Yes, you can transfer MoneyGram funds to a bank account, but the method depends on how you received the money

MoneyGram lets you move money into a bank account, but the path is different depending on whether someone sent you money through MoneyGram or you're trying to move your own MoneyGram balance. If someone sent you money via MoneyGram, you can have it deposited directly to your bank account instead of picking it up in cash. If you already received MoneyGram funds in cash or have a MoneyGram balance card, you'll need to use a different method to get that money into your bank account.

The fastest route is to set up direct deposit before the sender completes their transfer. Once money lands in your MoneyGram account or balance card, moving it to your bank takes an extra step and may involve fees.

Key Takeaways

  • If someone is sending you money through MoneyGram, you can request direct deposit to your bank account at the time of transfer, which is faster and avoids pickup fees.
  • Direct deposit from MoneyGram to a bank account typically takes one to three business days after the sender completes the transfer.
  • If you already have MoneyGram funds in cash or on a balance card, you'll need to transfer the money yourself using a linked bank account or ATM withdrawal.
  • MoneyGram charges a fee to link your bank account and may charge additional fees depending on your bank and the transfer method.
  • You'll need your bank's routing number and your account number to set up a bank transfer from MoneyGram.

How direct deposit works when someone sends you MoneyGram

When a person sends you money through MoneyGram, they can choose to have it deposited directly into your bank account instead of requiring you to pick it up. The sender provides your bank account information during their transfer, and MoneyGram routes the funds there automatically. This method skips the step of you having to go to a MoneyGram location or use a pickup code.

Direct deposit typically takes one to three business days after the sender completes the transfer. The exact timing depends on your bank's processing speed and whether the transfer was sent on a business day or weekend. You don't need to do anything except make sure your bank account information is correct when the sender enters it.

Transferring MoneyGram funds you already have to your bank

If you've already received MoneyGram funds in cash or they're sitting on a MoneyGram balance card, you can move that money to your bank account by linking your bank to your MoneyGram account. Log into your MoneyGram profile online or through the mobile app, add your bank account details (routing number and account number), and request a transfer. MoneyGram will send the funds to your bank, usually within one to three business days.

You can also withdraw cash from an ATM using your MoneyGram balance card if you have one, then deposit that cash at your bank. This method is immediate but requires you to handle physical cash and make a separate trip to your bank.

What information and fees you'll need

To transfer MoneyGram funds to your bank account, you'll need your bank's routing number (a nine-digit code that identifies your bank) and your account number. Your bank statement or online banking portal will show both. Some banks also require your account type (checking or savings).

MoneyGram charges a fee to transfer funds to a bank account, typically between $1.50 and $4.00 depending on the amount and your location. Your bank may also charge a fee for receiving an external transfer, though most do not. Check with your bank before you transfer to see if they charge incoming transfer fees.

Timing: when the money actually arrives

Direct deposit from MoneyGram to your bank takes one to three business days. This clock starts after the sender completes their transfer, not when they initiate it. If a sender starts a transfer on Friday evening, the one-to-three-day window begins on Monday morning.

Transfers initiated on weekends or holidays may not process until the next business day. If your bank is slow to post external transfers, the money may sit in a pending state for an extra day even after MoneyGram sends it. Contact your bank if a transfer doesn't show up within four business days.

What to do if the transfer fails or doesn't arrive

If money doesn't arrive within four business days, first check your MoneyGram account to confirm the transfer was actually sent. Log in online or call MoneyGram customer service at 1-800-448-1492 to verify the status. Have your transfer reference number ready.

If MoneyGram shows the transfer was sent but your bank doesn't show it received, contact your bank's customer service. Provide them with the transfer reference number and the date MoneyGram sent it. Your bank can trace the transfer on their end and tell you whether it arrived and is pending, or whether it was rejected. If your bank rejected it due to incorrect account information, you'll need to request a new transfer with the correct details.

Alternatives if you can't link your bank account

If you don't want to link your bank account to MoneyGram or your bank won't accept external transfers, you have other options. You can withdraw cash from a MoneyGram location or ATM and deposit it at your bank in person. This is immediate but requires handling cash.

You can also use a peer-to-peer payment app like Venmo, PayPal, or Cash App if you have a friend or family member who can receive the MoneyGram funds and send them to you through the app. This adds an extra step and requires someone else's involvement, but it works if your bank has restrictions on MoneyGram transfers.

Frequently Asked Questions

Can I transfer MoneyGram to a savings account instead of checking?

Yes. When you link your bank account to MoneyGram, you can choose either checking or savings. Make sure you select the correct account type, because MoneyGram will send the funds to whichever account you specify. If you choose the wrong one, you'll need to request a new transfer.

What if I don't know my bank's routing number?

Your routing number is printed on the bottom left of your checks, or you can find it by logging into your online banking portal. You can also call your bank's customer service line and ask for your routing number. Have your account number ready when you call.

Does MoneyGram charge a fee every time I transfer to my bank?

Yes. MoneyGram charges a fee for each bank transfer, typically $1.50 to $4.00. The exact amount depends on how much you're transferring and your location. Some MoneyGram locations or services may have different fees, so check before you transfer.

Can someone send me MoneyGram money directly to my bank account without me asking?

Yes, if the sender has your bank account information. When they send the money, they can choose direct deposit to a bank account instead of a cash pickup. You don't need to do anything except make sure your account details are correct. The money will arrive in one to three business days.

What happens if I give MoneyGram the wrong bank account number?

If the account number doesn't match any account at your bank, the transfer will be rejected and the money will be returned to MoneyGram. You'll need to request a new transfer with the correct account number. Check your account number carefully before submitting the transfer to avoid this delay.