Moneygram Review byCurrencyComparison.co.uk
2 out of
Moneygram has been voted 2/5 or 59% out of 480 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business so you should read this review before doing any Currency Transfers.
Who are Moneygram?
So who are Moneygram? Moneygram International, headquartered in Dallas Texas, is a money transfer company based in the United States with offices around the world. MoneyGram International is the result of a merger of Travelers Express, founded in 1940, with Integrated Payment Systems Inc.
MoneyGram is the second largest provider of money transfers in the world. The company operates in more than 200 countries with a global network of more than 350,000 agent offices. MoneyGram’s annual revenue is $1.45 billion.
MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products. MoneyGram has been in business long before the advent of electronic transfers, and build its business through agent offices which aren’t compatible with the modern currency transfer structure. MoneyGram has adapted, but still depends on processes that are outdated. Security Violations: In 2012, MoneyGram International admitted to anti-money laundering and wire fraud violations after MoneyGram services were used by unrelated parties involved in mass marketing and consumer scams that defrauded thousands of US victims MoneyGram created a $100 million victim compensation fund as part of settlement. In February 2016, MoneyGram agreed to pay $13 million to end a money transfer probe.
Moneygram / Send money your way
Why should I use Moneygram?
Scant services are listed on MoneyGram’s homepage which funnels visitors to immediately select a region from which they’ll be sending a transfer. One half of this page is dedicated to Scam Awareness Alliance, a non-profit organization MoneyGram founded that seeks to educate Americans about scams in order to help them avoid becoming victims of them as had happened with MoneyGram previously. No currency calculator combined with no hint of any best rate guarantee is very off-putting. This is a corporate machine at its coldest and most unapproachable state. There’s not any hope of generating a connection with any visitor, in spite of the company’s flouting its charitable donations of over $4 million.
US Consumer Affairs Department rates MoneyGram 1 out of 5 Stars with 319 reviews detailing very similar issues. Problems begin with online transfer errors due to MoneyGram’s website altering information, ie: transfer to be sent to Alabama, US is auto corrected to Albania. Clients unable to get funds for a typical 11 day period are also unable to find English speaking customer support service. Very poorly rated service is reported by almost 100% of reviewers.
Send money your way
TRUSTPILOT rated Bad:2.4 with only 24 reviews, of which almost all were complaints about very poor service, especially customer service telephone calls to resolve issues. MoneyGram frequently made errors which kept transfer funds from being processed and weren’t helpful by email or phone with seeking bank refunds. The worst reviews of any transfer company on TRUSTPILOT are MoneyGram’s.
Registered office address: Dallas, Texas, United States