Introduction
MoneyGram and Remitly are two well-established names in international money transfers, each with distinct strengths. MoneyGram has one of the oldest physical networks in the world with over 180 countries served. Remitly is a digital-first challenger offering some of the fastest transfer speeds available. This comparison will help you decide which is right for your needs.
MoneyGram Overview
MoneyGram has been facilitating international money transfers since 1940. With approximately 180 countries and territories served and over 240,000 agent locations worldwide, it remains one of the most accessible transfer services available. MoneyGram allows both online transfers and cash pickups at physical agent locations, making it particularly useful for recipients without bank accounts.
MoneyGram charges a combination of transfer fees and exchange rate margins. The total cost varies significantly depending on the transfer corridor, payment method, and delivery option chosen. Always compare the total cost before committing.
Remitly Overview
Remitly is a digital remittance service launched in 2011 with a focus on mobile-first, transparent transfers. Remitly does not have physical cash pickup locations of its own but instead partners with local banks and existing networks to offer cash pickup. The Express option delivers funds in minutes for a premium fee.
Remitly is known for its excellent mobile app experience and frequent promotional offers for first-time users, often waiving transfer fees entirely for new customers.
Head-to-Head Comparison
For a $300 USD transfer to the Philippines:
| Factor | MoneyGram | Remitly |
|---|---|---|
| Transfer Fee | $0-$4.99 | $0-$3.99 |
| Exchange Rate Margin | 1-3% | 0.5-1.5% |
| Speed (Standard) | 1-3 days | 1-3 days |
| Speed (Express) | Minutes | Minutes |
| Countries | 180+ | 100+ |
| Cash Pickup | 240,000+ locations | Via partner banks |
When to Choose MoneyGram
Choose MoneyGram if: your recipient needs to collect cash in person at a physical location, you are in a remote area where digital transfers may be unreliable, or you prefer to pay in cash for the transfer. MoneyGram is also a good option for same-day emergency cash in corridors where Remitly does not have partner coverage.
When to Choose Remitly
Choose Remitly if: you want transparent pricing with the mid-market exchange rate, you are sending regularly and want to track your transfer history in an excellent app, or you qualify for a first-time fee waiver promotion. Remitly generally offers better rates on most corridors.
Our Verdict
For most users, Remitly is the better choice due to its more transparent pricing and generally better exchange rates. However, MoneyGram remains valuable when your recipient genuinely needs cash pickup in an area where Remitly partners are limited or unavailable.
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