There are a lot of payment methods available nowadays that one can use in order to trade. MoneyGram is one of them – the world’s largest money transfer provider. It offers services such as money transfers, bill payments, and card reload services to customers who do not have a bank account or prefer to use an alternative. Using MoneyGram, you can easily complete purchases using a variety of payment options, including debit and credit cards, cash, etc.
You can send or deposit money to more than 200 countries with 40 plus currencies available including the UK, Dubai, and Japan. That’s why it is a good option for forex traders that are registered with brokers in another location. Transfers are usually ready within minutes. It is important to note that you can either send money in person or online, making it possible for all kinds of customers to take advantage of the company’s services.
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You must first sign up for an account before sending money online. After that, you either select a bank or a MoneyGram agent location and choose how you wish to pay. You can also set up an online transfer and then pay with cash in-store by presenting government identification. Customers can go to the nearest agent location with an ID, transfer details, and the money they are transferring for in-person service.
If you are someone who receives the money, the sender can directly transfer it to you using a mobile wallet, a bank account, or an agent location. If the money is sent using the bank account or mobile wallet, you do not have to do anything as it will reflect in your account once the transfer is processed.
Fees are one of the most important parts of the payment methods, as they can easily increase the price of whatever it is that you are doing. If you do not like a specific company’s commission fees, you can easily switch to its competitor. That’s why MoneyGram tries to match competitors’ prices as closely as it is possible. Fees vary depending on several factors, such as the location and the type of transfer you want to make. The good thing is that the main webpage of MoneyGram offers a fee estimator and using this, you can have a better idea of the costs. Processing fees also vary between different Forex providers. The fees are generally the lowest when sending from the US.
MoneyGram deposits are handled in a few hours, although receiving times vary depending on the destination country. For instance, in China and Canada, you might have to wait for about an hour, while in other countries such as the Netherlands, and the UK, transactions might take up to a day. Additionally, some Forex brokers have their own processing times which sometimes can cause a delay in reaching your funds to your personal account.
The fastest option can be 10 minutes when you are using a card but the disadvantage of it is higher fees. If you are looking for the cheapest option, you can use a bank account and it may take up to five business days.
Customers have the possibility to pay for transfers with a bank account or credit and debit cards (Mastercard or Visa). The majority of these transactions are done within several hours. According to MoneyGram, several factors impact the deposit time, including banking hours and regulations. We need to mention the fact that before you decide to sign up for a trading account, it might be a good idea to check the broker’s website to see how different payment methods might affect your funds. Different methods can also come with their own transfer limits and maximum sending and this is something that one should keep in mind.
Do MoneyGram Brokers Get Regulated?
Probably the most important thing while dealing with online payment platforms is its license and regulation, as you are going to trust it with your financial assets. Considering the fact that MoneyGram has been in the industry for a long period of time and is an experienced company, it will be no surprise to say that it follows all the rules, laws, and regulations in every country where it operates. For instance, in the United States, MoneyGram is licensed in all states, while in the UK and EEA (also known as European Economic Area), it’s regulated by the Financial Conduct Authority (also known as FCA – one of the most reputable financial regulatory bodies).
What this means is that the company complies with laws such as currency control regulations, anti-money laundering, etc. MoneyGram must also keep business and bank client funds separately. All in all, the company is considered trustworthy and if something inconvenient happens, there always is a financial regulatory body that will take all the necessary steps to protect you as a customer. Additionally, MoneyGram uses 2048-Bit SSL ensuring that all the transactions made using their platform are protected.
Top Countries to Find MoneyGram Brokers
As we already mentioned earlier in this review, the company has been around for a couple of years now and with its development, it has expanded to a lot of countries around the world, making it easier and more comfortable for traders and brokers to use its services. Currently, MoneyGram financial services are available in 200+ countries worldwide with over 300000 service locations. If you wonder wh