MoneyGram International, Inc., (Dallas, Texas) is a global money transfer and payments firm that is a leading provider of cross-border money transfers and bill payments and money orders. With a global retail presence that includes over 485,000 locations across 200 countries and territories and the ability to support digital transactions through bank accounts, mobile wallets and cards, MoneyGram is one of the world’s largest providers of cross-border money transfer services. In 2023, MoneyGram was acquired by Madison Dearborn Partners and currently operates as a private entity and is committed to providing easy and affordable money movement.
Travelers Express Co., (Minneapolis, MN) founded to provide money orders.
Travelers Express formed as subsidiary of Integrated Payment Systems and subsequently named MoneyGram Payment Systems.
Viad Corp acquires MoneyGram Payment Systems and merges with Travelers Express.
Renames itself MoneyGram International Inc. and becomes an independent public entity.
Begins multi-year turnaround strategy focusing on digital offerings and partnerships.
Launches new money transfer application as part of ongoing efforts to increase digital focus.
Is taken private for $1.03 billion, maintains Dallas headquarters and retains existing leadership team.
| Service | Cost | Details | Source |
|---|---|---|---|
| Funds-In (Cash to Crypto) | $2.75 - $5.75 | Fee varies by location for purchasing Bitcoin or other digital assets at MoneyGram agents using Coinme | Coinme x MoneyGram partnership page |
| MGO Crypto Transactions | Varies by transaction details | Includes MoneyGram service fees, FX rates if applicable, and third-party fees from Coinme or wallet providers. Fees subject to change | MoneyGram Crypto Terms and Conditions |
| Funds-Out (Crypto to Cash) | Varies by withdrawal amount | Total cost estimate includes MoneyGram fees, FX if applicable, and third-party fees. Available at participating locations | MoneyGram Crypto Terms and Conditions |
| Feature | MoneyGram Crypto | Coinbase | Bitstamp | Kraken |
|---|---|---|---|---|
| Core Functionality | Cash-to-crypto at agents | Full exchange + wallets | Exchange + cash deposits | Exchange + fiat ramps |
| On/Off Ramps | Yes (170+ countries) | Yes (limited cash) | Yes (bank/SEPA) | Yes (bank/wire) |
| Cash Pickup Locations | Thousands of agents | Limited | No | No |
| Supported Assets | BTC, USDC (Stellar) | 100+ | 50+ | 200+ |
| Starting Price | $2.75 per tx | $0.99 + spread | 0.5% trading fee | 0.16% maker |
| Free Tier | No | No | No | No |
| API Availability | Yes (Ramps API) | Yes | Yes | Yes |
| Global Coverage | 170+ countries | 100+ countries | 100+ countries | 190+ countries |
| Compliance Features | KYC at locations | Full KYC | Full KYC | Full KYC |
| Support Options | Agent + online | Email/chat | Email/ticket | 24/7 live chat |
MoneyGram Crypto succeeds in offering physical cash ramp access with thousands of agent locations versus Coinbase’s digital-focused banking ramp. However, Coinbase offers greater variety of assets available for trade and also greater variety of trading options than does MoneyGram Crypto. Additionally, Coinbase lacks the extensive availability of cash pickups which exists for MoneyGram Crypto’s target demographic of unbanked/ remittance customers.
MoneyGram for access to cash-to-crypto; Coinbase for access to actively traded markets and many different types of assets.
Kraken is generally considered to be a better option for those who are looking for lower trading fees and/or are experienced traders and seek to take advantage of the many features that exist for such traders. On the other hand, MoneyGram Crypto seeks to serve as a simple means of converting cash into cryptocurrency or vice versa in 170 plus countries. While Kraken has a stronger reputation when it comes to security and also has direct integration with banks to allow for the electronic transmission of funds, MoneyGram Crypto allows users to fund their account with cash at a local MoneyGram location.
Kraken for advanced and sophisticated trading; MoneyGram for conversion of cash into cryptocurrencies globally.
Offers direct integration for USDC funding through cash deposited at MoneyGram’s agents’ locations. MoneyGram is able to leverage its global remittance network to facilitate the funding of the user’s account. Currently, there do not exist any other Stellar wallets that can facilitate physical cash deposits and provide peer-to-peer transactions.
MoneyGram connects traditional remittance to the Stellar ecosystem.
Cash-to-Crypto model, similar to previous model but MoneyGram has partnered with Stellar/Coinme for a Bitcoin/USDC focused model. MoneyGram will utilize agent networks and is emphasizing Web3 ramps API for this model.
MoneyGram is a direct competitor in the cash ramps space.
Senders use the MoneyGram app or MoneyGram locations to send money. The money is then converted into USDC (stablecoin) on Stellar Blockchain. Once converted, the recipient will have immediate access to the funds in their Crossmint powered wallet within the MoneyGram app. Funds can be held in USD, withdrawn through retail outlets that cash out, or spent directly.
Pricing will follow the normal MoneyGram remittance pricing model, plus a small fee for converting the money into a stablecoin. There are no additional fees charged for using blockchain technology. However, if the recipient wishes to withdraw their money at a retail outlet, there may be an additional fee charged by MoneyGram’s agent.
Traditional services deliver local currency in cash; MoneyGram Crypto provides instant USDC in-app, protecting the recipient from potential devaluations of the recipient’s local currency. In addition, the recipient controls their money digitally without having to wait in line to receive it.
Yes, MoneyGram Crypto uses MoneyGram’s existing compliance framework, but incorporates blockchain security. The digital wallet used is custodial via Crossmint, has real time settlement capabilities, and utilizes decades of regulatory knowledge that MoneyGram has developed over the years.
MoneyGram Crypto was launched first in Colombia because it represents one of the largest remittance corridors. Cash ramps are available in 170+ countries through MoneyGram’s international agent network. MoneyGram plans to expand its application availability to other markets.
Yes, users can withdraw their USDC to cash at MoneyGram retail outlets located around the world. MoneyGram handles the instant fiat payout.
Circle’s USDC on the Stellar Network. This provides USD stability, instant settlement, and regulatory compliance.
An app is available for download in launch markets. Users can utilize the same processes as they would when utilizing a standard MoneyGram product/service – there does not appear to be a separate “trial” period for using the cryptocurrency-based features of the service.
MoneyGram Crypto changes how cross-border remittances are delivered by combining traditional cash networks with stablecoin technology, providing instant USD access to recipients who were previously unbanked. Using Crossmint and Stellar, MoneyGram Crypto reduces the cost and risk of volatility associated with sending cross border payments. MoneyGram Crypto is also positioned to be expanded quickly into new markets due to its early launch in Colombia.
Ideal for updating the current way people send money internationally via stablecoins while keeping MoneyGram's network of trusted cash access points.
MoneyGram Crypto is a new mobile app utilizing USDC on Stellar via Crossmint for instant remittances, and has been launched in Colombia with over 170 countries as part of its global cash ramps. The app focuses on providing protection for the millions of unbanked individuals against the effects of currency devaluation by allowing them to hold USD stablecoins. It also provides APIs for developers, real-time settlement capabilities, and omni-channel access to cash.
Good - detailed announcements from PRNewswire, Crossmint blog, Stellar, and fintech news. Limited official MoneyGram crypto docs; no user reviews or pricing specifics available.
MoneyGram Crypto utilizes Crossmint for wallet and stablecoin infrastructure and Stellar Blockchain. Additionally, it uses Fireblocks to provide treasury management and to securely operate its stablecoin activities.
Initial Launch was in Colombia and since then the platform has received 22 times as many inbound remittances as there have been outbound remittances; this allows the users to protect themselves from the effects of inflation of the Colombian peso through the holding of USD stablecoins.
Cash In/Cash Out Ramps are available at all 170+ locations of MoneyGram's network around the world which allow users to convert cryptocurrency into physical fiat currency at retail locations, or spend stablecoins directly on a debit card or via MasterCard or Visa.
Future Plans include: Adding ability to add cash to the account via MoneyGram's retail network, adding ability to spend cash via MasterCard/Visa, and offering deposit incentives to encourage users to continue to utilize the platform. This will create an omni-channel experience for users to connect digital USD to physical spending at any location in the world.
USDC on Stellar for fast and inexpensive cross-border transactions. Real time settlement, full blockchain transparency, and a compliant layer with MoneyGram.
MoneyGram will utilize the Stellar blockchain – a blockchain specifically designed for fast, low-cost transactions and real-world usage – to settle USDC transactions instantaneously.
MoneyGram customer balances are settled in Circle’s USDC on the Stellar Network, allowing MoneyGram to instantly transfer balances from their treasury wallet to the recipient wallet using the blockchain infrastructure provided by Circle.
MoneyGram will embed the Crossmint powered non-custodial wallet directly into their mobile application, which will provide users with complete control over their assets while providing a layer of abstraction to reduce the complexity associated with blockchain.
MoneyGram Ramps will allow for seamless cash-in and cash-out capabilities across 170+ countries at their trusted MoneyGram retail locations, providing easy conversion between fiat and USDC.
MoneyGram will maintain their existing connections to traditional payment systems through their vast retail and digital presence, allowing for money to be transferred into their system prior to conversion to USDC.
All transactions will contain secure, trackable links that can be viewed on the Stellar blockchain to provide complete visibility and immutability of all payment records.
Circle’s USDC is the most widely used, regulated, and secure stablecoin available today, with institutionally grade security and supported by Circle’s comprehensive compliance and risk management framework.
MoneyGram will continue to use app based authentication methods such as email sign-up and secure login mechanisms to protect against unauthorized access to accounts.
Recipient get immediate notification of an incoming transfer as well as the option to follow all of their transactions in detail using the wallet that is embedded in the application
A hybrid custodial/non-custodial wallet allows for a combination of MoneyGram’s 30 years of experience with regulatory compliance and the secure API infrastructure provided by Crossmint
One single API connection will enable rapid, compliant cash-to-crypto and crypto-to-cash connections across 170+ countries as well as the ability to settle with stablecoins in real time
Crossmint provides the back-end infrastructure for the blockchain platform and enables fintech partners to create a stablecoin account with only a few lines of code with no need for blockchain knowledge
MoneyGram has direct access to the Stellar blockchain for the purposes of transferring, settling, and achieving finality for USDC transactions on a fast, cost-effective payment network.
Access to MoneyGram’s 500,000 + retail locations for physical cash-in and cash-out; with the added feature of linking to a digital wallet for a complete seamless omni-channel experience.
The recipient receives real-time information about the payment status and any transaction notifications through the MoneyGram App, SMS, or WhatsApp; thus providing an instant opportunity for the sender to provide feedback to the recipient.
Users are able to add personal messages to their fund transfers via WhatsApp, SMS, or the MoneyGram App; thereby adding an additional layer of personalization and improved experience for users in remittance corridors.
Funds received by the recipient are converted to a digital equivalent of dollars (USDC) so that recipients do not lose money due to local currency devaluation and do not have to convert currencies
Recipients may add cash directly to the recipient’s USD balance via the MoneyGram retail network and convert the local currency to USDC at the point of deposit
The recipient controls when and if they want to cash-out or spend the funds in either USDC or locally; and are able to withdraw the funds at MoneyGram retail locations or spend them via their linked Visa/MasterCard card worldwide in USD, while avoiding foreign exchange rates
Since the recipient holds their funds in a USD-backed stablecoin (USDC); there is no risk of losing money due to local currency devaluation and the recipient is able to store their funds in a stable currency indefinitely
Recipients can spend USDC globally online or in-person via linked Visa or Mastercard debit cards, settling directly in USD without intermediary FX conversion
| Use Case / Segment | Annual Volume/Value | Primary Users | Key Requirements |
|---|---|---|---|
| International Remittances | $800+ billion annually | Individual senders, diaspora communities, families, recipients | Low costs, fast settlement, accessibility, AML/KYC compliance, local currency protection |
| Underbanked & Unbanked Population | Millions in emerging markets | Recipients in developing countries without bank accounts, diaspora communities | Smartphone accessibility, no bank account requirement, stable currency holding, instant settlement |
| Regional Remittance Corridors | 22x inbound-to-outbound ratio in Latin America (e.g., Colombia) | Families receiving remittances from diaspora, emerging market recipients | Instant fund delivery, local currency protection, controlled access, transparent fees |
| Cross-Border B2B Payments | Trillions in annual transaction volume | Businesses, suppliers, vendors, multinational corporations | Speed, reduced costs, invoice-linked payments, compliance, audit trails |
| Consumer-to-Business Payments | Global e-commerce and digital services | Online consumers, merchants, payment facilitators | Multi-currency support, instant settlement, fraud prevention, real-time notifications |
| Digital Wallet Funding & Payments | Growing adoption in emerging markets | Fintech users, payment app users, digital natives | Instant deposits, stablecoin backing, no intermediaries, instant spending capability |
