We live in a world where friends and family are now often spread out across the globe. Consequently, the process of sending and receiving money can’t always be handled in person. This is where money transferring services like MoneyGram are extremely important. However, with your precious money potentially at risk, it’s imperative that you gain the reassurance of safety.
So, is MoneyGram a safe and suitable solution for your money transfer needs? Here’s all you need to know.
What Is MoneyGram For?
Given that many banks now offer services via phone, the internet, and Apps, the alternative ideas might seem redundant. On the contrary, over two billion people are either without a bank account or only have restricted access. So, in truth, the need for companies like MoneyGram is greater than ever.
MoneyGram allows people to send cash via trusted agents to worldwide recipients. The reliable transfers often allow your friends and family to pick up the money on the very same day, although some countries have a one day delay. The company also offers bill paying services for those that cannot use more traditional payments.
As well as sending money, you can receive cash from other people sent via this method. Funds can be paid via cash or straight into your bank account. Essentially, MoneyGram is there for when one of you has limited access to banking facilities, providing a safety net for all.
Is MoneyGram A Reputable Company?
In a word: yes.
MoneyGram is one of the eldest operations of its kind. The company began its operation way back in 1940 and is a global business that supports customers in over 200 countries. In addition to their 350,000 worldwide agents, it now offers online transfers. This underlines its place as one of the market leaders.
Aside from anti-fraud prevention, the worldwide company records all payments. Transactions can be even be tracked by the sender to confirm that funds have been received. The business uses advanced data protection and anti-fraud services to protect all customers.
Like all businesses of this ilk, MoneyGram isn’t invincible. This was best shown in November 2012 when the company fell victim to widespread phishing scams. The fact that the company established a $100m fund for the affected victims shows their commitment and reputation. Furthermore, those unsavory episodes encouraged an even greater response from the company.
As with any money-related service, including traditional banks, there is always a slight risk of being scammed by outsiders. With regards to MoneyGram itself, though, there is no doubt that they are among the most trustworthy companies on the market.
How To Use MoneyGram?
Using MoneyGram is quite simple. Simply head to a post office, store, or agent that offers the service with your ID as well as the recipient’s details. You will also need to tell the vendor where the funds will be picked up, so make sure you’ve communicated with the other person first. The online service uses a similar model, although you’ll have to pay through your bank rather than having the cash option too.
It’s also worth noting that online users can only send up to $6,000 (£4,600) in any 30-day period. MoneyGram users can also sign up for a premium service known as the MoneyGram Plus program. This is built to save time and effort by storing the user’s basic information on the system for streamlined transactions. Members can also opt-in for notifications once the receiver has accepted their funds.
For recipients, simply head to the designated vendor and provide the necessary details. These include having your ID, as well as the 8-digit reference number. Alternatively, if funds were sent to your bank account, the process will happen automatically.
Signing up to use MoneyGram doesn’t cost money. However, there are fees associated with transferring money in this manner. These are covered by the seller rather than the receiver. This must be factored in when making a transfer.
There is no set fee, and this will be influenced by a whole host of factors ranging from the amount of money being sent to the destination of pick up. The MoneyGram website boasts a calculator for those wishing to work it out before the transaction. If nothing else, this offers fantastic transparency at every stage of those activities.
MoneyGram has always been a money transfer service that is designed for transfers between friends and family. In fact, the company even states that it is a safe service for people “you know and trust” within its manifesto. However, the world has changed, and you may be tempted to pay someone you don’t know. For example, you might be paying for a product you’ve bought from a stranger online. Don’t.
Other scams can include adverts asking for money in this way, romantic scams, loans, and fake lotteries. These are in no way limited to MoneyGram. Still, the fact that you cannot do anything once the monies have been received means that you must take extra precautions. Frankly, you cannot rely on the company bailouts for protection. If you are naïve enough to get caught by a scam, you are the one who’ll suffer.
If you do fall victim to a scam, calling the authorities is essential. In some cases, you may be able to get your funds recovered. In truth, though, prevention is the best form of protection.
MoneyGram is one of the safest options on the market. Nonetheless, as a responsible sender, you should want to take the additional steps for greater protection.
The fact that senders need to prove their address and I.D should stop you from falling victim to this type of fraudulent activity. Avoid online payments if possible, and there’s no possibility of people using your account without your knowledge. Aside from that, it’s simply a case of only using the service in the right circumstances.
Ultimately, the bottom line is that MoneyGram is one of the best services of its kind. As long as you contain usage to what it’s intended for, you’ll have nothing to fear.