What is MoneyGram?
MoneyGram is an international service provider catering to innovative money transfer and payment services. MoneyGram has a worldwide presence in all the continents to facilitate a smooth transfer of money from one country to the other. This company serves more than two billion people who do not have proper access to banking facilities. MoneyGram has agents all over the world who help people send money to their loved ones settled in foreign countries. They also help them in receiving inward remittances from abroad.
MoneyGram India has thousands of agents situated in every nook and corner of the country. Visit the MoneyGram official webpage and use the MoneyGram Locator service to find out the MoneyGram agent located near your residence. The authorised MoneyGram service providers help people receive money from overseas locations. Transferring money from one person to the other within the country is not permitted. MoneyGram does not allow remittance of funds abroad from India.
MoneyGram - Benefits and Features
Here are some attractive features and benefits of MoneyGram:
- Send money to your friends, relatives, clients, and loved ones in India easily
- Receive money sent by your friends and relatives from abroad
- It is not necessary to possess a bank account to send or receive money
- Registering for sending money to India is an easy procedure
How Can I Receive MoneyGram in India?
- If the money is sent to your bank account from abroad, you do not have to do anything. The account gets credited automatically.
- MoneyGram enables you to receive money through the MoneyGram agent location in India
- Usually, it takes around 24 hours for the transaction to complete
- Ask the remitter to share the reference number without which you cannot claim the amount
- Visit the official page of MoneyGram India to locate the agent nearest to your location
- Complete the form that requires providing the reference number sent to you by the remitter
- Hand over the form to your MoneyGram agent along with a valid photo identity proof to receive the money.
- You can choose to receive the money in cash or cheque
- Usually, the MoneyGram agents give a cheque when the amount is 50,000 or more
How Can I Send Money to India?
MoneyGram does not permit transactions within India. You can only receive money in India and not send money out of India. If you are located overseas, you can use MoneyGram to send money to India.
- Find a MoneyGram agent in the country of your residence
- Keep the following documents ready for verification:
- ID proof
- Recipients full name (same as in their ID proof document) and their location
- The amount you want to send and the transaction fees of MoneyGram
- If you are remitting the money to the bank account of the beneficiary, you should have the bank account details.
- In case you are sending the funds to a mobile wallet, you should have the recipient's mobile number along with the international dial code.
- Complete the form and hand it to the agent
- On successful remittance, the agent will share the 8-digit reference number
- Share this reference number with the beneficiary to enable pick-up. If you have sent the funds to a bank account, the amount will be credited to the bank account.
Alternatively, you can send money to India online using MoneyGram services. You need to register with MoneyGram for this purpose.
- If you are a registered member with MoneyGram, you can remit funds directly to India through MoneyGram.
- Access the MoneyGram website and select the online transfer option
- Choose the destination country as India and complete the details asked for
- Use your debit/credit card or net banking credentials to complete the transfer
- Note down the reference number and share it with your beneficiary
How Can I Send Money Out of India?
You cannot send funds out of India using MoneyGram. In India, MoneyGram allows you to receive funds only.
Is MoneyGram Safe?
MoneyGram is a safe medium to send/receive money. MoneyGram is a globally recognised and acclaimed money transfer service provider.
Can MoneyGram be Picked Up Anywhere?
The sender has to specify the name and address of the recipient when remitting the funds. The recipient can collect the funds from any MoneyGram agent in the country provided they produce valid ID proof and the reference number.
How Long Does MoneyGram Take to Process?
The money is usually ready for pickup after 24 hours of successful transfer of the funds. It also depends on the operating hours of the MoneyGram agent as well as regulatory requirements in force.
What is the Daily, Monthly Limit for MoneyGram?
The limits of remittance through MoneyGram depend on the purpose of remittance, legal requirements, and circumstances of each transaction. The requirements can be different from one country to the other. Contact the nearest MoneyGram agent to know your sending or receiving limits.
How Much Does MoneyGram Cost?
The MoneyGram fees depend on the country from where you send or receive money. It also depends on the amount of remittance.
Can MoneyGram be Sent to a Bank Account?
Yes, it is possible to send money to a bank account in India from abroad. It is not possible to send funds out of India using the services of MoneyGram. The procedure to send money to a bank account is simple.
- Locate the MoneyGram agent in the country and city where you live
- Keep your ID proof and details of the beneficiary's bank account ready with you
- Use your credit card or bank account to fund the transfer
- On successful transfer of the funds, you get a reference number that you share with the beneficiary.
- The amount gets credited to the bank account of the beneficiary in due course
MoneyGram - Frequently Asked Questions
How do you track a money transfer done through MoneyGram?
You will require the transaction reference number and your last name. Access the official webpage of MoneyGram and select 'Track a Transfer' option. Enter the reference number and your last name to track the status of the transfer.
Can I receive the funds without the reference number?
No, it is not possible to receive funds without the reference number. MoneyGram can track the funds using the reference number alone.
Can anyone else other than the beneficiary pick up the payment from MoneyGram?
No, the beneficiary has to go in person to the MoneyGram agent to receive the payment. He/she has to display the ID proof and the reference number to get the money.
Is MoneyGram right in refusing payment if my name on the ID proof does not match with the one provided by the sender?
Yes, MoneyGram has the right to refuse to make payment under the circumstances described above. MoneyGram has the responsibility to ensure that the amount reaches the right person.
How much money can I get in cash from MoneyGram in India?
Indian financial laws state that any payment more than 50,000 should be made by way of Account Payee cheque. Thus, the maximum amount of cash you can get from MoneyGram is 50,000.
Does MoneyGram contact you when you receive funds from abroad?
No, MoneyGram does not contact any beneficiary. The beneficiary has to approach the authorised agent of MoneyGram with his/her ID proof and the reference number.
Which is a better option, the bank transfer or MoneyGram?
MoneyGram has an extensive network spread all over India. It is not the same as banks. Your beneficiary might be in an area where there are no banks. The recipient might not have a bank account as well. Under such circumstances, MoneyGram presents a better alternative than conventional bank transfer.
Can a person resident in India choose to receive US dollars or any other currency?
No, Indian residents can choose to receive the money in Indian Rupees alone.
Can I receive money through MoneyGram online?
You can receive the money in your bank account online if the remitter chooses to send the money to your account through MoneyGram. If he/she chooses the personal pick-up option, you cannot receive the transfer online. You have to approach the MoneyGram agent in your city to receive the payment.
What is the procedure to follow if the remitter and beneficiary both are victims of fraudulent transactions?
Visit the MoneyGram official website and report the fraudulent activity in detail. MoneyGram Customer Care service is available to help you in this regard.