MoneyGram vs Corpay: Fees & Reviews Compared

Both MoneyGram and Corpay are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	MoneyGram	Corpay
Homepage
Transfer Fee	Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100.	£20 for transfers under £3,000 £0 for transfers above £3,000.
Average Exchange Rate Markup	1% to 5%	0.4% – 1.9%
Minimum Transfer Amount	£50	£1,000 (or currency equivalent)
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap) $25,000 for online transfers to 42 select countries from the US.	No limit

Reviews

	MoneyGram	Corpay
Trustpilot Rating	4.5	2.8
Number of Trustpilot Reviews	34,800	3
iOS App Rating	4.9	5
Number of iOS App Reviews	422,000	1
Android App Rating	4.6	N/A
Number of Android App Reviews	88,000	N/A

Features

	MoneyGram	Corpay
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	Yes	No
Available Countries	200	200
Number of Currencies	60	145
Payment Methods	Bank account Debit card Credit card Cash	Bank account Debit card Credit card
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app In person	Web platform Phone
Supported Languages	English, Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese	English
Transfer Speed	Within minutes (cash transfers) 1-3 days (bank and debit card transfers)	1-2 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	No
Business Features	N/A	Spot contracts Forwards contracts Market orders Limit orders Treasury and risk management
Debit Card	None	Corpay Multi-Card
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.**
Suitability	Small money transfers	Large money transfers

Company Comparison

	MoneyGram	Corpay
Year Founded	1940	2001
Headquarters	Dallas, TX, US	London, UK
Other Office Locations	Denver (Colorado, US), Minneapolis (Minnesota, US), Brussels (Belgium), São Paulo (Brazil), Vancouver (Canada), Shanghai (China), Hong Kong (China), Mumbai (India), Jakarta (Indonesia), Dublin (Ireland), Rome (Italy), Mexico City (Mexico), Warsaw (Poland), Singapore, Madrid (Spain), Istanbul (Turkey), and London (UK)	The Netherlands, Spain, Cyprus, and Canada**
Annual Trading Volume	N/A	$74 Billion
Number of Employees	2500	200**
Number of Clients	150 million	25000
Regulatory Institutions	New York State Department of Financial Services in the USA FINTRAC in Canada FCA and HMRC in the UK National Bank of Belgium in EU	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC in Australia Central Bank of Ireland in EU
Awards	Best Cash Innovation and Best Comeback Story (PYMNTS Innovator Awards, 2016 and 2017) Technology Innovation Award (Asian Bankers, 2017) Money Transfer Awards (Mobex Africa Innovation, 2018) Top 100 Places to Work (The Dallas Morning News, 2021) Top Workplaces USA Award (Top Workplaces, 2022) Best Use of Blockchain in FinTech (FinTech Breakthrough Awards, 2023)	Profit Fast Track 100 (The Sunday Times, 2012) Best Small Companies to Work For (The Sunday Times, 2014) Best Company To Work For (Best Accreditation Standard, 2016) Best Forex Payment Technology Solution (UK Forex Awards, 2018) Best Currency Service Provider (Shares Awards, 2018) Gold Service Award (Feefo, 2019) Best New to Market Portugal (Department for International Trade Business Awards, 2019) Platinum Service Award (Feefo, 2021 and 2022) Best Payments Solutions Provider (Global Forex Awards B2B, 2022) Best Cross-Border Payments Service (Payments Awards, 2022) Overall Payment Solution of the Year (Electronic Money Award, 2022)

MoneyGram Pros & Cons

MoneyGram Pros

• A vast range of payment methods
• Outstanding customer support
• Impressive rating on Trustpilot
• Diverse options for receiving funds
• Availability of cash pickup
• Extensive global presence, covering over 200 countries and territories
• Robust currency portfolio including 58 different major currencies
• A top-rated mobile application
• Extensive industry experience
• Swift money transfer services
• Loyalty rewards program

MoneyGram Cons

• Less ideal for handling large financial transfers
• Limited maximum transfer amounts
• A possibility of substantial transfer fees
• Above-average exchange rate markups
• Lack of hedging options for businesses

Corpay Pros & Cons

Corpay Pros

• Several payment methods are available
• Expert currency advisors on-hand
• Impressive online reviews
• No transfer fees for large transfers
• Attractive exchange rates
• No limit on the maximum transfer amount
• Broad international reach
• Support for a wide range of currencies
• Long-standing industry experience
• Prompt transfer service

Corpay Cons

• Not suitable for small money transfers
• Limited funding options
• Absence of a mobile app
• No option for instant custom quotes
• High minimum transfer limit

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