Personal Finance Money transfer

Complete Guide to Transferring Money from MoneyGram to Maya (Formerly PayMaya) account in the Philippines

Aditya Shrivastava
Aditya Shrivastava
24.07.24 (updated more than 1 year ago)
Read time 3 minutes

MoneyGram1 is a fast and convenient way to get money to people around the world - even if they don’t have access to a bank. If you’re looking to receive money to your Maya2 wallet, you may be considering having the person sending you money use MoneyGram.

This guide covers all you need to know about transferring money from MoneyGram to Maya.

Table of contents

How to Send Money from MoneyGram to Maya

MoneyGram payments to a Maya wallet are available through MoneyGram’s collaboration with Visa virtual and physical cards4. Eligibility requirements and some fees might apply. Let’s look at how it works.

MoneyGram to Maya Transfer: Eligibility

Before you decide on a MoneyGram to Maya transfer, check you and your sender meet the following requirements:

  • Not all MoneyGram services are available in countries - check deposits to Maya are covered in your sender’s country
  • Your sender will need to fund the payment with a Visa card - cards can be physical or virtual
  • Your payment can not exceed your monthly limits5

Your sender will need to check if MoneyGram allows deposits to mobile wallets in their home country. They’ll be able to see if mobile wallets are an option by logging into the MoneyGram website or app and starting to model a payment to the Philippines. They’ll also need a Visa debit or credit card.

From your side as the recipient you need to check your transfer will fit within the MoneyGram to Maya transfer limits6. Maya cumulative monthly limits apply to all transfers you’ve received within that month. Limits vary based on the Maya account tier you have. Upload some ID and record a video selfie to get an Upgraded account and a higher receive limit6. You can also upgrade further to a Super User or Ultimate User account.

MoneyGram to Maya Transfer: Step-by-Step Guide

The good news is that if someone has sent you a MoneyGram to Maya payment you don’t need to do anything. Just make sure the sender has the correct name and phone number as shown on your Maya account, and the money will be deposited to your account automatically.

MoneyGram to Maya Transfer Time

Your sender will need to pay for your MoneyGram to Maya transfer using a Visa card. While the time it takes for your payment to settle might vary a little, transfers funded with a card are often extremely quick.

The sender can see MoneyGram to Maya tracking information in the MoneyGram app once the payment is on the way.

MoneyGram to Maya Charges

There may be a couple of fees when it comes to sending or receiving a MoneyGram to Maya transfer. Let’s take a closer look.

MoneyGram to Maya Transfer Fee

MoneyGram uses variable fees, which are usually paid by the person who arranges the payment. There may also be an extra fee in the form of an exchange rate markup.

As the recipient you’ll need to double check if you’ll pay any Maya transfer receive fee which is known as a convenience fee. There’s usually no fee from Maya to receive money up to 8,000 PHP per month. If you receive more than this in total, through MoneyGram or other means, you might find there’s a fee of up to 2% to pay.

MoneyGram Conversion Rate

Your MoneyGram to Maya payment may also involve an exchange rate markup if the sender is overseas. An exchange rate markup is an extra fee added into the exchange rate used to convert the sender’s currency to PHP.

This fee is common, but it’s tricky to spot because it’s combined into the rate shown to the sender by MoneyGram. To check the markup for your payment you can compare the MoneyGram exchange rate against the mid-market exchange rate. The mid-market exchange rate is available from Google or a currency conversion tool. The difference between the MoneyGram rate and the mid-market rate represents the fee included in the rate applied for transfer.

Meet Wise: Receive Money from abroad with low fees and mid-market exchange rate

Sa Wise, makakakuha ka ng 8+ local account details, kasama ang PHP, USD, GBP, AUD at marami pang iba. Kaya, mas madali at convenient na makatanggap ka ng pera direkta. Mag sign-up ka lang ng libreng account, at mae-enjoy mo nang i-manage ang pera mo gamit lang ang phone mo.

Kapag natangap mo na ang pera mo, madali mo itong i-convert sa 40+ na currencies, with low fees, at sa mid-market rate - ito yung totoo at nakikita mong rate sa Google. Kasama na dito ang pag-exchange ng peso na may one-time conversion fee na nagsisimula sa 0.57%. Kitang-kita na agad yan upfront, walang patong o hidden fees.

Kaya, tumanggap, mag-exchange, at ilipat ang funds mo sa iyong local bank account gamit ang Wise.

🚀 Magsimula sa Wise

Sources:
  1. MoneyGram
  2. Maya
  3. *Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
  4. Maya - Claim remittance
  5. Maya - limits
  6. Maya - upgrade your account

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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