How does a MoneyGram work?
Quick Answer
A MoneyGram is an electronic money transfer sent from one party to another through the MoneyGram network. The sending party can initiate a money transfer online or in person at any MoneyGram location. The receiving party collects the transfer as cash at any other MoneyGram location.
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Full Answer
To fund a MoneyGram in person, the sending party must visit a local MoneyGram agent and pay in cash. When funding a money transfer online, the sending party can either set up an ACH debit from a bank account or use a Visa or Mastercard debit card or credit card. After the MoneyGram has been funded, the sending party is given an official Reference Number to pass on to the receiving party. Money is typically available for pickup by the receiving party within 10 minutes.
To collect a MoneyGram, the receiving party must take the official Reference Number and an acceptable form of personal identification to a local MoneyGram location. Identification requirements vary from country to country, but most require a government-issued driver’s license, passport or national identity card. The money transfer is typically paid out to the receiving party in the form of local currency. Depending on the transfer amount and local legal requirements, the transfer may be paid out in the form of a check or money order.
Learn more about Personal BankingRelated Questions
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Q:
What is MoneyGram?
A: MoneyGram describes itself as an international company whose main service is money transfers. MoneyGram services also include money orders, prepaid cards, ... Full Answer >Filed Under: -
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How do you track a Moneygram?
A: According to MoneyGram, customers can track a MoneyGram order by calling the MoneyGram automated phone line at 1-800-542-3590 and entering the exact amount... Full Answer >Filed Under: -
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What is a MoneyGram number?
A: A MoneyGram number refers to the reference number used by customers to receive funds that have been sent to them. These numbers are given to the person sen... Full Answer >Filed Under: -
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How do you receive money from MoneyGram?
A: To pick up a MoneyGram, bring the reference number and personal identification to a MoneyGram location. Once there, complete the receiver form and give it ... Full Answer >Filed Under:
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