Best MoneyGram Casinos Online
Today, MoneyGram’s payment service is spread over 380,000 locations globally. You can use the payment method for safe and secure online transactions on the casino websites as well. It is now a trusted network for more than two billion accounts, which include bank accounts and e-wallets. Repeat customers of the payment service also get some generous discounts and rewards on their money transfers.
You’ll come across many online casinos that accept MoneyGram as a payment method for deposits and withdrawals. This service is now available in more than 200 countries and territories. You’re charged on the transactions that involve currency exchange and this is one of the company’s major sources of revenue.
MoneyGram International Ltd. was established by MoneyGram Payment Systems Inc. and Thomas Cook in 1997. The MoneyGram brand was acquired by Travel Express in 2000 as a part of its acquisition of Thomas Cook Financial Services. Travel Express was renamed to MoneyGram International Inc. in January 2004.
The company expanded rapidly across the world by 2006, including more than 96,000 agents in Central America, Eastern Europe, and Asia-Pacific regions. Additional services such as online money transfers and bill payments were also introduced. MoneyGram suffered heavy losses during the 2007-2008 recession, but it recovered and became profitable again in 2009.
In recent times, the company leverages its collaborations with the top brands of the world to serve its customers. It uses its core capabilities to serve its enterprise customers as well, helping them scale and add new services. The company is also one of the leaders in cross-border payments and blockchain-enabled settlement.
Pros and Cons of using MoneyGram in online casinos
While searching for a safe and reliable online casino that accepts MoneyGram, you’ll find some that offer generous deposit bonuses. Additionally, you may also get a significant number of free spins and other promotional offers. Not all online casinos across the world would accept this payment method.
However, the players in major countries such as the United States can easily find several casino websites that accept MoneyGram. It’s good to be aware of the pros and cons of this payment method before using it for your online casino transactions.
Pros:
- It can be used anywhere in the world for playing online casino games
- Your personal and financial data remains secure
- You can deposit and withdraw funds up to a certain amount instantly
Cons:
- Large deposits may take longer to confirm
- MoneyGram charges higher transaction fees
How does MoneyGram compare to other payment methods?
In the world of online casino gaming, players can use MoneyGram as a safe and reliable payment method. While it can be used to make instant payments, depositing a larger sum may take longer than the other payment options. It also charges higher fees, which makes a lot of players choose e-wallets, prepaid vouchers, or even the traditional payment methods such as bank transfers and cards.
Many online casino players might choose cryptocurrencies for making deposits and withdrawals in online casinos. The transaction fees charged by most cryptos are far less when compared to the fees charged by MoneyGram. The only advantage that the payment method has over cryptos is that the amount of winnings in your online casino account will never lose its value.
On some occasions, e-checks can be a good option instead of MoneyGram for transferring money into your online casino account. You might incur a higher amount in fees if you choose MoneyGram as a payment method in an offshore casino. This is because you’ll be charged currency conversion fees in addition to the transaction fees.
Fees
If you make a direct transfer online from your bank account or by using a debit or credit card, MoneyGram will charge you a flat $1.99 fee. This fee is applicable only on transfers worth a maximum of $10,000. The fees go up to $5.99 if the payment is coming through a bank account and is collected by the recipient at a MoneyGram location.
If it is coming from a debit or credit card and is collected by the recipient at the MoneyGram location, a fee of $13.99 would apply. When it comes to international transactions, the currency exchange rate is involved. This makes such transactions more costly, depending on the value of the foreign currency used.
Some online casinos might charge an additional fee on the MoneyGram transactions. So, if you’re using this payment method for your online casino, make sure that you go through the terms and conditions. In some cases, the fee structure may be mentioned under a separate section on the casino website.
How to use MoneyGram for casino deposits
When you’ve found a reputed online casino that accepts MoneyGram, the first step would be to create your online casino account. Once you’ve signed up on the website, log in to your online casino account. Navigate to the cashier, banking, or payments section of the site and choose the option for depositing funds.
Select ‘MoneyGram’ from the list of payment methods. Next, you’ll need to fill out your information to proceed further. You must keep in mind that your name must be the same as given on your photo ID. When the deposit is done, you’ll need to contact the casino with the reference number provided by MoneyGram.
It would take some time, depending on the size of your deposit and the online casino you’ve chosen. Generally, the deposits made using this payment method take a maximum of 45 minutes to reflect in the online casino accounts of the players.
Casino withdrawals
Some online casinos might have certain limits on the amount that the players can withdraw from their total winnings. There are others that don’t allow withdrawals using MoneyGram. It is necessary, therefore, to check if your chosen online casino has placed such limits on withdrawals. Once you’ve confirmed how much you can withdraw using this payment method, head to the cashier, banking or payments section.
Select the option for withdrawing your winnings and choose ‘MoneyGram’ as your preferred method for the withdrawal. When the request for withdrawal is confirmed, you’ll be asked to provide your personal information. You’ll then receive an email for confirmation and get the requested amount.
MoneyGram will transfer the funds in a secure manner to your bank account once the casino transaction is completed. The time taken for receiving the funds in your bank account would vary greatly. It usually depends on the amount and your online casino.
How secure is MoneyGram?
MoneyGram has been licensed by the New York State Department of Financial Services as a ‘Money Transmitter’. It has also been licensed by the Georgia Department of Banking and Finance. The payment system uses advanced encryption technologies to protect all your transactions. Your personal or financial details are never shared with anyone.
However, there have been some concerns with the company’s activities in the past. It had admitted to anti-money laundering and wire fraud violations in November 2012. The company’s services were used by parties that were involved in consumer phishing and mass marketing scams. As a result, MoneyGram had created a $100 million victim compensation fund.
If you want to use MoneyGram as a payment method, you must be extremely careful while choosing an online casino. Make sure that it is a reputed one and licensed by a leading online casino gaming authority. You must also check if the website is using the latest SSL encryption technology.