5 MoneyGram Alternatives In Canada

Sending money from Canada to anywhere in the world is a lot easier in this era and one of the more popular international money transfer service providers is MoneyGram. Based in Texas, United States of America, MoneyGram international money transfer is available in over 200 countries and territories and has served over 150 million customers in its over 80 years of existence.

MoneyGram provides various options for users to send and receive money. These options can be accessed online, on a mobile app, or in person at any 430,000 plus physical MoneyGram locations worldwide. They also have a fixed transfer fee, varying third-party fees, and markup on exchange rates offered.

Let's take a look at MoneyGram alternatives like WorldFirst, WorldRemit, OFX, Transfast, and Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally for free and at the best exchange rates in the market.

Pesa as the Best Alternative to MoneyGram

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If you are looking to save big when making international money transfers from Canada to the Philippines, China, or the UK, you'll need to create a Pesa account. Getting a Pesa (formerly Pesapeer) account is the best alternative. With a Pesa account, you can send money to over 50 countries, manage multiple currencies and convert your money for free while using the best exchange rates in the market.

When you sign up with Pesa, you're guaranteed transparent rates with no hidden fees on all transactions. This means you are sure to save money when you send at no extra cost to you or your recipient.

So, create a Pesa account and in just a few clicks, you get to send money overseas - no fees, secure and reliable.

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Send and receive money in Canada with Pesa.

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Other Alternatives to MoneyGram in Canada

1. WorldFirst

WorldFirst is a London, United Kingdom-based company in operation since 2004 that specialises in local and international transfer. WorldFirst facilitates transfers between bank accounts or between WorldFirst users. Unlike MoneyGram, WorldFirst doesn’t offer its users a cash pickup option. The company claims to have facilitated over $200B from over 1 million customers since its inception. This makes it a great choice for SMEs and (borderless) freelancers. You should note that there can be additional fees for business clients including the exchange rate markup.

WorldFirst charges a flat fee for transfers less than $1,000, and the fee structure changes with transactions upward of $1,000.  Thus, the company focuses on larger transactions.

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Key Features & Fees

- Up to 0.75% Markup on the Exchange rate

- Payment Fees (for varying currency) from 0.51 CAD

- Free Multi-currency account

- Generate Payment Link and get paid at no charge

- Hold funds in multiple currencies for free

2. WorldRemit

WorldRemit is another London-based fintech that’s a specialist in the international money remittance and transfer business. WorldRemit like WorldFirst offers users transfer via direct bank deposit and also offers a cash pickup option (available in some countries) like MoneyGram. WorldRemit boasts agents in over 130 countries, in over 70 currencies, with over half of their transfers going to receivers in Africa. The company also offers other options like payment into a mobile wallet or airtime top-up. WorldRemit has a high markup on exchange rates while charging a fixed 3.99 CAD for international transfers. Lastly, they display their charges before you go ahead with the transfer.

Key Features & Fees

Money transfer is not instant

A fixed 3.99 CAD transfer fee

International transfer exchange rate markup: Up to 4.99%

3. OFX

OFX is an Australian-based international money transfer company with different features and services streamlined for personal (B2C), and small and medium businesses (B2B). It was founded in 1998 as OzForex and can be used directly by individual users or by providing services to other industry giants such as MoneyGram.

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OFX claims to facilitate money transfers in over 170 countries in 50-plus currencies at no charge at all. Nevertheless, the financial company informs its users that a third-party bank or intermediary may charge a fee by deducting it from the value of the transfer. There’s no way to know in advance what this fee might be, and it could be as high as $35 or more in one transfer. Although, they display great exchange rates on their website–which might not be the rate you get from OFX. Confirm the rate before confirming the transfer. OFX has other financial-focused features such as recurring payments.

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Key Features & Fees

Third-party fee is hidden

Markup on mid-market rate

Minimum Transaction of 1,000 USD

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4. Transfast

Transfast is based in New York, United States of America and offers services that include the transfer of USD or CAD via bank transfer to an international recipient who receives cash at the other end. The company boasts over 280,000 pick-up locations worldwide, with either online or in-person options available to the sender. Transfast offers either fast or normal transfers, for verified and active users. The exchange rate and fees are displayed before the user completes the transaction. The rate and charges may vary depending on the method of sending (online or agent) money by the user.

Other alternatives for MoneyGram users in Canada outside of those listed in this article include Remitly, Payoneer, XE, Ria Money Transfer, etc.

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Make the most from all transfers (local and international), download the Pesa app and make your first instant, secure, fee-free, and hidden charges-free transfer.

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Create a PESA account today - and start sending and receiving money globally.

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