What is MoneyGram?
MoneyGram is one of the world's largest money transfer networks and has paid out in Nigeria for many years through partnerships with Nigerian banks. It was a listed company until 2023, when private equity firm Madison Dearborn Partners took it private.
Like Western Union, you can send in three ways: on the website, in the app, or in person at an agent location.
How your recipient gets the money
- Cash pickup at bank branches. Your recipient collects cash over the counter at partner banks. GTBank, for example, pays MoneyGram transfers in its branches, and also to people who do not bank with it, as long as they bring valid ID.
- Bank account deposit. MoneyGram pays into most personal accounts on the NIBSS network, Nigeria's interbank settlement system. Its partner list includes:
- First Bank, GTBank, UBA and Zenith
- Fidelity, FCMB, Polaris and Sterling
- Stanbic IBTC and Union Bank
The naira rule. Since 1 May 2026, the CBN requires licensed money transfer operators, MoneyGram included, to pay out in naira. Naira cash pickup is capped at about USD 200 equivalent. Anything above that must be paid into a bank account.
How you pay
This depends on the country you send from. Most senders can pay by:
- debit card
- bank account
- credit card (watch for cash advance fees)
- cash at an agent
US cash tax. Since 1 January 2026, US transfers paid for in cash, by money order or by cashier's check carry a 1% federal remittance tax. Paying from a bank account or by debit card avoids it.
What it really costs
MoneyGram charges a transfer fee and makes money on the exchange rate.
On 8 November 2026, Wise's public comparison feed showed MoneyGram on the euro route:
- about 1.4% below the mid-market rate
- a fee of 1.99 EUR
That is better than some legacy providers, but specialist apps for Nigeria are often closer to the mid-market rate. Fees and rates change by country, amount, payment method and payout method, so compare the naira your recipient receives in our calculator.
Speed
- Cash pickup: usually ready within minutes.
- Bank deposits: follow Nigerian banking hours. A transfer sent late on a Friday may not be credited until Monday.
- Delays: first transfers and large amounts can be held for compliance checks.
Collecting cash: what your recipient needs
- The reference number for the transfer.
- A valid government photo ID, such as an international passport, driver's licence, national ID card or voter's card.
- A name that matches the transfer exactly. Use the full name as it appears on the ID.
Who should use MoneyGram?
It suits you if:
- your recipient wants to collect a small amount of cash at a bank branch they trust
- you want to pay in person at an agent
- you are sending from a country the app-first services do not cover
Look elsewhere if:
- you are sending to a bank account and want the best rate
- you send large amounts, where a mid-market provider like Wise usually costs less
Our verdict
MoneyGram is a solid, familiar network, especially for bank-branch cash pickup. For everyday bank deposits it is rarely the cheapest. Check today's rates on your route: USA, UK, Canada or Europe.