MoneyGram vs CurrencyFair: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	MoneyGram	CurrencyFair
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.	£2.50 (UK) €3 (EU) Currency equivalent for other currencies.
Average Exchange Rate Markup	1% to 5%	0.0045
Minimum Transfer Amount	£50	£7 (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.	10,000,000 (same in every available currency).

Reviews

	MoneyGram	CurrencyFair
Trustpilot Rating	4.5	4.3
Number of Trustpilot Reviews	34,800	6,800
iOS App Rating	4.9	4.4
Number of iOS App Reviews	422,000	80
Android App Rating	4.6	2.6
Number of Android App Reviews	88,000	950

Features

	MoneyGram	CurrencyFair
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	Yes	No
Available Countries	200	150
Number of Currencies	60	20
Payment Methods	Bank account Debit card Credit card Cash	Bank account
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 Mobile app 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, French, and German
Transfer Speed	Within minutes (cash transfers) 1-3 days (bank and debit card transfers)	0-5 days
Dedicated Dealer	No	Only for business clients
Instant Custom Quote	Yes	Yes
Business Features	N/A	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API integration
Debit Card	None	None
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Only possible as long as the money transfer hasn’t been matched
Suitability	Small money transfers	Small and large money transfers

Company Comparison

	MoneyGram	CurrencyFair
Year Founded	1940	2009
Headquarters	Dallas, TX, US	Dublin, Ireland
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)	Newcastle (Australia), Nutfield (the United Kingdom), Singapore, and Kwun Tong (Hong Kong)
Annual Trading Volume	N/A	$300 million
Number of Employees	2500	156
Number of Clients	150 million	150000
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 FCA in the UK ASIC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong
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)	Best of Show (Finovate Asia, Singapore, 2012) Most Insightful and Intriguing Internet Innovation (IIA Dot IE Net Visionary, 2013) TNW’s Irish Startups (2013) one of the Best Middleweight Start-ups (Europas, 2013) Excellence in Payments (FinTech Australia, 2017) Top 20 Fintech Companies in Ireland (Irish Tech News, 2017) Fintech Startups in Europe to watch in 2018 (2017) Mozo Experts Choice Awards (Mozo.com.au, 2018) Top 100 Startups to watch in 2018, Silicon Republic (2018) Top 10 Startup Winner for Best Employer (LinkedIn, 2018 and 2019) Spiders Award for Best in Fintech (2019) 5-Star Rating for Outstanding Value International Money Transfers (Canstar, 2019)

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

CurrencyFair Pros & Cons

CurrencyFair Pros

• Competitive exchange rates
• Excellent customer service
• Instant personalized quotes
• Impressive Trustpilot score
• Wide-reaching service coverage
• Quick international transfers
• Alerts for exchange rate changes
• Fixed fee for money transfers
• Awards for superb performance in the financial sector
• Can handle both large and small money transfers

CurrencyFair Cons

• Lack of personal account managers for individual users
• Limited options for transfer funding
• No cash pickup service
• Narrow range of supported currencies
• Poor user rating for the Android mobile app

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