MoneyGram vs VertoFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	MoneyGram	VertoFX
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.	No fee
Average Exchange Rate Markup	1% to 5%	0.2%-0.6%
Minimum Transfer Amount	£50	$1
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	VertoFX
Trustpilot Rating	4.5	3.9
Number of Trustpilot Reviews	34,800	500
iOS App Rating	4.9	N/A
Number of iOS App Reviews	422,000	N/A
Android App Rating	4.6	N/A
Number of Android App Reviews	88,000	N/A

Features

	MoneyGram	VertoFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	Yes	No
Available Countries	200	200
Number of Currencies	60	51
Payment Methods	Bank account Debit card Credit card Cash	Bank account Debit card Credit card Online wallet
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account Online wallet
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app In person	Web platform Mobile app
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	FX solutions Currency marketplace Market orders Local and global accounts Corporate cards Treasury management Digital multi-currency wallet API integration
Debit Card	None	Multi-Currency Corporate Card
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.
Suitability	Small money transfers	Small and large money transfers

Company Comparison

	MoneyGram	VertoFX
Year Founded	1940	2017
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)	India, Kenya, South Africa, etc.
Annual Trading Volume	N/A	$4 billion
Number of Employees	2500	100
Number of Clients	150 million	3000
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 De Nederlandsche Bank in the EU Central Bank of Kenya in Kenya FSCA in South Africa
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 Cross-Border Payments Infrastructure (Payment Awards, 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

VertoFX Pros & Cons

VertoFX Pros

• Diverse payment methods
• Exceptional customer support
• Excellent Trustpilot score
• Zero transfer fees
• Competitive foreign exchange rates
• Comprehensive informational resources
• Peer-to-peer currency trading marketplace
• Digital wallet supporting multiple currencies
• Worldwide service reach spanning over 200 countries
• Robust currency offerings with 51 global currencies
• A plethora of business FX options
• Fast money transfer services
• Flexibility with no set lower or upper transfer limits

VertoFX Cons

• Relatively new in the international money transfer market
• Not ideal for individual money transfers
• Extensive verification documentation needed
• No iOS-compatible mobile application
• Lack of real-time custom quotes

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