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 send money out through them. If you received a MoneyGram transfer, you can have it deposited directly into your checking or savings account instead of picking it up in cash. If you're the one sending money, MoneyGram can send it to someone else's bank account, but you cannot send MoneyGram funds to your own account — you'd need to pick up the cash first, then deposit it yourself.
The key difference is timing and fees. Direct deposit to your account takes one to three business days and usually costs less than picking up cash. Picking up cash and depositing it yourself is faster but requires a trip to a MoneyGram location and then to your bank.
Key Takeaways
- If someone sent you a MoneyGram, you can ask them to redirect it to your bank account instead of a cash pickup location.
- Direct bank deposit of a MoneyGram transfer typically takes one to three business days and may have lower fees than cash pickup.
- You will need your bank's routing number and your account number to receive a MoneyGram as a direct deposit.
- If you already picked up a MoneyGram in cash, you can deposit that cash into your bank account at an ATM or teller window like any other cash deposit.
- MoneyGram cannot send money directly from their system to your own bank account — the sender must initiate the transfer to you.
How to receive a MoneyGram as a direct bank deposit
When someone sends you money through MoneyGram, they choose how you receive it at the time they send it. If they select "direct to bank account" instead of "cash pickup," the money goes straight to your bank without you having to visit a location. You'll need to give the sender your bank's routing number and your account number so they can enter it when they send the transfer.
The sender enters this information into the MoneyGram system when they initiate the transfer — you don't have to do anything except wait for the money to arrive. Most direct deposits clear within one to three business days. You can find your routing number on the bottom left of your checks, or by calling your bank or visiting their website.
If the sender already sent the money as a cash pickup and you want it in your account instead, you'll need to ask them to cancel that transfer and send a new one with your bank details. MoneyGram allows senders to cancel transfers that haven't been picked up yet, though the process varies by location and timing.
Picking up MoneyGram cash and depositing it yourself
If you receive a MoneyGram as a cash pickup, you'll go to a MoneyGram location (usually a grocery store, pharmacy, or check-cashing business) with your ID and the reference number the sender gives you. The agent will count out your cash and you walk out with it in hand.
From there, you can deposit that cash into your bank account at an ATM, at a teller window, or through your bank's mobile app if it has mobile deposit. ATM deposits are usually available 24/7, while teller deposits happen during business hours. Mobile deposit is fastest if your bank offers it — you photograph the cash and it's in your account within hours.
This route is faster than waiting for a direct deposit (you have the money when ready), but it requires two trips: one to MoneyGram and one to your bank. You also lose the option to have a record of the transfer in your bank's system right away, which can matter if you need to prove where the money came from.
What information you need to provide for direct deposit
To receive a MoneyGram as a direct deposit, you need two pieces of information from your bank: your routing number and your account number. The routing number is a nine-digit code that identifies your specific bank or credit union. The account number is unique to your checking or savings account.
You can find both on a check — the routing number is on the bottom left, and the account number is next to it. You can also call your bank's customer service line or log into your online banking to find these numbers. Some banks print them on statements or display them in the mobile app.
Give these numbers to the person sending you the MoneyGram so they can enter them when they set up the transfer. Do not share these numbers with anyone except the person actually sending you money through MoneyGram.
Fees and timing for each method
Direct bank deposit usually has lower fees than cash pickup because MoneyGram doesn't have to pay a location to process it. The exact fee depends on the sender's location, the amount, and the country it's coming from — there's no single fee that applies everywhere. The sender pays most fees, not you, but it's worth asking them what they're being charged so you know what to expect.
Timing is also different. Direct deposit takes one to three business days because the money has to move through the banking system. Cash pickup is when ready — you get the money the moment you walk into the location, though the location has to be open and the transfer has to have been sent already.
If you pick up cash and deposit it yourself, you have the money in your hands when ready, but your bank deposit may take a day or two to clear depending on the time of day and your bank's processing schedule. Weekend and holiday deposits usually clear the next business day.
What to do if the sender already sent it as cash pickup
If the money was sent as a cash pickup and you'd rather have it go to your bank account, contact the sender and ask them to cancel the transfer. MoneyGram allows senders to cancel transfers that haven't been picked up yet — the sender can do this online, by phone, or at a MoneyGram location depending on how they sent it.
Once the sender cancels, they can send a new transfer with your bank account details instead. This takes a few minutes to set up. If the transfer has already been picked up, it cannot be reversed, so your only option is to pick up the cash yourself and deposit it.
The sender should keep their receipt or confirmation number from the original transfer in case they need it to cancel. If they sent it through an online service like MoneyGram.com, they can usually cancel it directly from their account.
Depositing cash at your bank after picking it up
Once you have the cash in hand, you have several ways to get it into your account. The fastest is mobile deposit if your bank offers it — you photograph the front and back of each bill or stack, enter the amount, and submit it through the app. The money usually appears in your account within a few hours.
If your bank doesn't have mobile deposit, you can use an ATM. Most ATMs accept cash deposits 24/7, though some banks limit deposits to certain machines or certain times. Insert the cash, enter your account number or card, and follow the prompts. The deposit usually clears by the next business day.
You can also go to a teller during business hours. Bring your ID and the cash, tell them you want to deposit it to your checking or savings account, and they'll process it on the spot. This is the slowest method but the most straightforward if you're not comfortable with machines or apps.
Frequently Asked Questions
Can I send money from my MoneyGram account to my own bank account?
No. MoneyGram is designed to send money to other people, not to yourself. If you have cash from a MoneyGram pickup, you deposit that cash to your bank like any other cash deposit. You cannot transfer MoneyGram funds directly to your own account through their system.
How long does it take for a MoneyGram direct deposit to show up in my bank account?
Most direct deposits arrive within one to three business days. The exact timing depends on your bank's processing schedule and whether the transfer was sent on a weekend or holiday. Weekday transfers usually clear faster than weekend ones.
What if I don't know my bank's routing number?
Call your bank's customer service number (on the back of your card or on their website) and ask for your routing number. You can also find it on a check if you have one, or log into your online banking. Your bank can give it to you in seconds.
Is it safer to get a direct deposit or pick up cash?
Direct deposit is safer because the money goes straight into your account — there's no cash to lose or carry. Picking up cash means you're responsible for it until you deposit it, and cash can be lost or stolen. Direct deposit also creates a clear record in your bank account of where the money came from.
Can I deposit a MoneyGram cash pickup at any bank?
Yes. Once you have the cash, you can deposit it at any bank or credit union, not just the one that sent the MoneyGram. You can also deposit it at an ATM from a different bank, though some banks charge a small fee for out-of-network deposits. Check with your bank about their policy.