MoneyGram Business Account Review: International Transfers, Setup, and Important Considerations

Managing international transactions efficiently is essential for businesses of all sizes, and MoneyGram provides a solution through its Business Account. It is designed to simplify global payments and allows companies to send and receive money across borders. With a presence in more than 200 countries, MoneyGram aims to help businesses gain access to a wide-reaching network that supports smoother financial operations. Though it may not be the only option available, exploring MoneyGram Business Account features can help businesses decide if it fits their financial and operational needs.

So let’s break down what MoneyGram is, how it’s used and if it’s a good fit for your business.

Quick Overview of MoneyGram Business Account

Using MoneyGram’s Business Account, you can access the firm’s worldwide physical and digital money transfer network. Users have access to direct-to-money transfers, cryptocurrency products and business disbursements. The account offers a user-friendly app and encourages users to reach out to the company with issues that are not answered in the online Help Center.

Is MoneyGram Legit? Understanding Its Business Account Services

You may be wondering whether MoneyGram is legit, and while that’s an understandable thought, it’s important to consider the firm’s long-standing operations and established global presence. MoneyGram was founded in 1998 and is headquartered in Dallas, Texas. It has also grown into a reputable financial services provider with a network in more than 200 countries and roughly 400,000 agent locations.¹

It operates as a licensed money transmitter in all U.S. states and territories, regulated by entities such as the New York State Department of Financial Services.² The company’s legitimacy is further supported by its focus on security and compliance, including its response to past regulatory challenges. Its business platform offers features like online money transfers, business disbursements and full fintech integration solutions for enterprise clients.³

Overall, MoneyGram Business Account reflects a legitimate and regulated service built on decades of operation and investment in technology and compliance.

Is MoneyGram Reliable for Business Transactions?

Assessing whether MoneyGram is reliable for business hinges on its infrastructure and track record. The platform handles more than $172 billion in settlements annually and supports transfers to over 200 countries and territories via more than 430,000 physical locations.³ Its suite of enterprise fintech solutions, including direct-to-account transfers, API integration and support for bank, mobile wallet and card transactions, provides its capacity to meet business needs efficiently.³

How MoneyGram Send Money for Business Payments Worldwide

If you’re a business owner who's actively exploring ways to send money for business, MoneyGram does provide a system that supports both digital and in-person transfers. Businesses can make payments directly to bank accounts, mobile wallets, cards or through cash pickup at agent locations.³

On the technology side, MoneyGram offers APIs and integration tools that allow companies to connect payment functions with their existing systems. More recently, the company has also introduced options that use digital assets, such as blockchain-based transfers, in certain markets.³

Though factors such as transaction fees, processing times and regulatory environments should be factored in before you make anything official. As with any payment solution, those who are considering MoneyGram for business transfers may want to weigh out the practical aspects against the specific requirements of their operations.

Wise Business Could Help Your Company Save on Global Payments

What Companies Should Know About MoneyGram International Business Transfer

A MoneyGram international business transfer involves moving funds across borders using the company’s global infrastructure. Transfers can be directed to bank accounts, mobile wallets or collected in person at agent locations, and in some regions, MoneyGram also supports blockchain-based settlement through partnerships such as the Stellar network.³

While MoneyGram offers several potential options for international businesses, it does also come with certain considerations to factor into your decision:

• Transactions are subject to transfer fees, which vary depending on multiple factors like sending and receiving countries, amount, payment method, collection method.⁷
• MoneyGram makes money off of currency conversion for international transfers, through the use of markups.⁸
• Most transactions are also subject to transfer limits.

A Step-by-Step Guide On How to Open a MoneyGram Business Account

Step 1: Define your use case and eligibility

Clarify what you need from a business account before you start. List your payment types (supplier payouts, payroll, refunds), destinations, expected volumes, currencies and preferred delivery methods (bank deposit, wallet, cash pickup).³ Note any regulatory or internal compliance requirements you must meet (KYC/KYB, AML monitoring, audit trails).² Identify systems that may need to connect (ERP, payroll, ecommerce).³

Step 2: Initiate contact via business/enterprise portal

Start by reaching out through the company’s business or corporate portal to describe your organization, regions served, payment flows and technical needs.³ Use the inquiry or contact form to request a discussion with the business solutions team.³ You should also share a concise profile: legal entity name(s), jurisdictions, ownership, website and estimated monthly volumes, as well as clarify whether you’ll work directly or through a partner/reseller.³

Step 3: Complete registration and submit documentation

Fill out the registration or application package with accurate legal details.³ Typical documents include corporate formation records, ownership/beneficial-owner information, proof of address, tax IDs and IDs for authorized signers.³ Provide policies relevant to compliance (AML/CTF, sanctions screening, fraud controls) if asked.² You should also be ready to provide evidence of your operating model, key counterparties and transaction patterns.³

Step 4: Undergo compliance and risk review

Expect know-your-business checks, sanctions screening and assessment of your transaction profile.² The provider may request clarifications about ownership structure, funding sources, geographies or monitoring procedures.² If you serve higher-risk sectors or corridors, be prepared for enhanced due diligence and possibly additional controls (transaction limits, staged rollouts).² Provide sample payment files or flow diagrams if helpful.³

Tip: We recommend using this stage to confirm regulatory responsibilities, data retention, and incident-reporting expectations.² Prompt, complete responses typically shorten review timelines and help set appropriate limits and controls from the outset.³

Step 5: Set up technical integration and testing

If you plan to use APIs or file-based uploads, start by requesting developer documentation and sandbox credentials.³ Map out the key endpoints you’ll need, such as creating transactions, checking FX rates, retrieving status updates and reconciling payouts.³ You should also set up security measures like authentication keys, certificates, IP allowlisting and webhooks or SFTP for reports, while building error handling into your workflow so you can manage timeouts, reversals or compliance flags.³

Step 6: Finalize account, controls, and go-live

Once your account is approved, review the contractual terms, including pricing, FX markups, settlement schedules and service levels.³ Set up transaction limits, velocity controls and country permissions based on your risk tolerance.³ You should also prepare funding methods and reconciliation processes, such as payout reports, statement formats and accounting entries.³ Once that is done, establish a clear escalation path for issues and schedule periodic reviews to adjust limits, expand corridors or update controls, so you stay proactive if issues arise.³

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

Final Thoughts

The MoneyGram Business Account provides one option for businesses that need to send or receive funds across borders.¹ MoneyGram has an extensive international network and a range of delivery methods, which can be useful for companies operating in multiple regions.¹ At the same time, businesses should carefully review factors such as compliance obligations, transaction costs, and technical integration before choosing this or any other provider.³

So with that being said, the decision of whether or not to use MoneyGram’s business account depends on a company’s priorities, whether that is reach, speed, cost, or regulatory considerations.¹

Frequently Asked Questions (FAQs)

What are the fees associated with a MoneyGram Business Account?

MoneyGram does not publicly disclose all fee structures for business accounts, and costs can vary depending on transfer size, destination country, delivery method and payment type.³ Businesses may encounter fees for international currency conversion, API usage or high-volume transactions.³ Some charges might apply to receiving funds, especially for cross-border transfers or cash pickups.³ Additional fees may also apply if transfers are canceled, returned or flagged for compliance.²

Are there limits on transactions or account balances?

MoneyGram Business Accounts often have transaction limits based on regulatory requirements, risk profiles and country-specific rules.² These limits can include maximum transfer amounts per transaction, daily or monthly cumulative limits, and restrictions on certain high-risk corridors.² Accounts may also have balance requirements for funding or holding currency in specific regions.³ Businesses may also request adjustments to limits through compliance reviews, but approvals are subject to verification.³

Sources:

1. MoneyGram | Wikipedia
2. Corporate site | MoneyGram
3. Business Solutions | MoneyGram
4. Consumer Site | MoneyGram
5. Instarem vs MoneyGram Business | Instarem
6. MoneyGram International | Trustpilot
7. Send-Receive FAQ | MoneyGram
8. MoneyGram