What is MoneyGram? MoneyGram Review

1. Introduction

MoneyGram is an overseas fast remittance service provided by MoneyGram International through its global network.

Outward remittance business refers to a settlement business in which the remitter provides the China CITIC Industrial Bank with certification materials that meet the requirements of the remittance business, pays the corresponding remittance amount and handling fees, and remits the funds to the designated overseas beneficiary after being authorized by MoneyGram International.

Remittance payment service refers to a settlement service in which the payee receives the incoming remittance at the counter of CITIC Industrial Bank by presenting the 8-digit remittance reference number (Reference Number) provided by the overseas remitter and a valid identity document.

2. Brief process

The brief process is as follows:

(1) Prepare relevant supporting documents required by foreign exchange administration (if necessary) and fill in the application form at the MoneyGram counter;

(2) Take the form processed by the counter to the cash area for payment;

(3) Take the form back to the MoneyGram counter to process the outward remittance and keep a copy of the receipt for yourself;

(4) Notify the payee.

How to withdraw money through MoneyGram

(1) The payee goes to the MoneyGram counter with the MoneyGram reference number and valid ID;

(2) Provide relevant information as required by the MoneyGram counter based on the amount;

(3) After verification, proceed with the withdrawal and keep a copy of the receipt for yourself.

Remark:

1. The customer fills in a special collection or remittance form, including: remittance reference number, remitter name, remittance amount, remitter address, remitter country, payee name and address, etc.

2. The bank reviews the customer’s identity documents and related supporting materials (resident identity card, passport, etc.).

3. The payee of MoneyGram business is generally an individual, and must collect the money in person. No other person is allowed to make the withdrawal on his/her behalf.

3. Basic advantages

1. Fast remittance speed. If MoneyGram agent outlets (including remittance outlets and payment outlets) are able to handle business normally, MoneyGram remittances can reach the recipient's account within ten minutes after remittance.

2. The charges are reasonable.

(1) MoneyGram charges an excess fee. Within a certain remittance amount, the remittance fee is relatively low.

(2) There are no other additional fees and unknown costs: that is, no intermediary bank fees and no telegraph fees.

(3) You can check the handling fee online in advance: Users can go to the Moneygram website, click "How to send money" on the left, then click "How much" on the right, enter the remittance amount, and you will know how much handling fee you will have to pay.

3. Simple procedures: The remitter does not need to choose a complicated remittance route, and the payee does not need to open a bank account in advance to realize the fund transfer.

For specific procedures and branch information, please consult the local 95588 of the payee. If you withdraw RMB by remitting USD, this service is a foreign exchange settlement service. Regardless of whether you are a domestic or foreign individual, each person can settle foreign exchange equivalent to USD 50,000 (inclusive) per year with his/her valid ID card. That is, there is no limit on the amount of a single foreign exchange settlement, as long as it does not exceed USD 50,000 in the current year.

So when your customer tells you that he has sent you a sum of money, you only need to ask your customer for

1. Reference number (remittance password)

2. Sender's first name

3. sender's surname

Then go to the local branch of the local cooperative bank where there is a special MONEY GRAM counter. They will give you a receipt form, fill in the relevant information of the customer and yourself, and bring your own ID card to withdraw the money.

IV. Limitations

Limitations of MoneyGram’s business in China:

Compared with Western Union, the world's largest remittance agency, MoneyGram has limitations in the following three aspects:

1. MoneyGram services still do not provide non-counter inquiries. MoneyGram does not have an inquiry phone number, and the MoneyGram official website does not provide inquiry services.

2. MoneyGram only provides services on weekdays, and the processing speed is slow. In a year, the number of days that MoneyGram services can be processed does not exceed 300 days, while Western Union operates 365 days a year.

3. MoneyGram’s partner banks do not provide VIP services to MoneyGram business departments, while Western Union provides nationwide VIP window services.