MoneyGram vs Wise: Which one is better for Americans

Sending money across borders shouldn't drain your wallet or leave you confused about hidden costs. MoneyGram and Wise are both money transfer services that allow you to send money to other countries, but which provider you choose can make a big difference in how much your recipient receives.

Here's everything you need to know about MoneyGram vs Wise. While MoneyGram cash collection payments and competitive transfer fees may appeal to some people, you'll likely save more with Wise's transparent pricing and mid-market exchange rates with no markups.

Table of contents
MoneyGram vs Wise: Overview MoneyGram vs Wise: Fees & pricing MoneyGram vs Wise: Supported countries MoneyGram vs Wise: Money transfer times MoneyGram vs Wise: Security Frequently asked questions

MoneyGram vs Wise: Overview

What is MoneyGram and how does it work?

MoneyGram is one of the world's major money transfer networks, and you can use it to send money to more than 200 countries and territories, both online and in cash. You can send money transfers through their mobile app, website, or by visiting one of their many agent locations.¹

There are many different ways to pay for your transfer, too. You can use your MoneyGram account balance, link your bank account, pay with credit or debit cards, use Apple Pay, or pay with cash at a physical location. Recipients can collect money at pickup points or get direct bank transfers.¹

However, you should know that MoneyGram applies both transfer fees and currency exchange rate markups to earn money on international transfers and money orders.¹ This means you'll lose money on your transfer twice, and these fees can add up quickly.

MoneyGram also isn’t the best way to send large amounts of money. Their online calculator doesn't allow sending more than 5,000 USD to most popular destinations, like Mexico or the Philippines.²³

✅ Pros	❌ Cons
Send money to 200+ countries and territories¹	Charges exchange rate markups on top of fees¹
Multiple payment methods, including cash	Can’t send large amounts (usually capped at 5,000 USD or lower)²³
Many physical pickup locations (convenient)	May be targeted by scammers, especially for cash pickups
Reputable brand

What is Wise and how does it work?

Wise fixes a big problem with international money transfers: hidden exchange rate markups. Most banks and money transfer services add extra costs to the exchange rate, but Wise uses the mid-market rate you see on Google and charges you one clear upfront transfer fee.

You can send money to over 160 countries with Wise, which is fewer than with MoneyGram, but it covers the most popular destinations, so it's not a significant downside.

You can also create a multi-currency account to hold money in 40+ different currencies at the same time and convert between them whenever you want.

Plus, you can get local bank accounts in 9 currencies, so people can send you money in local currencies directly. You can also get a debit card.

Overall, Wise has more comprehensive features when compared with MoneyGram, and it's also often cheaper for international transfers with transparent fees. However, it doesn't do cash pickups, which can be inconvenient if you must send cash.

✅ Pros	❌ Cons
Uses the mid-market exchange rate with no markups	No cash pickup locations
Multi-currency account and debit card	Smaller global network
Free transfers between Wise users (when in the same currency)⁴	No physical locations for customer support or transfer help
Safely handles large transfers up to 1,600,000 USD⁵	Still charges transfer fees, starting at 0.57%⁴
Business accounts available

MoneyGram vs Wise: Fees & pricing

Exchange rates

When you send money to a country that doesn't use USD, you'll likely need to convert your funds into the local currency, such as MXN. This involves an exchange rate, which is essentially how much foreign currency your recipient gets for your USD.

This is where MoneyGram and Wise work very differently.

MoneyGram adds a markup to the exchange rate to make money on your transfer.¹ If the mid-market exchange rate is 1 USD = 20 MXN, MoneyGram might only give you 18.5 MXN. That sneaky difference on every USD goes to MoneyGram as profit.

Wise uses the mid-market exchange rate with no markup. This is the same rate you see on Google or financial websites. The only way Wise makes money is by charging you a transparent transfer fee upfront. There's nothing worked into the exchange rate.

✨ Naturally, this means that you can often save more money on your transfer with Wise.

Costs

Both MoneyGram and Wise charge fees, but they're different. Here's what the costs are at a glance:

Feature	MoneyGram	Wise
Account opening	Free	Free
Transfer fees	Varies	From 0.57%⁴
Exchange rates	Includes markup	No markup
Minimum transfer	0+ USD	1 USD
Maximum transfer	Up to 5,000 USD or less²³	Up to 1,600,000 USD⁵

⚠️ MoneyGram doesn't clearly show their sending limits on their website. We tested their calculator for several countries and couldn't start transfers larger than 5,000 USD, suggesting that's likely the limit.²³

Transfer fees

Both MoneyGram and Wise charge transfer fees, and with both providers, these fees depend on where you're sending money, how much you're sending, and how you pay.

Some payment methods cost more than others. For example, credit card payments are usually more expensive than debit card payments online or bank payments.

Wise charges a percentage fee starting at 0.57% of your transfer amount.⁴ MoneyGram doesn't provide a clear percentage, but your fee will be shown before you confirm your transfer.

A quick price comparison

Here's how much you'd pay to send money abroad with Wise vs MoneyGram:

Even when Wise's upfront fee looks similar or even higher, your recipient will likely get more money because there's no hidden exchange rate markup. In this example, Wise gets your recipient an extra [amount].

MoneyGram vs Wise: Supported countries

You get a comprehensive global reach with both MoneyGram and Wise. MoneyGram allows you to send money to 200+ countries and territories, and Wise to 160 countries, but you'll be able to transfer funds to the most popular destinations with both services.

Here are a few other quick statistics:

Feature	MoneyGram	Wise
Supported countries	200+ countries and territories	160 countries
Cash pickup locations	Yes	No
Currencies supported	135+ currencies⁶	40+ currencies
Multi-currency account	No	Yes
Debit card	Yes⁷	Yes
Business accounts	Yes	Yes

MoneyGram has many cash pickup locations worldwide, and Wise doesn't. If you need to send cash, MoneyGram would be the better option. But Wise offers other features, like a multi-currency account.

MoneyGram vs Wise: Money transfer times

With both Wise and MoneyGram, the speed of your transfer depends on factors like how you send money, what the destination country is, and how your recipient is getting the money. Large amounts may also trigger additional checks, which can add a few days to your timeline.

With MoneyGram, many transfers to bank accounts and mobile wallets are complete within a few hours.⁸ So, overall, it's fast to send money, which is one of the reasons people use money transfer services and not banks.

Wise also delivers most transfers quickly, with 64% arriving in under 20 seconds, and 95% completing within 1 day. If your transfer needs currency conversion, it usually takes less than 24 hours, but can sometimes extend to 2 business days in rare cases.⁹¹⁰

Both services allow you to track your funds online and give you an estimate on the delivery before you confirm your transfer.

MoneyGram vs Wise: Security

Both MoneyGram and Wise are safe and established companies that protect your money and personal information. Generally speaking, you shouldn't worry about trusting them with your money. However, you should be aware of scams with any money transfer service.

MoneyGram doesn't store your credit or debit card details after your transfer. They encrypt all sensitive information and use security measures to protect your account.¹¹

Wise also takes strong security measures and prioritizes regulatory compliance. It's regulated in multiple countries with 65 licenses worldwide and has specialized anti-fraud teams with over 1,000 security experts monitoring transfers.⁹

However, scammers often target money transfer services, especially those with cash pickup options like MoneyGram. Neither MoneyGram nor Wise is responsible if you fall victim to a scam and willingly send a money transfer, so use these tips to stay safe:

• Only send money to people you know and trust personally
• Never send money to someone you've only met online or over the phone
• Be suspicious of urgent requests for money, especially for "emergencies"
• Don't send money to claim prizes, lottery winnings, or investment opportunities
• Remember that legitimate businesses and government agencies won't ask for payments in cash or via money transfer services

Always do your due diligence before confirming a transfer, because once you send it, it usually can't be reversed, and you may lose your money.

Frequently asked questions

What apps are like MoneyGram?

You can also send money internationally online and, sometimes, in cash, with services like Western Union, Remitly, Ria Money, and Xoom, but that's not an extensive list. Most of these services work similarly to MoneyGram. They have cash pickup networks and charge both transfer fees and exchange rate markups. In other words, these transfers can be costly.

Is MoneyGram a good service?

Yes, MoneyGram is a reliable way to send money internationally, especially if your recipient needs to pick up cash or doesn't have a bank account. The service is accessible almost everywhere, allowing you to transfer funds to 200+ countries and territories.¹

However, you'll want to make sure you're not overpaying for your transfer, since MoneyGram charges both transfer fees and currency exchange rate markups.¹

Is there a monthly fee for MoneyGram?

No, you won't have to pay any monthly fees or subscriptions with MoneyGram. You only pay transfer fees and currency exchange rate markups for each individual transfer.

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It's important to choose the right provider to avoid overpaying in fees and currency conversions.

Both MoneyGram and Wise help you get the funds to your recipient quickly and safely, but MoneyGram will likely be more expensive because it charges a currency exchange rate markup. However, it can be a good option when you need to send cash, since Wise doesn't have that service.

With Wise, you can send up to 1,000,000 USD per wire transaction to 140+ countries, with the mid-market exchange rate and low, transparent fees.

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Sources

1. MoneyGram - Home
2. MoneyGram - Mexico
3. MoneyGram - Philippines
4. Wise - Pricing
5. Wise - Full Guide to (Transfer)Wise Limits
6. MoneyGram - About Us
7. MoneyGram - How do I sign up for a MoneyGram account?
8. MoneyGram - When will my receiver’s money be available in their bank account or mobile wallet?
9. Wise - Home
10. Wise - How long does a transfer usually take?
11. MoneyGram - Is the MoneyGram mobile app safe?

Sources checked 09/10/2025