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Why is MoneyGram so expensive?
When it comes to international transfer fees, a foreign currency exchange rate is involved, making the transaction more costly. In addition, platforms such as MoneyGram openly disclose that the company makes money off of the foreign currency spread, which fluctuates daily.
How much does it cost to send $1 000 through MoneyGram?
If necessary, you may send additional funds from a MoneyGram agent location. MoneyGram also offers different sending and receiving methods. For a transfer from a bank account or a credit or debit card to a cash pickup location within the U.S. the fee is $49.99 for $1,000.
Why is it so expensive to send money overseas?
The reason for this discrepancy is that banks and brokers typically give you a worse rate than the one they use when they trade amongst themselves. They trade with each other using the ‘mid-market’ or ‘interbank’ rate, but that’s not what you get. So you end up losing extra money, on top of the wire fee.
Why are swift transfers so expensive?
Handling Charges The more banks that handle your transfer, the more it will cost you. When sending money internationally, banks that do not have a direct relationship with each other will charge high handling fees.
How expensive are wire transfers?
Wire transfer fees are generally between $25 and $30 for outgoing transfers to a bank account within the US, and between $45 and $50 for transfers going out of the US. There might also be fees if you’re receiving money. Some banks don’t charge to receive incoming wired funds, but some banks do.
Is MoneyGram easier than Western Union?
MoneyGram leans slightly cheaper and averages faster transfer speeds than Western Union — but your experience may vary depending on your specific transfer. Because there are so many variables, you’ll want to compare Western Union and MoneyGram against one another to see which is best for you.