If you‘ve ever needed to quickly send cash to friends or family, you‘ve likely heard of money transfer services like Western Union and MoneyGram. These companies have been around for decades and specialize in allowing people to send funds almost anywhere in the world within minutes. The money can be sent and received at retail locations, making it convenient for those who don‘t have access to traditional banking services.
Many people assume that because CVS is one of the largest retail chains in the United States, it must offer the most popular money transfer service, Western Union. However, my research has found that this is not the case. CVS does not currently offer Western Union transfers at any of its nearly 10,000 US locations.
While you can‘t send money through Western Union at CVS, there is another option available. MoneyGram, which is Western Union‘s biggest competitor, has an exclusive partnership with CVS to offer transfers at the vast majority of its stores.
In this comprehensive guide, I‘ll tell you everything you need to know about sending and receiving money transfers at CVS. I‘ll also compare the options, fees, and features of MoneyGram and Western Union, so you can decide which service is right for you.
Money Transfers Are a Massive Global Industry
Sending money to loved ones domestically and abroad is not a niche service. In fact, it‘s a massive industry that moves billions of dollars around the globe each year. According to a 2022 report by Allied Market Research, the global remittance and money transfer market was valued at over $24 billion in 2020 and is projected to reach nearly $38 billion by 2030.
Western Union and MoneyGram are the two oldest and largest players in this industry. Western Union was founded in 1851 and operates in over 200 countries with more than 500,000 agent locations. MoneyGram has been in business since 1940 and has a network of 350,000 locations across 200 countries (source: Western Union, MoneyGram).
Why Do Retailers Partner With Money Transfer Services?
You might be wondering why a retailer like CVS would choose to partner with a money transfer service in the first place. There are a few key reasons:
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To drive foot traffic: Money transfer services give customers another reason to visit the store. While they‘re there, they‘re likely to purchase other items, which boosts sales.
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To earn commission: Retailers earn a commission on each money transfer they process, which provides an additional revenue stream. The exact commission amount is not public but is likely around 1-3% of the total transfer volume.
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To serve unbanked customers: Not everyone has access to traditional banking services. By offering money transfers, retailers can better serve these customers and build loyalty.
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To gain a competitive advantage: If customers know they can reliably send and receive money transfers at a certain retailer, they‘re more likely to choose that store over competitors. This is likely a key reason why CVS has chosen to partner exclusively with MoneyGram.
How to Send Money With MoneyGram at CVS
Now that you know CVS offers MoneyGram transfers, you‘re probably wondering how the process works. I‘ve put together a step-by-step guide with screenshots to walk you through sending money at any CVS location.
Step 1: Find a CVS store near you using the MoneyGram location finder or by searching "CVS MoneyGram" in Google Maps.
Step 2: Head to the MoneyGram counter or kiosk inside the store. If you don‘t see one, ask an employee for assistance. You‘ll need to provide a valid, government-issued photo ID to complete the transfer.
Step 3: Fill out the MoneyGram send form with the following information:
- Recipient‘s name and location
- Amount you are sending
- How the money will be received (cash pickup, bank deposit, mobile wallet, etc.)
Here‘s what the send form looks like:
Step 4: Choose how you want to pay for the transfer and applicable fees. CVS accepts cash, credit cards, and debit cards for MoneyGram. Many locations have a limit of $2,000 per transfer.
Step 5: Review the exchange rate and fees before confirming the transfer. MoneyGram will provide a receipt with a reference number and the exact amount of money the recipient will receive.
Step 6: Share the reference number and amount with your recipient, as they will need this info to pick up the money.
That‘s it! The entire process usually takes less than 5 minutes, and the funds are available for your recipient to pick up within minutes of completing the transfer. They can collect the money at any of MoneyGram‘s 350,000 locations worldwide, including all CVS stores in the US.
MoneyGram vs Western Union: How Do They Compare?
CVS may have chosen to offer only MoneyGram transfers, but how does the service stack up against Western Union? Here‘s a detailed breakdown of the key differences between the two money transfer giants:
Fees & Exchange Rates
MoneyGram and Western Union both charge transfer fees, and the amount you pay depends on:
- Amount being sent
- Destination country
- Funding method (cash, card, bank transfer)
- Delivery method (cash pickup, bank deposit, mobile wallet)
- Transfer speed
In general, MoneyGram‘s fees are slightly lower than Western Union for transfers up to $1,000. However, the difference is usually only a few dollars. For larger transfers, there‘s minimal difference between the two.
Here are a few examples of the fees for a $200 transfer from the US on April 6, 2023:
| Destination | Western Union Fee | MoneyGram Fee |
|---|---|---|
| US | $8 | $8.99 |
| Mexico | $8 | $10 |
| China | $14 | $13 |
| India | $5 | $4 |
(Sources: Western Union, MoneyGram)
One important thing to note is that both companies make money from the exchange rate in addition to the transfer fees. MoneyGram and Western Union won‘t give you the mid-market exchange rate you see on Google. Instead, they add a margin of 1-3% onto the exchange rate, and pocket the difference.
This means the recipient gets less money than they would if you were exchanging currency at a bank or credit union. The upside is the money arrives much faster and can be picked up in cash.
Transfer Speed
When it comes to getting money to your recipient ASAP, both MoneyGram and Western Union excel. Transfers are usually available for pickup within minutes at any of their agent locations worldwide.
Western Union does have a slight speed advantage in some countries thanks to its larger network. However, the difference is usually negligible.
If you don‘t need instant service, MoneyGram offers a slightly slower "3 Day" transfer option for some destinations at a lower fee. Western Union‘s "Economy" service provides delivery in 2-5 business days.
Convenience & Accessibility
This is one area where Western Union has a clear leg up. With over 500,000 locations in 200+ countries, Western Union‘s network is significantly larger than MoneyGram‘s 350,000 agents. This means there‘s a higher chance of finding a Western Union location close by, especially outside of major urban areas.
However, MoneyGram still offers extensive global coverage that makes it possible to send money just about anywhere. And with its exclusive partnership with CVS, it‘s very convenient to send MoneyGram transfers while picking up prescriptions or shopping for household essentials.
Customer Satisfaction
Both Western Union and MoneyGram have mixed customer reviews online. Trustpilot gives Western Union an average rating of 4.1/5 and MoneyGram a rating of 4.2/5. The most common complaints are about slow transfers, high fees, and poor customer service.
Here‘s how the two companies‘ BBB ratings compare:
- Western Union: A+
- MoneyGram: A-
It‘s worth noting that many negative reviews are from people who have been victims of money transfer scams, not from issues with the transfer service itself. I‘ll share some tips for avoiding scams and staying safe when sending money a bit later.
The Verdict
Unless you have a strong preference for Western Union or routinely send money to remote global destinations, MoneyGram‘s service at CVS should meet your transfer needs. The fees, speed, and convenience are nearly identical for most transfers.
That said, I don‘t recommend using either company without comparing the total cost (fees + exchange rate) to other options like direct bank transfers or lower-cost online services. More on that next.
Tips for Saving Money on Your Transfers
Now that you know how to send money at CVS and how the major transfer services compare, I want to share some tips for getting the best deal on your next transfer.
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Compare, compare, compare: MoneyGram and Western Union are rarely the cheapest ways to send money, especially internationally. Use comparison sites like Monito and FXcompared to instantly see how the fees and exchange rates stack up against banks, credit unions, and online transfer services.
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Watch out for hidden fees: Avoid funding transfers with a credit card, as you‘ll likely be charged a cash advance fee. Also, stick to well-known transfer services, as some smaller companies tack on an extra "receiving fee" for the recipient.
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Consider online transfers: Online money transfer services like Wise, Xoom, Remitly, and OFX can be significantly cheaper than MoneyGram or Western Union, especially for larger transfers. These services have lower overhead costs and pass the savings on to customers in the form of lower fees and better exchange rates.
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Use a money transfer service that offers the mid-market exchange rate: Some online transfer services like Wise and OFX offer the real mid-market exchange rate, which means the recipient gets the maximum amount of money possible.
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Send more at once: If you need to send multiple transfers to the same recipient, send the largest amount you can at once instead of several smaller transfers. There‘s usually a fee to send any amount, so you‘ll minimize fees by consolidating.
Of course, there are some situations where using a money transfer service at a retail location is the only option. This is often the case if you need to send physical cash (not a bank transfer), you don‘t have internet access, or the recipient cannot receive direct deposits.
How to Send Money Safely & Avoid Scams
Scammers are increasingly targeting money transfer services, as they provide an easy way to steal money from unsuspecting victims. According to the FTC, reported losses from money transfer scams reached a record high of $830 million in 2021.
Common money transfer scams include:
- Romance scams: A scammer poses as a love interest online and convinces the victim to send money for an emergency or to buy a plane ticket to visit.
- Lottery & sweepstakes scams: The victim is told they‘ve won a prize but must pay taxes or fees via money transfer to claim it.
- Advance-fee scams: A scammer overpays for an item with a fake check and asks the seller to wire back the difference. The check bounces after the money has been sent.
- Family emergency scams: A scammer impersonates a family member in distress and pleads for money to be sent immediately.
To avoid falling victim to these schemes, follow these basic guidelines:
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Only send money to people you know and trust. Scammers often pose as romantic interests, employers, or government officials. Verify the identity of any unknown party asking you to send money.
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Never send money to claim a prize or pay for a job. Legitimate sweepstakes don‘t require winners to pay to receive a prize, and employers will not ask you to cash checks or buy equipment with your own money.
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Don‘t feel pressured to act immediately. Scammers often create a false sense of urgency to discourage victims from thinking critically. Trust your instincts if a money transfer request seems suspicious.
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Avoid sending money for an online purchase. Use a secure payment service like PayPal Goods & Services that offers buyer protections and the ability to dispute a transaction if needed.
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If you‘ve sent money to a scammer, report it immediately. Call the money transfer company right away to see if they can stop the transaction. You should also report the scam to the FTC and your local law enforcement.
Final Thoughts
I hope this article has given you a comprehensive overview of how money transfers work at CVS and beyond. While you can‘t send a Western Union transfer at CVS, MoneyGram offers a similar service that makes it easy to send cash to loved ones around the corner or around the globe.
Still, it pays to be a savvy consumer and compare your options before initiating a transfer. In many cases, you can save a significant amount by using a dedicated money transfer service or your bank instead of a retail location. And always remember to protect yourself from money transfer fraud by being cautious of any unsolicited requests to wire money.
Where you choose to send your next transfer is up to you, but armed with the knowledge from this guide, I‘m confident you‘ll make the right choice for your needs and budget. Here‘s wishing you fast, affordable, and secure money transfers wherever you need to send them!
