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Choosing the right platform for international money transfers can save you both time and money. In 2024, Revolut and MoneyGram are two prominent options, but they cater to different user needs. Revolut, a financial technology company, offers a comprehensive suite of financial services, while MoneyGram is a well-established money transfer provider, focusing on fast, accessible remittance solutions.
In this blog, we will compare these two platforms based on key features, fees, transfer speeds, security, and user experience to help you decide which service is better suited for your needs this year. Additionally, we’ll introduce you to Vance, a superior alternative that combines the best aspects of both platforms.
What is Revolut and How Does It Work?
Revolut is a financial technology platform that offers a range of services beyond just money transfers, making it a versatile option for those who want more control over their finances. Users can hold, exchange, and send money in over 30 currencies using Revolut. One of its standout features is the ability to hold multi-currency accounts and access additional financial tools like cryptocurrency trading, stock investments, and budgeting features. Revolut offers different account plans, from its free Standard account to the more feature-rich Premium and Metal plans. These plans include perks such as travel insurance, cashback, and free lounge access for high-tier users.
For those looking to transfer money internationally, Revolut enables instant global transfers within the app. Users can send funds to other Revolut accounts instantly, while transfers to non-Revolut accounts can take a few hours to a couple of days depending on the destination. Revolut is ideal for users who not only need money transfer services but also want access to a wider financial toolkit.
Pros and Cons of Revolut
PROS
CONS
Revolut supports over 30 currencies, allowing users to hold, exchange, and spend globally without high conversion fees.
Free ATM withdrawals are limited, with fees applied after hitting a set withdrawal cap.
Offers free currency exchanges on weekdays within account limits, making it cost-effective.
Revolut adds a 1% markup on currency exchanges during weekends.
Offers budgeting tools, cryptocurrency trading, and travel benefits such as insurance and discounted lounge access with Premium/Metal plans.
The fee structure can be confusing, especially with different account tiers, withdrawal limits, and additional fees for certain services.
Offers strong security features like two-factor authentication and disposable virtual cards.
Some users report difficulties with Revolut’s customer support, particularly with delays in resolving more complex issues.
Higher-tier accounts (Premium/Metal) offer valuable travel perks, including travel insurance and cashback on certain bookings.
The free Standard plan offers fewer benefits, with more limited global transfer options and lower ATM withdrawal limits.
What is MoneyGram and How Does it Work?
MoneyGram is one of the most established names in the money transfer industry, with over 80 years of experience. The company allows users to send and receive funds in more than 200 countries and territories. Unlike Revolut, MoneyGram focuses on global remittances, with users able to send money via online platforms, mobile apps, or through its network of over 430,000 agent locations worldwide. Recipients can collect the funds via cash pickups at these locations, or have the money transferred directly to their bank account or mobile wallet.
MoneyGram’s strength lies in its extensive agent network, which makes it a great option for those needing to send money to locations with limited banking infrastructure. The service is known for quick transfers, particularly for cash pickups, which can be completed within minutes. However, these convenience features come at a cost, as MoneyGram typically charges higher fees and adds a markup to its exchange rates.
Pros and Cons of MoneyGram
PROS
CONS
MoneyGram supports transfers to over 200 countries and has 430,000+ agent locations.
MoneyGram adds a margin to exchange rates, which may make transfers more expensive compared to mid-market rate providers.
Many transfers are completed within minutes, making it ideal for urgent cash pickups.
Transfer fees can be high, especially for credit card payments or instant cash pickups.
Supports payments through bank accounts, debit/credit cards, and cash.
Primarily focuses on transfers and lacks additional financial tools like multi-currency accounts.
Allows recipients to collect funds in cash at agent locations.
Fees vary depending on the payment method, destination, and transfer speed.
With over 80 years of experience, MoneyGram has built a reputation for secure and reliable transfers.
There are restrictions on how much money can be sent in a single transaction.
It is important to note that these pros and cons can vary depending on your location and specific needs.
What is Vance, and How Does it Work?
Vance is a financial platform that simplifies international transfers. It is designed with the users in mind. It is user-friendly, with a strong focus on providing competitive exchange rates, low fees, and a secure, seamless experience for users who need to handle finances internationally.
Revolut vs. MoneyGram - Key Features
When choosing a money transfer service, understanding the key features can help you make an informed decision. Here are some key features of Revolut and MoneyGram:
Revolut
MoneyGram
Supports holding and exchanging over 30 currencies, allowing users to avoid high conversion fees.
Does not offer multi-currency accounts; focuses on direct money transfers.
Instant transfers between Revolut accounts; external transfers take 1-2 days.
Cash pickups are often instant, while bank transfers typically take 1-2 days.
Allows payments via bank transfer, debit/credit card, and cryptocurrency trading.
Supports cash pickups, bank transfers, and mobile wallets, along with payments via debit/credit card.
Offers a wide range of features beyond transfers, including cryptocurrency trading, budgeting tools, and loans.
Primarily focuses on remittances, with no additional financial tools or accounts.
Free up to a set limit; fees apply once exceeded.
Does not support ATM withdrawals; only cash pickups at agent locations.
Available in fewer countries but supports over 30 currencies for transfers and spending.
Offers services in over 200 countries, with 430,000+ agent locations for cash pickups.
Vance combines the best of Revolut and MoneyGram, offering unmatched speed, ease, and value. It also provides the fastest transfers, real-time exchange rates, and 24/7 multilingual support.
Revolut vs. MoneyGram - Exchange Rates and Transfer Fees
Revolut generally offers competitive exchange rates, particularly on weekdays, using the mid-market rate for most transfers. However, it applies a 1% markup on weekends, which can make transfers more expensive if you’re sending money outside of regular business hours. Revolut doesn’t charge fees for currency exchanges within certain limits, depending on the user’s account plan. However, fees may apply for larger transfers or when exceeding monthly free allowances, particularly for Premium and Metal users.
MoneyGram, on the other hand, adds a markup to its exchange rates, meaning that users will often receive a lower rate than the mid-market rate. In addition, MoneyGram’s fees can be high, especially for urgent transfers or those made via credit or debit cards. The fees vary significantly depending on the destination country, transfer speed, and payment method, with cash pickups being one of the more expensive options.
Vance offers competitive transfer fees and transparent exchange rates, ensuring you know exactly what you're paying upfront. While the exchange rates have a fixed margin, Vance's overall cost structure is designed to offer value and reliability.
Revolut vs. MoneyGram - User Experience
When comparing the user experience of Revolut and MoneyGram, both platforms offer distinct advantages, but they cater to slightly different audiences.
Revolut is praised for its sleek, feature-rich app, offering not just money transfers but also financial management tools like budgeting, cryptocurrency trading, and even travel insurance. This makes Revolut ideal for users who want an all-in-one platform for managing their finances. However, the range of features can sometimes make the platform feel a bit overwhelming for those who are solely focused on transfers.
MoneyGram offers a more straightforward experience, especially for users who prefer in-person transactions. Its vast network of agent locations and support for cash pickups makes it an excellent option for those without easy access to banks or who prefer cash transactions. However, the fee structure can be confusing, and the app lacks some of the additional financial tools that Revolut provides.
Vance’s easy-to-use interface combines simplicity with advanced features. It offers an effortless user experience and has earned exceptional feedback from users who appreciate its innovative design and functionality.
Revolut vs. MoneyGram - Customer Support Services
Revolut provides tiered customer support, with faster response times for Premium and Metal users, but those on the Standard plan might experience slower responses. Revolut’s support is primarily offered via in-app chat, though Premium users get priority access to customer service agents.
MoneyGram by contrast, offers more traditional support options, including phone, email, and live chat. Additionally, customers can visit in-person agent locations to resolve issues, giving it an advantage for users who prefer face-to-face interactions, particularly in areas with limited digital infrastructure.
With 24/7 multilingual support across multiple channels, Vance ensures you always get the help you need right when needed.
Revolut vs. MoneyGram - Reliability and Security
Revolut offers a digital-first experience with advanced security measures, including two-factor authentication (2FA), encryption, and disposable virtual cards for online payments. These features provide added layers of protection, especially for online shoppers and those managing multiple financial products through one app.
MoneyGram is trusted for its secure transfers, backed by 80+ years of experience in the industry. It uses encryption technologies to protect customer data and transactions. MoneyGram’s vast global network and reputation add a level of trust, especially for in-person cash transfers. However, its focus on remittances means it lacks some of the financial service protections offered by Revolut’s digital platform.
Another standout feature of Vance is its reliability and unmatched security. Utilising the latest technology, Vance offers superior protection for your transactions, ensuring peace of mind with every transfer.
Revolut vs. MoneyGram - User Feedback
Revolut is often praised for its versatility and the range of services it offers, from currency exchanges to cryptocurrency trading. Users also appreciate the modern interface and budgeting tools. However, there are some concerns about customer support, particularly for users on the Standard plan, who report longer wait times.
MoneyGram, on the other hand, receives positive feedback for its speed, especially for cash pickups in remote areas. However, users often point out higher fees and less favourable exchange rates, which make it a more expensive option compared to digital-first competitors like Revolut.
Vance is popular for its smooth and user-friendly design, which makes transactions easy. Users also appreciate its reliability, Google rate offering, competitive exchange rates, and lower fees.
In Conclusion
Revolut and MoneyGram cater to different types of users, each offering unique benefits. Revolut excels in providing a versatile financial platform with competitive exchange rates, multi-currency accounts, and extra financial tools like budgeting and cryptocurrency trading. It’s the ideal choice for users who want an all-in-one app for managing their finances while also sending money abroad.
MoneyGram is better suited for those who need quick cash pickups in remote areas or countries with limited banking infrastructure. Its extensive global network makes it a reliable choice for users looking to send money to locations where access to online services may be limited.
However, if you’re looking for a service that combines the speed and convenience of both Revolut and MoneyGram, Vance might be the better alternative, offering competitive exchange rates, fast transfers, and a user-friendly experience tailored to global money transfers.
Sources
Revolut Official Website: https://www.revolut.com/
MoneyGram Official Website: https://www.moneygram.com/
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether expressed or implied, regarding the accuracy, completeness, or reliability of the information provided. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review the terms of use and product availability for your region, or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. What are the differences in fees between Revolut and MoneyGram?
Revolut offers free currency exchanges within certain limits, but fees apply on weekends and for larger transfers. MoneyGram’s fees are generally higher, especially for urgent transfers or credit card payments.
Q2. How do Revolut and MoneyGram compare in terms of exchange rates?
Revolut provides mid-market exchange rates during the week but adds a 1% markup on weekends. MoneyGram adds a margin to all transfers, making its exchange rates less competitive overall.
Q3. Which service offers faster transfer times, Revolut or MoneyGram?
MoneyGram is faster for cash pickups, completing transfers in minutes. Revolut offers instant transfers to other Revolut accounts and takes 1-2 days for external transfers.
Q4. What are the transfer limits for Revolut and MoneyGram?
Revolut’s limits vary based on the user’s account plan, with higher limits for Premium and Metal users. MoneyGram sets its limits based on the country and method, with certain restrictions on larger transfers.
Q5. How secure are the transactions via Revolut and MoneyGram?
Revolut uses 2FA, encryption, and disposable virtual cards for added security. MoneyGram also employs encryption technologies and has over 80 years of experience in secure transfers.
Q6. Which service has better customer support, Revolut or MoneyGram?
Revolut offers faster support for Premium users, but Standard users may face delays. MoneyGram provides more traditional support options, including in-person assistance at agent locations.
Q7. What additional features do Revolut and MoneyGram offer in 2024?
Revolut provides budgeting tools, cryptocurrency trading, and travel perks for Premium users. MoneyGram focuses primarily on remittances and does not offer extra financial tools.
Rupali enjoys writing about everything related to money (in India and around the world). A MICA graduate in Communications, she has over seven years of experience in content creation and communication strategy for various user touchpoints, from CRM to UX for apps and websites, especially in fintech and healthcare. Outside of work, you'll find her binging on true crime documentaries or cooking up a storm.
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