【Moneygram】How to Receive Overseas Money Transfers Without a Local Bank Account

2024-08-20

This article is for reference only as it is merely a translated version of the Japanese article below.
【Moneygram｜マネーグラム】海外の銀行口座なしで海外送金を受け取る方法 (Japanese version)

“Need to send living expenses to a family member abroad who doesn’t have a local bank account.”

“A son or daughter who has just started studying abroad is struggling to open a local bank account. Their funds are running low, and urgent help is needed.”

“What is the most cost-effective way to exchange a large amount of cash for travel?”

Many people who want to send money abroad may find themselves facing situations like these.

There are numerous individuals overseas who are unable to open a bank account, and the ability to send money internationally without involving a bank account would be a significant help.

In short, using Moneygram allows money to be sent abroad and received in cash, even without a local bank account.

This article will explain the benefits and drawbacks of receiving overseas remittances in cash via Moneygram, as well as the procedures and precautions involved.

For those looking to send money to a loved one abroad or those who want to know how to receive funds without a local bank account, this article will serve as a valuable guide.

Conclusion of This Article

Overseas Remittance Possible with Moneygram Even Without a Recipient’s Bank Account
Receiving Cash with Moneygram is Easy

What is Moneygram?

Moneygram is a company that provides international money transfer services.

One of the key advantages of using Moneygram is the ability to receive money without a bank account at over 320,000 locations in more than 200 countries worldwide.

Other major advantages include:

The entire process can be completed online.
The ability to receive money in as little as 10 minutes after it is sent.
Money can be sent by bringing cash to an agent location.
Money can be transferred directly to an overseas bank account.
Up to 1 million JPY can be sent per transaction.*
(*Limits may vary depending on the destination country and receiving location, so please check with your money transfer provider.)

Moneygram is headquartered in Texas, USA, and is listed on the New York Stock Exchange.

In Japan, the following institutions are partnered with Moneygram:

Overseas money transfers via Moneygram can be easily processed through the above-mentioned partners.

What is Cash Pickup for International Money Transfers Without a Bank Account?

Receiving cash from an overseas transfer via Moneygram has both advantages and disadvantages, and there are certain people for whom this method is particularly suitable.

Let’s take a look at the benefits and drawbacks of receiving money in cash.

Advantages of Cash Pickup

The benefits of sending money overseas via Moneygram and receiving it in cash are as follows:

Funds can be delivered to recipients who do not have a bank account.
Money can be received in as little as 10 minutes after it is sent.
Cash pickup procedures can be carried out at various locations.

With Moneygram, even those without a bank account can receive cash sent from over 320,000 locations in 200 countries worldwide.

Additionally, the ability to receive money within approximately 10 minutes after it has been sent is extremely helpful for those who need funds urgently.

Disadvantages of Cash Pickup

On the other hand, there are several disadvantages to receiving money in cash locally:

For major currencies like the US dollar, the exchange rate may be worse than at Haneda or Narita airports.
*Cash pickup (overseas remittance) is recommended for less commonly traded currencies!
The fees are slightly higher compared to receiving funds in a bank account.
There are limits on the amount that can be received, depending on the location.
If there are any discrepancies or issues, it may take time to receive the money.
It can be time-consuming if the pickup location is far away.
In areas with poor security, there is a risk of being targeted by robbers or thieves.

For major currencies (USD, EUR), exchanging money at the airport may be cheaper. Additionally, cash pickup tends to have slightly higher fees compared to bank account transfers, and if the pickup location is far, it may take extra time.

The disadvantages and precautions will be discussed in more detail in the section titled “Precautions for Cash Pickup in Overseas Money Transfers.”

Understanding the pros and cons will help make the most of cash pickup services through Moneygram.

Who Should Consider Using Moneygram for Cash Pickup

Examples of individuals who may benefit from cash pickup include:

Those in international marriages who need to send money to family abroad.
Those who want to send money to family or friends without bank accounts.
Individuals planning to live, work, or study abroad.
Travelers going on overseas trips.

These cases will be explained in two different scenarios.

Sending Money to Family or Friends Abroad

For those looking to send money to loved ones or friends overseas, utilizing Moneygram’s cash pickup service is highly recommended.

Recent statistics show that one in four people globally still do not have a bank account, with many of these individuals residing in emerging economies such as Southeast Asia and Africa.

One in four people worldwide does not have a bank account
Source: Nomura Research Institute (NRI)

Given that many people abroad are unable to open bank accounts, Moneygram is a suitable option when sending money internationally from Japan.

Receiving Money Sent to Oneself Abroad

For those who need cash while on overseas assignments, studying abroad, or traveling, sending money to oneself via Moneygram is also a recommended method.

There are instances where even if money is needed, it may not be possible to immediately open a bank account, which could prevent bank account transfers.

Moneygram serves as a safety net to secure funds in case of emergencies during overseas assignments and is also useful for students who might suddenly need money while studying abroad.

Moreover, during international travel, Moneygram can save the hassle of currency exchange at the airport and may even offer more favorable fees.

For more details, please refer to the section “Check Whether Exchange Rates and Fees Are Favorable,” which will be explained later.

When considering methods to receive cash abroad, it is advisable to include Moneygram as an option and use it if the benefits are significant.

How to Receive Money Abroad Without a Bank Account

Receiving money sent abroad through Moneygram without a bank account is a straightforward process.

This article will explain how to use the service, including images of money transfers made to Hawaii, where the cash was received locally.

Searching for Cash Pickup Locations and Requesting International Money Transfers with Moneygram

First, the person receiving the money overseas should search for nearby locations where the cash can be collected.

First, access the MoneyGram official website.

Select “Learn More” under “How to Send Money.”

Next, select “Find a MoneyGram Location.”

On the displayed page, choose the country, enter the address or city, and perform a search.

The search results will be displayed, so find a MoneyGram location where the money can be picked up.

The address, distance, operating hours, and services will also be displayed.

If the map does not appear, search the address using Google Maps.

When sending money to family or friends, it is recommended to choose a location near the recipient’s home or workplace, and for overseas stays or travel, a location near the place of stay, hotel, or airport is preferable.

Before sending money, it is advisable to check the time required to reach the pickup location on Google Maps.

Example Introduction: How to Receive International Transfers Without a Bank Account

This section introduces how to receive money sent via MoneyGram without going through a bank account.

The international money transfer provider used for this example is Kyodai Remittance, a partner of MoneyGram, with over 15 branches and agencies in major cities across Japan.

It is highly recommended for sending money through various means such as service counters, mobile apps, or ATMs at Japan Post Bank or Lawson Bank.

【Kyodai Remittance】Explaining the Method of International Remittance| Registration and Procedure at the Counter【Recommended】

This guide also explains how money was received in Hawaii, step by step.

First, go to a MoneyGram Location.

The nearest MoneyGram location, a six-minute walk from the hotel, was chosen for cash pickup.

As mentioned earlier, selecting a pickup location before sending money can help save time.

This time we will pick up the cash at a local pharmacy.

Head to the second floor, where the MoneyGram sign and ATM are located.

Arrived at ATM.

Start by selecting “Receive Money” from the top left corner of the screen.

Enter the eight-digit Reference Number provided at the time of the international transfer.

Since this transfer was processed through a Kyodai Remittance service counter, the reference number was included in the transaction receipt.

After entering the reference number, select “CONTINUE” at the bottom right.

Next, the “Received Amount” screen will appear.

Enter the amount to be received and select “CONTINUE.”

The following step involves verifying identification.

Select the identification type from the “Identification Type” menu.

In this instance, a passport was used for identity verification.

Enter the passport number.

Select the country where it was issued.

Then, input the recipient’s zip code.

In this case, the zip code of the hotel was used, but typically, the recipient’s address zip code is required.

Proceed to enter the recipient’s address, ensuring it matches the zip code provided.

Finally, input the recipient’s date of birth to complete the ATM process.

A summary of the cash pickup method will be displayed.

After reviewing the details, select “I’M FINISHED.”

Remember to keep the receipt issued by the ATM, as it must be presented at the counter to receive the cash.

At the designated counter, marked with a “3,” the cash was received.

Presenting the identification document (passport) at the counter was necessary for verification.

Once the verification was complete, the cash was handed over, marking the end of the transaction.

The cash pickup process was smooth, taking approximately five minutes from the start of the ATM procedure to receiving the money.

As demonstrated, MoneyGram offers a very convenient service for receiving cash without a bank account after an international transfer.

When sending money abroad, consider using MoneyGram to ensure that funds reach loved ones or friends safely.

Important Points to Consider When Receiving International Money Transfers in Cash

While Moneygram’s international money transfer service is convenient, there are a few important points to keep in mind.

Understanding these considerations can help avoid regrets and potential issues.

Here is an explanation of the key points to consider when receiving international money transfers in cash.

Check Whether Exchange Rates and Fees Are Favorable

When using Moneygram for international money transfers, fees are incurred during currency conversion and the transaction process.

If receiving money personally via an international money transfer through Moneygram, it is important to compare the fees associated with Moneygram’s services and those incurred when exchanging currency at the airport.

For major currencies such as USD or EUR, if the amount is small, it may be more cost-effective to exchange currency at Haneda or Narita Airport rather than using international money transfers.

On the other hand, for minor currencies, the fees at Haneda or Narita Airport can be relatively high, and in many cases, using Moneygram’s international money transfer service can be more advantageous.

Here are some examples of the fees associated with exchanging minor currencies at Haneda or Narita Airport.

Currencies	Fees at Haneda Airport	Fees at Narita Airport
HKD (Hong Kong Dollar)	12.9%	13.0％
INR (Indian Rupee)	11.5%	28.4％
SEK (Swedish Krona)	35.0%	16.8％
MXN (Mexican Peso)	27.1%	21.5％
BRL (Brazilian Real)	47.9%	27.0％

Note: Survey conducted at Haneda Airport on May 29, 2023
Note: Survey conducted at Narita Airport on June 11, 2023

Minor currencies tend to have higher fees.

Moneygram fees vary depending on the amount sent and the destination country, so it is recommended to check on the official website of the remittance service provider or use a remittance simulator.

For the fees at currency exchange counters at Haneda Airport and Narita Airport, please refer to the article below.

Additionally, when withdrawing cash via Revolut or Wise ATMs, there may be cases where the cash is sufficient and the fees are lower.

	Overseas ATM Fees	Currency Exchange Fees
Revolut	Free withdrawals up to 25,000 JPY per month 2.0% fee for amounts exceeding the limit	Weekdays: Approximately 0.5% Weekends: Approximately 1.0%
Wise	Free withdrawals up to the equivalent of 30,000 JPY twice a month From the third withdrawal onward, a fee of 70 JPY per transaction 1.75% fee on amounts exceeding 30,000 JPY per month	Approximately 0.6％-1.9%

If the cash is sufficient and the fees are lower, it is recommended to use Revolut or Wise.

For more information about Revolut or Wise, please refer to the articles below.

For minor currencies, airport fees can be higher, and there may be a possibility that Revolut or Wise does not support them. Therefore, using MoneyGram for international transfers is recommended.

Cash Pickup Fees Tend to Be Slightly Higher Compared to Bank Transfers

When receiving money sent through international money transfer services, opting for cash pickup generally incurs higher fees compared to receiving the funds via a bank account.

When sending the same amount, there are cases where the amount received through cash pickup is slightly less than that received via a bank transfer, so caution is advised.

The “International Money Transfer Simulator” provided on this site allows users to select either “Cash Pickup” or “Bank Transfer” as the method of receipt and compare them through simulations.

If a bank account option is available as a method of receipt, it is recommended to use the International Money Transfer Simulator to compare whether cash pickup or bank transfer is more cost-effective.

＼Find the Cheapest Provider in as Little as 5 Seconds／

Check How Much You Can Save with the Transfer Simulation

✅First Transfer Free

The results of the demonstration are detailed in the following article.

Related Articles: Simulation Results by Country [Ranking]

There May Be a Maximum Amount Limit and Complicated Procedures Depending on the Pickup Location

When receiving money sent internationally in cash, the pickup location may have a maximum amount limit, which could prevent the desired amount from being collected.

As the world increasingly adopts cashless transactions, many locations tend to keep less cash on hand.

For instance, attempting to collect the equivalent of JPY 1,000,000 in foreign currency from a pharmacy or a small Moneygram-affiliated store might be challenging, as these places may not have sufficient funds available, or they might be reluctant to fulfill such a request.

Additionally, when checking in Hawaii, it was observed that amounts up to 500 USD could be collected through the explained procedures, but for amounts exceeding 500 USD, the process becomes more complicated.

When using Moneygram for international transfers, it is advisable to consider the amount to be received before proceeding with the transaction.

Inaccuracies in the Recipient’s Name May Prevent Cash Pickup

If there are errors in the recipient’s name during an international money transfer, it may not be possible to receive the cash immediately.

There are instances where the surname and given name are registered in reverse order, and if the name does not match the actual name, the cash cannot be collected.

In case of any discrepancies in the name, it is important to immediately contact the international money transfer service provider that handled the transaction.

For example, in the case of Hawaii, the money was sent through the Kyodai Remittance counter, so it is necessary to contact the store where the transaction was conducted.

When receiving cash abroad, it is crucial to be aware of the possibility of name discrepancies and to have an emergency contact ready.

Distant Pickup Locations Can Be Time-Consuming

Even if international money transfers can be made easily without a bank account, the process can become time-consuming if the Moneygram-affiliated location is far away.

While Moneygram has 320,000 locations across 200 countries, it is possible that in some countries or regions, there may not be a location close to one’s home or workplace.

For example, if sending funds to oneself for an overseas trip and the pickup location is far away, time may be consumed by traveling and completing the transaction, thereby reducing the time available for sightseeing.

When sending money internationally, it is advisable to search for a convenient pickup location using the method explained in the section “How to Receive International Money Transfers Without a Bank Account” before proceeding with the transaction.

Frequently Asked Questions When Receiving International Transfers Without a Bank Account

This article summarizes common questions regarding receiving international transfers without a bank account.

If there are any concerns or uncertainties, use this as a reference to resolve them.

Is There an Easy Way to Send Money Overseas (Cash Pickup) Using an App or ATM?

Yes, there is a simple way to send money overseas using an app through Kyodai Remittance .

By completing the membership registration and linking it with the app, international transfers can be easily initiated from the app.

Additionally, using the Kyodai Remittance Card allows for convenient international transfers via ATMs at Japan Post Bank and Lawson Bank.

For more detailed information, please refer to the article below.

【Kyodai Remittance】Explaining the Method of International Remittance| Registration and Procedure at the Counter【Recommended】

Are There Recommended Services for Personal Overseas Transfers (Cash Pickup)?

Many international money transfer providers offer convenient services for cash pickups. One of the recommended providers discussed in this article is Kyodai Remittance.

International transfers can be easily handled using one of the following methods, allowing users to choose the option that best suits their needs:

Branch Counter
App
ATM

For those new to international transfers and feeling uncertain, it is advisable to complete the process at a branch counter, where staff can provide guidance during the transaction.

How to Send or Transfer Money from Japan to an Overseas Account

To send or transfer money from Japan to an overseas account, banks or money transfer services can be utilized.

Bank international transfers generally tend to have higher fees, so it is advisable to carefully review the charges before sending money abroad.

With Moneygram, even if the recipient does not have a bank account, cash can still be received locally.

Are There Counters Where Cash Can Be Deposited for International Transfers?

If cash needs to be deposited for an international money transfer, the Kyodai Remittance counters are recommended.

These counters, available at more than 15 branches and agencies in major cities across the country, allow cash to be deposited for international transfers.

Money can be sent directly to the recipient’s bank account, or if they do not have an account, it can still be received, providing peace of mind.

Summary: If Receiving International Transfers Without a Bank Account, Use Moneygram

This article has explained the essential information about Moneygram, including the benefits and drawbacks of receiving international transfers in cash, the procedures for receiving money locally, and points to be aware of.

With Moneygram, cash can be received locally even if the recipient does not have a bank account.

The process can be completed easily at any Moneygram-affiliated ATM worldwide, with the transfer taking as little as 10 minutes from initiation.

Here are some examples of people who might benefit from receiving cash abroad:

Those who wish to send money to family members overseas
Those who want to send money internationally without going through a bank account
Those planning to stay abroad for an extended period
Those traveling overseas

If any of these characteristics apply, consider using a Moneygram partner store to send money abroad, ensuring that loved ones, friends, or oneself receive the funds.

The transaction completed at the Kyodai Remittance counter this time was smooth, with clear explanations and successful international money transfer.

Given its recommendation as a Moneygram partner, those interested should refer to the article below for more information.

【Kyodai Remittance】Explaining the Method of International Remittance| Registration and Procedure at the Counter【Recommended】

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