who prioritize cost savings over MoneyGram’s traditional strengths of physical presence and brand recognition.
Top 7 MoneyGram Alternatives for Fast and Affordable Transfers
When looking for alternatives to MoneyGram, look for options with a transparent fee structure, competitive exchange rates and a global network. Here are the top 7 alternatives:
Western Union: Best for Large Global Network
Founded in 1851 as a telegraph company, Western Union introduced money transfer services in 1871. With over 170 years of history, it’s one of the oldest and most established financial services companies globally. Western Union’s vast agent network developed over decades, giving it unparalleled physical presence worldwide.
Key Features:
Enormous global network spanning 200+ countries and territories
Multiple sending options (online, mobile app, in-person)
Various receiving methods (cash pickup, bank account, mobile wallet)
Multi-language support and localized services
Physical locations in remote and underbanked regions
Pros:
Unmatched global presence with 500,000+ agent locations
Cash pickup available in remote locations where digital services don't reach
Strong reliability and name recognition
Multiple payment methods accepted
Cons:
Higher fees than digital-first competitors
Less favorable exchange rates with significant markups
Complex, variable pricing structure
Can be slow for bank deposits compared to newer services
Best Use Case:
Western Union is best when sending money to remote or underbanked regions where cash pickup is essential. Its global network makes it invaluable for reaching recipients without bank accounts or in countries with limited banking infrastructure.
This global reach makes Western Union particularly useful when your recipient needs cash pickup options in remote or underbanked areas. Western Union offers multiple ways to send money, including online transfers, in-person at agent locations, via their mobile app or by phone. This flexibility, combined with their global presence, makes them especially useful for sending money to areas where banking infrastructure may be limited.
But convenience comes at a price. Western Union’s fees vary greatly depending on the transfer amount, destination and delivery method. Their exchange rates have a markup over the mid-market rate, which increases the total cost of your transfer. For the best value, I recommend comparing their rates with other providers before sending.
Wise (Formerly TransferWise): Best for Transparent Fees and Exchange Rates
Founded in 2011 by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, Wise pioneered the peer-to-peer currency exchange model before expanding to direct transfers. The company was born from the founders’ personal frustration with high bank fees for international transfers. Rebranded from TransferWise to Wise in 2021, the company has grown to serve millions of customers worldwide.
Key Features:
True mid-market exchange rates (the real rates you see on Google)
Borderless accounts with local bank details in multiple countries
Pros:
No hidden fees or exchange rate markups
Highly rated mobile app with excellent user experience
Multi-currency account functionality
Regular improvements to reduce fees and transfer times
Cons:
No cash pickup options (bank transfers only)
Fees can add up for larger transfers
Limited customer service options compared to traditional providers
Not available in all countries
Best Use Case:
Wise is best for regular international transfers to bank accounts where transparency and actual exchange rates are priorities. It’s particularly valuable for expats, remote workers and frequent travelers who regularly deal with multiple currencies.
When looking for money transfer options that prioritize transparency, Wise stands out among MoneyGram alternatives. Their approach to international transfers revolutionized the industry by offering true mid-market exchange rates and clearly displaying all fees upfront.
Their mobile app provides a seamless experience for managing your transfers and multi-currency accounts, making it easy to monitor exchange rates and initiate transfers on the go.
OFX: Best for Avoiding Transfer Fees
Founded in 1998 in Australia as OzForex, OFX began as a currency information website before expanding into foreign exchange services. The company rebranded to OFX in 2015 and has since grown into a global provider specializing in larger international transfers.
Key Features:
Zero transfer fees regardless of the amount
Competitive exchange rates (better than banks but not mid-market)
24/7 customer support with currency specialists
High transfer limits with no maximum
Support for 55+ currencies
Pros:
No transfer fees for any transaction amount
Excellent rates for large transfers
Currency specialists available for guidance
Secure and regulated in multiple countries
Cons:
Minimum transfer amount of $1,000
No cash pickup options (bank transfers only)
Transfers typically take 1-2 business days
Limited payment methods (primarily bank transfers)
Best Use Case:
OFX is ideal for large international bank-to-bank transfers where cost is more important than speed. If you’re sending more than $1,000 and your recipient doesn’t need cash immediately, OFX offers great value.
When you use OFX for your money transfers, you’ll benefit from their streamlined process and competitive rates. While not always offering the absolute mid-market rate, OFX provides exchange rates that are typically better than banks or traditional money transfer services.
Xoom: Best for International Money Transfers Within Minutes
Founded in 2001, Xoom focused initially on remittances to Latin America before expanding globally. The company was acquired by PayPal in 2015 for $890 million, strengthening its financial backing and technological infrastructure while expanding its reach through PayPal's customer base.
Key Features:
Near-instant transfers in many corridors
Multiple delivery options (bank deposit, cash pickup, home delivery)
PayPal integration for seamless transfers
Mobile wallet compatibility in many countries
Strong presence in Latin American and Asian markets
Pros:
Extremely fast transfers (minutes in many cases)
Flexible delivery options
Easy to use for existing PayPal customers
Strong mobile app with good tracking features
Cons:
Higher fees than many digital-first competitors
Significant exchange rate markups
Variable fees based on payment method (credit cards cost more)
Maximum transfer limits may restrict larger transactions
Best Use Case:
Xoom is perfect for urgent transfers where speed matters more than cost, especially to Latin America and Asia. When your recipient needs money quickly and cash pickup is important, Xoom provides reliable service despite the higher fees.
When speed is your priority for sending money internationally, Xoom offers some of the fastest transfer times available. This makes it a great MoneyGram alternative when your recipient needs funds quickly.
The convenience and speed of Xoom do come at a cost. Their fees vary widely depending on the amount, destination, and payment method, with credit card payments typically incurring higher fees. Their exchange rates also include a markup compared to the mid-market rate, which increases the total transfer cost.
Remitly: Best for First-Time Users and Cash Pickup Options
Founded in 2011 by Matt Oppenheimer after his work experience in Kenya revealed the challenges of international remittances, Remitly initially focused on transfers to the Philippines before expanding globally. The company went public in 2021 and has maintained a strong focus on immigrant remittances.
Key Features:
Dual speed options (Economy for savings, Express for speed)
Exceptionally user-friendly interface
Multiple delivery methods including cash pickup
Strong tracking and notification system
First-time user promotions and incentives
Pros:
Very easy to use for beginners in international transfers
Competitive rates for smaller transfers under $1,000
Excellent tracking features with real-time updates
Strong customer service with multiple contact methods
Cons:
Higher fees for credit card payments
Limited sending countries (primarily US, UK, EU, Australia)
Can be expensive for larger transfer amounts
Exchange rate markups vary by corridor
Best Use Case:
Remitly is great for regular small transfers, especially for first-time users and transfers to Latin America, Southeast Asia and Africa. Its simple platform and good customer support make it perfect for those new to international transfers.
If you’re new to sending money internationally and want a user-friendly experience with multiple delivery options, Remitly is a good MoneyGram alternative. Their service is designed to be as simple as possible and offers competitive prices.
For transfers to Latin America, Southeast Asia and Africa, Remitly has strong service with extensive cash pickup networks. Their fees vary by amount, destination and speed option you choose but are generally competitive for smaller amounts under $1,000.
WorldRemit: Versatile Options for Mobile Money Accounts
Founded in 2010 by Ismail Ahmed, who was inspired by his own difficulties sending money to family in Somalia, WorldRemit recognized the potential for digital solutions to transform remittances, particularly in Africa. WorldRemit was the first to integrate with mobile money services and has stayed true to that focus.
Key Features:
Integration with 70+ mobile money services worldwide
Excellent mobile wallet support (M-Pesa, MTN, GCash, etc.)
Fast processing times with transparent tracking
Strong security
Strong security features
Competitive pricing for mobile money transfers
Cons:
Not always the best exchange rates compared to specialists
Limited sending options from some countries
Customer service can be slow during peak times
Verification process can be stringent for new users
Best Use Case:
WorldRemit is great for transfers to regions with high mobile money adoption, especially in Africa, Asia and Latin America. If your recipient prefers receiving funds via mobile wallet or needs airtime top-ups, WorldRemit is the best.
In today’s mobile world, the ability to send funds directly to mobile money accounts has become essential. WorldRemit excels in this area, making it a good MoneyGram alternative for transfers to regions where mobile money is widely used.
They don’t always offer the best exchange rates but their convenience and speed often make up for slightly higher total costs especially when your recipient prefers receiving funds via mobile wallet.
Volet.com: Best for Cryptocurrency-Based Transfers and Global Reach
Founded in 2014, Volet.com is a money transfer service that uses blockchain technology to provide fast and low-cost international transactions. It was created by a team of fintech and blockchain experts who saw how cryptocurrencies could simplify cross-border payments without users having to navigate complicated crypto processes.
Key Features:
Support for 150+ countries, with 110+ fiat currencies
20+ fiat currencies to withdraw Instant P2P transfers within Volet.com
They offer cards in countries where nothing similar is currently available
Pros:
An older, mature service compared to the many others
Free instant P2P (for personal accounts)
They’ve recently started introducing additional products—cashback, gift cards, vouchers, a swapper, and new crypto wallets
Cons:
Thorough verification process
The cards are not accessible in every region
No crypto card tying directly to a user’s crypto balance
Best Use Cases:
For Individuals
Receiving Freelance Payments
Freelancers can accept earnings via internal transfers or external crypto deposits. From there, users can move funds to any external card or to a Volet.com-issued card for day-to-day spending.
Easy Crypto Purchases and Sales
Buying crypto on Volet.com is straightforward and often has fewer steps than using a traditional exchange. Users can also sell their crypto or move it from an external exchange, then withdraw the proceeds to any linked bank card or Volet.com card.
Site Balances and Withdrawals
If a website supports Volet.com payments, you can top up your site balance or withdraw your earnings to your Volet.com wallet without dealing with multiple third-party services.
Sending Free Internal Transfers
Users can instantly transfer funds to friends, family, or co-workers within Volet.com at no cost—ideal for small payouts, shared expenses, or splitting bills.
For Businesses
Crypto Payment Acceptance (Crypto-Acquiring)
Companies can accept crypto from customers worldwide and automatically convert it to fiat, or hold it as crypto in their Volet.com wallet. This global payment solution suits businesses operating across borders.
Mass Payouts with Crypto or SEPA
By depositing funds in either crypto or fiat (via SEPA), businesses can distribute payments en masse to affiliates, freelancers, or employees around the world—removing hurdles posed by traditional banking systems.
Voucher Creation and Distribution
Volet.com allows companies to issue vouchers to users, useful for promotional campaigns or loyalty programs. Funds can be topped up, converted, and redeemed flexibly within the platform.
Partner Wallet Services
If you operate an exchange, partner program, or any service with deposits and withdrawals, Volet.com’s wallet system can serve as a seamless gateway for both crypto and fiat. Users can deposit, exchange, or withdraw without juggling multiple platforms.
Buying Crypto for Global Payouts or Investments
Businesses can purchase crypto at competitive rates. Whether for worldwide crypto-based salaries, mass payouts, or corporate investments, Volet.com simplifies the process and centralizes management.
Closing Thoughts
The international money transfer landscape has changed a lot over the past decade from a market dominated by a few traditional players like MoneyGram and Western Union to a diverse ecosystem of specialized providers. This has been driven by technological advancements, changing consumer behavior and regulatory changes that have lowered the barrier to entry for new companies. Digital-first providers like Wise, Volet.com and OFX have shaken up the market by offering transparent pricing and using technology to reduce costs. Western Union still provides value through their extensive network and ability to serve unbanked populations. Volet.com is pushing the boundaries further by using blockchain to offer benefits that were previously unavailable to most users.
The money transfer industry is moving fast with new players entering the market and existing ones expanding their offerings. Services using emerging technologies like blockchain are worth watching as they can further reduce costs and increase transfer speed across global corridors.
Disclaimer
This article is for information purposes only and is not legal, financial or professional advice. All content is based on publicly available information and personal opinions. Readers should seek professional advice before making any decisions or taking any actions based on the information presented. The author and publisher assume no liability for any actions taken or not taken by the reader based on the content of this article.
Frequently Asked Questions
For bank-to-bank transfers, Wise generally offers the best combination of low fees and favorable exchange rates, especially for amounts under $10,000. For larger amounts, OFX often provides the best value with no transfer fees and competitive exchange rates.
Transfer times vary widely based on the service, destination, and payment method. They can range from minutes (with services like Xoom or Western Union's express option) to 3-5 business days for standard bank transfers. Digital-first providers typically offer faster processing times than traditional banks.
Reputable online money transfer services employ bank-level encryption and security measures. Look for providers that are properly licensed and regulated in your country and the destination country. All services mentioned in this article maintain appropriate regulatory compliance and security standards.
Wise consistently offers the closest to mid-market exchange rates, typically charging their fee separately rather than hiding it in the exchange rate. OFX and XE also provide competitive rates, especially for larger transfers.
Yes, services like Western Union and MoneyGram allow you to send cash from physical locations without a bank account. Recipients can also collect funds as cash without needing a bank account. Some digital services also accept debit or credit card payments that don't require direct bank account access.
MoneyGram alternatives are services that let users send money abroad through digital transfers, bank payments, wallets, or cash pickup networks. They are compared by fees, speed, and destination coverage
Compare transfer fees, exchange rates, delivery time, supported countries, and recipient payout options. For regular transfers, a lower-cost digital platform may be more convenient than a cash-first provider.
They can be cheaper, especially for online or account-to-account transfers. Costs vary by currency corridor, transfer amount, payout method, and whether a provider adds margin to the exchange rate.
